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Weren't you only calling for a move down to 1019? That already happened. Are you saying now that this is a longer term top? Just wondering...

Don't disagree with that notion at all... it could very well go lower, and the DOW could very well break 10,000 at the same time. That's why I'm not making projections.

Unfortunately, on this one I have no gut feel at all... any more than I have a gut feel on the S&P at the moment, because they are related. Both of those could go either way into the end of the year. I actually tend to not make predictions that last more than a few days in most cases... longer...

Nope... I can't make predictions on this one. The entire world is watching this trade more than any other. Trying to predict something like that is pointless, because it could go either way. Just be ready for anything... trade only short-term and see what happens.

Short USD is a very crowded trade right now... with that type of short interest, it always pays to be careful.

It's exactly the same reason that they roll their eyes when you tell them that there are people who can make a living as professional gamblers. They can't accept that someone could understand how to play a game of odds and come out ahead, because they are basically too stupid to understand...

Not much has really changed of any substance. We've gotten better at doing things faster and more efficiently, in fancier ways, but the basics of our human condition haven't changed one iota since the beginning of civilization... the strong and smart take advantage of the weak and stupid for...

Because it is 100% impossible to do anything about this. In order to change things, you would have to change the stupidity that exists in basic human nature, that has been there since the day we picked up sticks and stones. The masses have always been and will always be stupid and clueless, at...

Because the masses are far too stupid to understand even 1% of what is actually going on, that's why. They would need an intelligence increase of about 2 orders of magnitude to be able to get mad at the right people... it's very easy to mislead imbeciles.

That's not why they laugh. It would be a legitimate reason to laugh at someone who was planning to start TRYING to daytrade for a living, but not someone who is actually doing it successfully. Besides, the general public is too stupid to know anything about the odds or even what daytrading...

Why? Because they are just a bunch of stupid sheep who don't know how to think for themselves. Don't waste time worrying about it, just keep taking their money.

This statement reveals your lack of understanding of even high-school level statistics, and you have no idea how much every successful trader is laughing at you right now. I'm sure it makes you feel better as a failed trader that their success is all due to luck though. You keep on living...

Yes, it is. The "secret" (which isn't much of a secret) is understanding the transition between range-bound and trending states. It has been written about in tons of places. It is too complicated to program in an easy way into a computer, but if you can read price action then you can do it. In...

Actually, the patterns within it are not all that complex, are very repeatable, and very simple to understand. Some people can't trade them because of psychological issues, but the way the market moves is far from random. The markets exist in one of only two states: trending and range-bound...

It's funny how we never hear consistently profitable traders expounding this random market theory, isn't it? Every time someone comes along and says that the market is just luck, it is inevitably a person who hasn't made it as a trader, and is just trying to make themselves feel better about it...

You forgot to include an option for "not sure yet, need to see more". That's my vote.

The truth is that 90% of this planet is populated by idiots. Some are more stupid than others, but in general none of them are particularly bright. If the planet was made up of only those people, we would all still be scrounging around for food on the ground, wandering around half-naked hoping...

Well I actually don't watch CNBC either... but anecdotally, every time I've heard about him really banging the table to buy, it's been near a top. His callers are the really valuable information, because it gives you some insight into the sentiment of the crowd.

Cramer is actually very useful if you know how to read him. In the market, the sentiment of the clueless crowd is very important. By looking at what he is talking about and what his callers are saying, you can get a good read on how the average shmuck feels about the markets. That is very useful...

For the record, I happened to agree with your call for some near term downside, and in fact said similar things myself in recent days... so it was a good call. I was warning people as early as the day before the Fed announcement, and also on the day of the announcement when we had that big...