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Very true, illiquid. While I generally try to trade with the trend, I will also buy and short exhaustion which is countertrend. If you're fairly nimble and have some good strategies, you can catch some low-risk entries and use tight stops like you indicated. Sometimes you may only hold for a...

I don't think anyone can just dismiss Harry's chart and theory by simply saying what has happened over the past 100 years should determine what happens in the future. 100 years is a small period of time in the history of the world. How long did the Roman Empire last? Wasn't it measured in...

I used to talk shop with anyone who wanted to listen. Now I typically keep quiet as to what I'm thinking and what I'm doing.

seems more likely than intermediate term top at this point -- but stay flexible.

Looks like the buyers are rotating into the least overextended sector whenever the others have gone too far, too fast.

I agree, Baruch. To argue economics is pointless from a trading standpoint. I just like talking about it -- but it is irrelevant to successful trading, IMHO.

We're in a pattern that may nor may not be a death spiral. Not too long ago I saw automobile dealers advertising financing for 72 months (and possibly beyond) -- just more evidence of expanding credit any way possible. The wheels are in motion -- we can't do anything about it -- because to do...

I can see taking money off the table. The market always has unexpected EVENT risk -- even if the trend is strong.

I can't see anything that causes me to think that this is the top (unless you're talking just a short-term top). But maybe you're seeing something I'm not -- or maybe you're just guessing.

More like a tick than a cockroach! If you keep trying to squish it, it keeps swelling back up!

I assume that if we close higher at any point after Monday that you will cover?

Well, traits of a good trader include the courage to act on one's convictions and independent thought! Good luck!

There are some people like Robert Miner who employ a less strict application of EWT. I have no idea of Miner's track record but I have heard a few traders talk favorably about his book, Dynamic Trading. Still, his strategies may be a little much for me. I subscribe to the KISS principle.

This is just an oversimplification but still has some relevance: 1. stock market performance is evaluated on a quarter-to-quarter basis. 2. company earnings are evaluated on a quarter-to-quarter basis. Companies need to keep up and grow earnings so people still want to buy (and hold)...

"Markets can remain irrational longer than you can remain solvent." -- John Maynard Keynes

I don't disagree.

In my experience are not as reliable as divergences on the indicator itself -- which still isn't a guarantee.

"Live with Passion!" -- Anthony Robbins

The trend is your friend -- until it ends.