Many of my signals are telling me we just hit a bottom on IWM? Covered my shorts, and I am not starting to go on the long side. Bought at 64.70 area for IWM.
What do you think?
What do you think?
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Are we at a short term bottom?
- Thread starter riskfreetrading
- Start date
excellent time to go long
Still can't think of any good reasons to go short. I'll let you guys know if I find any.
Absolutely NO signal or analysis can predict an EXACT bottom, have it for sure.Quote from riskfreetrading:
Many of my signals are telling me we just hit a bottom on IWM? Covered my shorts, and I am not starting to go on the long side. Bought at 64.70 area for IWM.
What do you think?
But, IMO my big picture/fundamental analysis indicates that even if we aren't at the exact short term bottom, we are very close to it.
I went long friday at the close, altough this time with modest leverage, and willing to wait for some days or a couple weeks.
Quote from stock_trad3r:
Still can't think of any good reasons to go short. I'll let you guys know if I find any.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=120458
*****POSTED BY MR DODGE LAST NIGHT, THIS IS HIS POST NOT MINE*****:
- I-banks announce we are in a recession
- TMA goes bankrupt (should happen this week)
- ABK & MBI lose their AAA ratings worsening the credit crisis
- CFC investigation causes BAC deal to not go through
- Inflation comes in high and the Fed shouldn't cut but does for fear the credit problem will worsen
- Unemployment for March goes up to 5.2% - 5.4%
- Major funds implode as investors run scared
- Dollar keeps falling while commodities run higher ($1.75 EUR/USD is not out of the question)
- Gasoline hits $4/gal by June
- Food prices increase
- Major companies announce massive job cuts
- Banks afraid to lend to people with good credit standing
- Fed Funds rate cut to a low of 1.50%
.
Quote from crgarcia:
Absolutely NO signal or analysis can predict an EXACT bottom, have it for sure.
But, IMO my big picture/fundamental analysis indicates that even if we aren't at the exact short term bottom, we are very close to it.
I went long friday at the close, altough this time with modest leverage, and willing to wait for some days or a couple weeks.
if you went long Friday and are waiting 2-3 weeks I think you will see some buying back up to the 12k range.
Bottom is still holding. I took $0.48 on half the position. Placed stop at 64.30 on remaining half. If IWM pull back, I may rebuy the half I sold, and move up my stop. So, no risk on this trade.
The truck is backing up right now. I am watching it. wait for confirmation of the bottom, and then load some if you want.
The truck is backing up right now. I am watching it. wait for confirmation of the bottom, and then load some if you want.
Quote from riskfreetrading:
Bottom is still holding. I took $0.48 on half the position. Placed stop at 64.30 on remaining half. If IWM pull back, I may rebuy the half I sold, and move up my stop. So, no risk on this trade.
I trade UWM instead of IWM and looking to add a position around 40-42 area, I think in the short term it is oversold, however I see it reaching new 52 week lows soon and will buy then for a short term bounce back to 44-46 area.