Black Monday

Quote from Bitstream:

yupsy, da terrible predictor of gloom'n'doom is back in full gear harassin' da bulls....shall i remember u that we closed at highs today[?]
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oh yeah, what a major victory it was.

And what momo crap were you buying at the highs today?
 
and my overnight buy of YM that i posted in the forum made a nice profit

look, the #1 rule of trading is BUY support and SELL resistance

don't chase

the dow was at support overnight. that's where you buy. then, set a stop. if it fails, great. that's trading. but more times than not, it holds

everybody wants to talk down this market and jump in short. as long as that continues, the market is fine

of course this can change at any moment. because it;'s trading
 
Quote from whitster:

and my overnight buy of YM that i posted in the forum made a nice profit

look, the #1 rule of trading is BUY support and SELL resistance

don't chase

the dow was at support overnight. that's where you buy. then, set a stop. if it fails, great. that's trading. but more times than not, it holds

everybody wants to talk down this market and jump in short. as long as that continues, the market is fine

of course this can change at any moment. because it;'s trading
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What about your stop at 11360 ?
 
Quote from Bitstream:

yupsy, da terrible predictor of gloom'n'doom is back in full gear harassin' da bulls....shall i remember u that we closed at highs today[?]
More...


When you have tunnel vision you fail to see a lot of things.
 
Quote from whitster:

and my overnight buy of YM that i posted in the forum made a nice profit

look, the #1 rule of trading is BUY support and SELL resistance

don't chase

the dow was at support overnight. that's where you buy. then, set a stop. if it fails, great. that's trading. but more times than not, it holds

everybody wants to talk down this market and jump in short. as long as that continues, the market is fine

of course this can change at any moment. because it;'s trading
More...

You got stopped out my friend, unless you trade recklesslly to make todays profit,

Means you don't know where to drop your stops.

Trading Talk is cheap, Once you start posting trades in real time, all talk becomes useless. You will be chopped/stopped out unless you really know what you are doing.
 
Quote from eminitrader007:

If we go below 1240, we might see a crash but not right now. If one was to look at the weekly or monthly change in prices, then this market is still in a Bull phase.

We might see S&P around 1240-1260 in few weeks but that still doesn't make it a bear market.

After we get to 1240, there are two possible scenarios.
1) The market cannot support 1240 and we enter a bear market.
2) The market bounces off at 1240 but in the next few months, it cannot break past 1330. Then the sell-off that we'll get is going to be severe. If we get a bounce at 1240, I'll look to buy.

Right now for retail traders with limited capital the best strategy is to short on a 3 day high but if you're long it is probably best to just liquidate at the market.

If someone was to put a gun to my head and ask me where we are headed, I'll probably say 1240----1160 and maybe 1060 before we get to 1330.
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This is my post from 5/13. Did not want to write the whole thing again so just bumped it.

The last week has been absolutely beautiful. Watch the bond market closely. My guesss is after S&P gets to 1240, we'll see a bounce to around 1280 and the sell-off that will come will take us into a bear market.
 
Quote from Adobian:

I've seen this before.

Even good news on the Crude oil didn't help much. Nas was down, SP up only a fraction. DJ was up but very average considered after two days of steep losses last week.
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I called for Black Tuesday, but then it was another serious Red Wednesfay. Kinda like a day off.

As I said, I have seen this before. Looks like I still have the touch.
 
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