Breakdown about to occur

I see you guys still playing around while Im working.

Now the SPX went past 1528.84 (5 day rounded bottom/cup).

1528.84 + (1528.84-1505.25)= 1552.43

Thats the new price target and I noticed that the high for the SPX came in at April 2000 somewhere around 1550 on my spx2000chart. For some reason, I was thinking the high of 2000 was somewhere in the neighborhood of 1530s.

Multiply 1552.43 by 1.03 and thats when I will concede that the resistance has now become the support and its break out time.
 
Quote from michaelscott:

I see you guys still playing around while Im working.

Now the SPX went past 1528.84 (5 day rounded bottom/cup).

1528.84 + (1528.84-1505.25)= 1552.43

Thats the new price target and I noticed that the high for the SPX came in at April 2000 somewhere around 1550 on my spx2000chart. For some reason, I was thinking the high of 2000 was somewhere in the neighborhood of 1530s.

Multiply 1552.43 by 1.03 and thats when I will concede that the resistance has now become the support and its break out time.
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Is that how its done, some simple math formula.
 
Working?

I sold some options for a 50% profit from yesterday in DRYS...does that count as working or is that too easy?

Keep punching away at your McDonald's calculator...you're just spinning your wheels, back and forth, back and forth. :D
 
Quote from basis:

I'm downgrading MICHAELSCOTT from "Probably A Jackass" to "LOL". Position yourselves accordingly.
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You had it at "Probably a Jackass" for way too long, the rest of us downgraded from there after the last cc. Personally I'm thinking of delisting it and dropping coverage alltogether.
 
Quote from TM1:

You had it at "Probably a Jackass" for way too long, the rest of us downgraded from there after the last cc. Personally I'm thinking of delisting it and dropping coverage alltogether.
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I was hoping for some underwriting biz. My bad.
 
Quote from michaelscott:

You have no idea how I trade or what I trade to make those assumptions. You have no idea my P&L or my system.

I never said dip buying wasnt profitable. It was very profitable for the last few years because we were coming from the deep end of the cup and it was obvious the SPX was making a rounded bottom.

This is the other side of the cup and the main reason why I say to exercise caution at this crucial point in time. You have no idea what will happen at this point. While the other times were obvious to anyone who knew the definition of "rounded bottom" and "cup", this time might be slightly different.

Makloda and Equitytrader were not trading during the last time this hit 1550.

The price must get past this upper resistance before you can be very bullish. The upper resistance needs to become the support.
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You are right...I don't. But I can just assume that you are one of the 90% who don't win trading...you can assume the same about me..
Some people just have it. Some have the conviction to make huge long term calls. Some don't. I've done it before, but like you, my trading is mostly position/swing stuff. I don't have the gusto to stay in a market for long periods of time.
 
I didnt even read what you wrote. Your a nameless, faceless stranger who I dont want to waste any more time thinking about.

As for the SPX, it has stalled at 1532. I really thought it would test the supreme support at 1550, buttttt.... I dont know why I fear price when it gets into the apex of a triangle.

Call me crazy, call me a jackass, drop coverage of me, but I just have this itch and Im not sure where it comes from exactly. These triangles make me a little bit nervous.

By the way, on the attached chart, 1553-1223= 330

1440-330= 1122 (actual bottom of SPX drop=1081)

If the price stalls at the current point or if it does not go much higher then 1550, then we will come back down to test 1440.

What a coincidence that almost every SPX drop in the last few years has been about 100 points. What a coincidence that the SPX had failed at 1440 in 2000. What a coincidence that the price seems to be stalling at the very point where it started to drop in 2000.

All these coincidences are just a figment of my silly jackass imagination I guess...

Sometimes I wonder why all these hedge funds waste their time employing all these quants. Its all about buying on the dip baby and thats it.

Quote from PohPoh:

You are right...I don't. But I can just assume that you are one of the 90% who don't win trading...you can assume the same about me..
Some people just have it. Some have the conviction to make huge long term calls. Some don't. I've done it before, but like you, my trading is mostly position/swing stuff. I don't have the gusto to stay in a market for long periods of time.
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Attachments

Quote from michaelscott:

Gold going to 625 **guaranteed**. If it breaks 625, then it will go to mid-500s. If it bounces from there then it will go to 680. A break above 680 means its heading for mid-800s.

If oil breaks down further, then we visit mid-50s soon. If it is able to stage a rally from here then it will make it to mid-70s.

The ten year yield is at a questionable point where it could either break down to 4.6 level or go dramatically higher going to above 6 and change.
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WOW!

Been here all of two months, got 800 posts under YOUR belt and the whole gold market pegged.

Now.....IF you just get a little more clarity on Treasuries.

"If/then" dates back to the dawn of computers. But then..........you know that.

As a special sidenote, breakouts that occur well before they reach an apex are more reliable/less apt to be headfakes. But then, you know that.
 
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