Bulls have the definitie edge over the next 6 months

Landis82 · Dec 8, 2006

Quote from drukes1234:

I wait for an opportunity to make money in the market and I feel going long right now, buying dips lower than today and selling at a 5% gain or 6 months from now is a good strategy. I'm in this game to make money... I could care less what has happened in the past.

Just curious . . .

Would you be so kind enough to explain your money management strategy given that you are looking for a 5% gain to sell your longs?

For example, if you buy a "dip" in the market, what would you DEFINE as a "dip" to get long on in regards to the SPX and what is your stop-loss given such an entry point?

drukes1234 · Dec 8, 2006

Sure... I will buy any day the S&P is a full 1% below my cost basis of 141.03 on the SPY's. I will always have a hard stop at a level just in case something extraordinary happens but I will sell my position at a loss based on my sentiment indicators in the market... not a predetermined price level.

S2007S · Dec 8, 2006

Quote from drukes1234:

Very happy to see the bearish sentiment on this board as well.... more fuel to the fire! The S&P will be higher than it is today 6 months from now... I expect all bears to come back in 6 months and explain what happened to their thesis.

where do you see the s&p in 6 months??

drukes1234 · Dec 11, 2006

I see it higher than where I bought... my goal is to take profit at 5% above my cost basis or just close out the position in 6 months, higher than where I bought.

I have no idea what price the market will be in 6 months... I just believe it will be higher than where it was when I bought a few days ago.

ACM Trader · Dec 11, 2006

Quote from QQQShort:

If not the past, what is the source of data upon which you have based your trade?

The crystal ball, my friend. The best trading tool ever !

drukes1234 · Dec 14, 2006

Bears...... where art thou?

drukes1234 · Dec 14, 2006

=) I can actually hear the bears squealing... there's still room on the bandwagon if you want

Landis82 · Dec 14, 2006

Quote from drukes1234:

Sure... I will buy any day the S&P is a full 1% below my cost basis of 141.03 on the SPY's. I will always have a hard stop at a level just in case something extraordinary happens but I will sell my position at a loss based on my sentiment indicators in the market... not a predetermined price level.

Doesn't sound very objective.

drukes1234 · Dec 14, 2006

Objective in what sense?

TrendPro · Dec 14, 2006

Quote from drukes1234:

I bought the S&P futures today and will continue buying if it comes anywhere below my cost basis over the next 3 months. I will sell if I ever have a gain of more than 5% or sell 6 months from now.

Average down and wait 6 months.... sounds like a Plan

Just curios, what month contract are you taking your position in ?

What if the market takes off to new highs from here and doesn't look back ? In that case you won't get another chance to average in. Might be better to load up the boat now before it leaves the dock !