Consolidation is over
- Thread starter rowenwood
- Start date
It's not about being quite bullish or bearish, but rather identifying good fibonacci support down at 1087 SPX and trading accordingly without any pre-disposition. I'm sure some Bears will be talking about how weak the volume was today, but last time I checked, we trade price and not volume.
I'm sure that the Chapabraca's of the World will be telling us about another great shorting opportunity around these levels, or perhaps higher, but last time I checked they were looking for quite a bit lower levels in the SPX, like 1060. Yet, not only do they never cover, they also don't know how to play the 40 handle rally back to the upside.
Either they don't trade at all, or they are perma-bears like the Trend Fader's of the world that have very little capital left to trade with and are looking for anything that can help rationalize a bearish bias to.
Happy Trading!
I'm sure that the Chapabraca's of the World will be telling us about another great shorting opportunity around these levels, or perhaps higher, but last time I checked they were looking for quite a bit lower levels in the SPX, like 1060. Yet, not only do they never cover, they also don't know how to play the 40 handle rally back to the upside.
Either they don't trade at all, or they are perma-bears like the Trend Fader's of the world that have very little capital left to trade with and are looking for anything that can help rationalize a bearish bias to.
Happy Trading!
I'm not talking permabull or bear either, just what I see. Some use fibonaccis, others the 200 day MA, some others just say the bearish sentiment got a bit ahead of itself last week.
As for looking ahead, shorting the 50-day MA that coincides with a falling trendline (QQQ) into a quarter end bounce seems, well, almost too perfect -- you'd really need to be a permabull not to get a little nervous here. But shrug, what looks easy usually never works out so all I can say is heeyyyyyy yaaaa (can't get that damn song out of my head once it's there)
As for looking ahead, shorting the 50-day MA that coincides with a falling trendline (QQQ) into a quarter end bounce seems, well, almost too perfect -- you'd really need to be a permabull not to get a little nervous here. But shrug, what looks easy usually never works out so all I can say is heeyyyyyy yaaaa (can't get that damn song out of my head once it's there)
Both the NASDAQ-100 ( NDX ) and the SPX are now comfortably above their respective 21-Day moving averages. With an SPX close above 1125 today allowing for the next target at 1134.
Also of note is the fact that the AAII Bearish Sentiment has now "spiked" up to 42% bears, adding still more fuel to the fire.
Happy Trading!
Also of note is the fact that the AAII Bearish Sentiment has now "spiked" up to 42% bears, adding still more fuel to the fire.
Happy Trading!
Quote from illiquid:
I'm not talking permabull or bear either, just what I see. Some use fibonaccis, others the 200 day MA, some others just say the bearish sentiment got a bit ahead of itself last week.
As for looking ahead, shorting the 50-day MA that coincides with a falling trendline (QQQ) into a quarter end bounce seems, well, almost too perfect -- you'd really need to be a permabull not to get a little nervous here. But shrug, what looks easy usually never works out so all I can say is heeyyyyyy yaaaa (can't get that damn song out of my head once it's there)
ill.............I trade the QQQ's everday and I agree with you
I like it short at 36, little risk, cuz if it busts through it will touch the 50 day and than who knows.
I agree with Broker though.............who cares as long as the market is moving one way or another.