Did Media Blow Greek Smoke Up Your Rectum? Is It Time To Short Yet?

What's Your Short-term View?

  • Very Bullish

    Votes: 10 14.3%

  • Bullish

    Votes: 21 30.0%

  • Flat

    Votes: 15 21.4%

  • Bearish

    Votes: 15 21.4%

  • Very Bearish

    Votes: 9 12.9%
  • Total voters
    70
Too much partying by the bulls tonight. We're forming a head and shoulders now with the right shoulder topping before 1360.

The path of least resistance has been up into a spike and channel as denoted earlier but now we'll likely top and rollover for a trading range. As the formation coalesces the numbers get tighter as to where the "magnets" lie. Just a guess.....
 
nuhuh. This is forming a head and AWESOME. You'll see. We need bear capitulation before this can go down and even then it'll probably sort of range with an upward bias until it does a real sort of correction.

New overnight high (again). Do you know if it means anything if the S&P500 futures keep making thier highs overnight (during the Asia session) and into the close?

Edit: So far I'm excessively bullish for today's trading during the European session. We'll have to see what comes afterwards with the jobs and everything but I'm not expecting too much headwind right now.
 
Quote from Lojanica:

Too much partying by the bulls tonight. We're forming a head and shoulders now with the right shoulder topping before 1360.

The path of least resistance has been up into a spike and channel as denoted earlier but now we'll likely top and rollover for a trading range. As the formation coalesces the numbers get tighter as to where the "magnets" lie. Just a guess.....
More...

The big pattern is not H&S, its the triple top pattern of S&P. We WILL go to 1600.

Major lines have a way of behaving like a magnet.
 
Quote from Locutus:

nuhuh. This is forming a head and AWESOME. You'll see. We need bear capitulation before this can go down and even then it'll probably sort of range with an upward bias until it does a real sort of correction.

New overnight high (again). Do you know if it means anything if the S&P500 futures keep making thier highs overnight (during the Asia session) and into the close?

Edit: So far I'm excessively bullish for today's trading during the European session. We'll have to see what comes afterwards with the jobs and everything but I'm not expecting too much headwind right now.
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I am with you guys!!! I am looking at when the big triple top occurs which I do not beleieve will be until later this fall. It seems like the right shoulder for a H & S is forming this morning. The bigger triple top comes much later I believe. But we shall see. At least we're out of the 1/ 4 and 1/2% range days!!!
 
Well, looks like a market where lots of guys are in denial about the fundamentals, don't want to cover and best of all try to keep picking tops. I don't blame them really, the news has been horrible for so long that you should expect to note a whole lot of faders.

I want to see bear capitulation. That may be where this is headed. The bears are *really* stubborn.

And as I've been saying, the market has only been going up on fundamentals releases and as soon as it cools down the faders step in immediately and it stops going up until the next release. This has been the case since the beginning of this move.

Best of all, the lower beta stocks are doing pretty well still compared to the risky stocks.

What this tells me is that the fundamentals are basically forcing money managers back in stocks. Because they want to keep their job, I guess. One would have a hard time explaining being underinvested in a market where all the fundamentals are good. But they are increasing their exposure again via pretty "safe" bets. Not many people really like this economy.

It's all gloom and no boom, until reality catches up with your wavering account. I increased my exposure on the European dip this morning. I'll start to hedge my long position with covered calls once we get about 4050 on the CAC40.
 
If the market were now SPY ~137 and QQQ 60, I would look for first weakness to join the downside. The market is however sitting at around 1.5% from the above levels. What if the market goes down without visiting the above levels?

How to trade the above without the benefit of hindsight? I am stating this before people sometimes come (after the fact) and start stating something like: wait until the trend is established, and the join.

It seems to me that I need to take risks, but I thought to ask what others think.
 
Quote from Locutus:

Well, looks like a market where lots of guys are in denial about the fundamentals, don't want to cover and best of all try to keep picking tops. I don't blame them really, the news has been horrible for so long that you should expect to note a whole lot of faders.

I want to see bear capitulation. That may be where this is headed. The bears are *really* stubborn.

And as I've been saying, the market has only been going up on fundamentals releases and as soon as it cools down the faders step in immediately and it stops going up until the next release. This has been the case since the beginning of this move.

Best of all, the lower beta stocks are doing pretty well still compared to the risky stocks.

What this tells me is that the fundamentals are basically forcing money managers back in stocks. Because they want to keep their job, I guess. One would have a hard time explaining being underinvested in a market where all the fundamentals are good. But they are increasing their exposure again via pretty "safe" bets. Not many people really like this economy.

It's all gloom and no boom, until reality catches up with your wavering account. I increased my exposure on the European dip this morning. I'll start to hedge my long position with covered calls once we get about 4050 on the CAC40.
More...

You become bear yesterday, now you are back to unsure? Price can get people dizzy :D
 
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