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Does anyone else think this is a suckers rally?
- Thread starter sputdr
- Start date
Quote from sputdr:
I'm just growing tired of the mkt trying to go up every single day. It's getting boring and tiresome.
Everyday it's the same thing. Over and over and over and over.
You must be the richest guy in the world then. If this market is that predictable then you must be making serious bank going long everyday no? How many billions are you worth...1....5...10?
Quote from Maverick74:
You must be the richest guy in the world then. If this market is that predictable then you must be making serious bank going long everyday no? How many billions are you worth...1....5...10?
Nope small trader, successful but getting bored of the market that's all.
Trading less and less.
Not that it makes sense....but it smells like a break-out to me.
Unleaded up massive over last 2 days, doesn't exactly help workers to get to their jobs, or companies ship products. Seems like we should be lock limit down in the markets.
That said, I've taken off my short side, and look foward to a week of gains, at least.
Don't fight orderflow.
The international markets paint a bit of a different picture as well.
Nice take, Nitro.
Unleaded up massive over last 2 days, doesn't exactly help workers to get to their jobs, or companies ship products. Seems like we should be lock limit down in the markets.
That said, I've taken off my short side, and look foward to a week of gains, at least.
Don't fight orderflow.
The international markets paint a bit of a different picture as well.
Nice take, Nitro.
Quote from nitro:
You are trading what you think instead of what you see. Unless you are in a spread where you can hold on to "thinking" style positions, trading what you think intraday instead of what you see is a sure way to go broke trading.
1) Month end buying was very probable today. I was short 95% of yesterday, made great money, but then adjusted my position late in the day when I saw that 1203 was stubborn as a two ton bull, and that we were going into the EOM which often brings institutional buying.
2) Once 1214 got taken out late in the day, the trend on the daily went from being down to being up. _IF_ you believe in classical technical analysis, which is the only part of TA that I believe in, then _ALL_ trendlines have to be redrawn and this is no suckers rally.
3) In the greater context of things, we are still in a trading range in the NQ and YM though, with ES the only SIF that has recently taken out a high. NQ and YM are lame ducks stuck in trading ranges.
FWIW, I was short 1/2 the time today and made money on both longs and shorts.
nitro
Quote from Maverick74:
Wait, that's a contradiction. Small trader, yet you must be making a killing. I'm confused. Making money every day is boring. What do you want? You want to lose money?
The excitment is gone for me. I'm not only about money. It's about being interested and I trade the afterhours which is anything but interesting. I find myself being bored and not paying attention alot.
I make money most everyday but am burned out I guess.
An interesting day would be to be down 15 pts and stay down.
These days of down a little just to rally back are getting old.
We've been in a trading range for a year, I can't be the only one bored with it.
omniscient
Guest
Quote from MR.NBBO:
Not that it makes sense....but it smells like a break-out to me.
Unleaded up massive over last 2 days, doesn't exactly help workers to get to their jobs, or companies ship products. Seems like we should be lock limit down in the markets.
That said, I've taken off my short side, and look foward to a week of gains, at least.
Don't fight orderflow.
The international markets paint a bit of a different picture as well.
Nice take, Nitro.
i think this is what is puzzling to me right now. as nitro suggested, trading thoughts can be financially punishing, so my objective is to cooperatively respond to what the market indicates.
BUUUT ... the thought does occur to me: how can oil AND stocks go the same direction? yes, i realize oil did close lower today and stocks closed up. it seems the market is trying to heavily discount the effect / impact of oil. quick, lay-logic would seem to suggest:
1. oil/gas price continues going up
2. John Q Public sees it at the pump and nat gas at home
3. companies keep off-shoring, downsizing, market correcting, scrimping etc. so John gets marginal or nonexistant raises/increases or gets laid off and takes a lower paying job, but has the same or higher bills
4. John still has to feed his family, but food prices have increased beacuse it cost more to transport goods
5. John starts cinching the budget-belt. less spending, maybe sells his SUV and gets an older econo car, local vacations (if at all), fewer luxuries/extras and so forth
6. John sure isn't thinking about buying stocks (he may have been risk averse before, but now he is anti-risk)
7. even dentists and doctors and engineers look at the market less
8. stocks go higher??
i know there is more to it than this simplified perspective, but it looks like one of two things is imminent: oil OR stocks will be topping or have topped. and it seems to me oil has more upside potential than stocks. or, maybe it's that oil has less downside than stocks.
i'm really trying to understand it all, so i sincerely appreciate any insight anyone is willing to offer. like i said, in trade my goal is to focus on price, but when i take a step back and take a bigger picture of things, i'm scratching my head.
take care and gtty -
omni