Does anyone else think this is a suckers rally?
- Thread starter sputdr
- Start date
I've decided I will not short once tomorrow. NOt if a f*cking nuclear bomb goes off in nyc I won't do it.
The mkt can find something positive in just about anything or at least manufacture a reason why something doesn't matter.
Economist has an interesting article about the possiblity of a world wide recession if the US consumer falls apart.
The mkt can find something positive in just about anything or at least manufacture a reason why something doesn't matter.
Economist has an interesting article about the possiblity of a world wide recession if the US consumer falls apart.
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
Then why start a thread immediately after the daily session closes? Wouldn't it make more sense to talk about the night session then?
Dude, you make no sense. That is two posts of yours that are off the wall.
Not worth shorting? Like I said, I made 1/2 my money today shorting. I have no idea about the night session.
nitro
You are beginning to sound like a broken record.
If the market is not telling you to go short, then don't short. If the mindset of the dominant market participants is that the market is going up, then its going up. Whether this movement is manipulated or the natural end result of the participants' actions is irrelevant.
Instead of trying to figure out where YOU think the market should go, let the market tell you where it wants to go. Its hard to get run over when you go with the flow. The NYSE Advance/Decline ratio ($ISSU) was virtually never below 1.00 today. In fact, it increased substantially as the day moved on. That should have told you that the market participants were unlikely to sell-off the market.