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ER2 has topped?
- Thread starter polpolik
- Start date
Quote from stktrdr:
You are NUTS!
So what.... ER2 is off 10 or so.
Let it come off some more and then...BAM! BUY, BUY, BUY!
Hello,
I'm all for buying pullbacks in uptrends, and selling them in downtrends, for the most part. To quote my mentor so to speak,
"The trend is your friend till the end, when it bends."
There does come a time when buying the dip will not result in returning to the previous swing high, or making a new high. When that turn comes then those who bought the dip, and had it sink on them, will be the ones waiting to exit at or near that point. This will be where new sellers will be found along with old buyers, and there will be the resistance.
For now it is the exact opposite, and continues to work well, finding buyers and support. Don't be lulled into complacency believing that it won't change. Just when you do, it may happen sooner than you think, while many others become trapped there to.
I myself am very cautious up here. It's been a great ride and I've only been on it the past few months. However, it's going on several years and the past several months, see shallow retraces and continued upward movement. I don't know when or where time or pricewise it occurs. The end would be nearer than the begininng for this leg of the run, I suspect. However I may be entirely incorrect in that belief. It still doesn't hurt to be cautious and watchful.
Good Trading!
Kelly
Running some models on recent moves in various timeframes I think the following:
A move back above today's highs and I think we are looking at a sustained move towards 820. But a correction below 740 and I think we visit 708.
Best case scenario though is for choppy action between 740 and 780.
A move back above today's highs and I think we are looking at a sustained move towards 820. But a correction below 740 and I think we visit 708.
Best case scenario though is for choppy action between 740 and 780.
What the models DO NOT tell you is that there is a wave of money pouring into small cap funds, etfs. These funds MUST buy the underlying stocks. But the underlying stocks cannot withstands that level of buying -so they rally, gap and rally some more!
That is why small caps will continue to be strong and EVERY dip is considered a buying opportunity!
That is why small caps will continue to be strong and EVERY dip is considered a buying opportunity!
Quote from stktrdr:
What the models DO NOT tell you is that there is a wave of money pouring into small cap funds, etfs. These funds MUST buy the underlying stocks. But the underlying stocks cannot withstands that level of buying -so they rally, gap and rally some more!
That is why small caps will continue to be strong and EVERY dip is considered a buying opportunity!
Ah, the eternal optimist. You,ve made the case of why the upside continues. Now, take a step back and ask yourself, why could your assessment be wrong and where would that be recognized?
It's like the case with anything some have waited so long, and can't stand it anymore, they have the need to be in, no matter where or what the cost? What about those that have been in for months and years, considering when they should take some off the table? They are 2 types of tickets to write, when the buys have all been written, that leaves just one, the sell. It's like a gigantic game of musical chairs, the only question is, when the music stops, who has a seat and who doesn't?
Continued success with your strategy.
Good Trading and Good Day!
Kelly