Honestly it does not surprise me we are down less than 1%. We will probably hit all time highs again tomorrow being first day of the month.
ES Journal - 2014
- Thread starter murica
- Start date
Slippery slope here. Kind of reminds me of PA a few December's ago.
dow daily. see if this line tames the bull.
I agree with your observation, but what is meant by longs are the people who are waiting for a retreat or a breakout to buy new or add to earlier buys.
As for those who were longs, I view them as sure future bears because they would have to sell to take a profit or a loss. I believe that the selloff was due to those who entered longs, and later realized they were wrong and took their losses (which made them bears at the exist, even if they do not think of themselves that way). The best bears are the losing bull traders.
My models on short side today: Minus QQQ @ 89.84
China manufacturing numbers more worriesome, feeds into emerging market slowdown.
QQQ at 89.00: models are telling me to reduce by taking profits. Draw down less than 0.05. Profit +84 cents. RR>=+17.
qqq at 89.42. My models are telling me to go back to short side.
Should have done
Was asleep. bad timing. Low 30's would have been very tempting indeed!
Not to worry.
Wont add again until late 20's now at a guess
Otherwise just a matter of waiting for the fed to get us pumping up, back to where we need to be