ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Quote from saliva:
Unlike this permabear, I know most of you folks are bullish by nature but sadly you're going down with me to the bottomless pit.
I don't think it's correct to say most of us are bullish by nature.
The market is bullish by nature, don't you think?
Being a perma-bear means neglecting the bullish nature of the market.
I think a good trader must be a bear in a bear market and a bull in a bull market.
Right now we are in a bear market after a 6-year bull market.
The market will rebound at some point and you better get your perma-bear bias under control if you want to make the easier money.
Who cares about bulls or bears, honestly? Just go with the trend and you'll always be ok.
I am sorry if I misinterpreted your post, but you almost sounded like we are going straight down to zero.
1 tick from stop out and going on auto pilot. Rally or hold, out under here.
And I am not right over 90% of the time, you are the man porge.
And I am not right over 90% of the time, you are the man porge.
I'm certainly not the most brightest when it comes to reading tea leaves, but everything that I see points downward. I can care less about the fundamentals or the options expiration with all its regurgitating effects on the market.
We might not go straight down to zero but pretty damn close I would think. In the 1929 crash, the market tumbled 95%. But I can see that you'll never believe me until we get there. I will say this however, Although we'll get a monster rally once every blue moon, this market ain't going to turn around anytime soon. Despite what the economists sez (they're too damn optimistic anyway), it's gonna get a lot more dire than what we experienced last October.
Just my otherwise useles 2-cents.
Wait: nobody is arguing we are in a bear market and if you read my previous posts more carefully, I did state the economy is shit and the stimulus plan hasn't convinced anybody.
However, I do believe the collapse we saw in Oct-Nov already discounted a lot of bad news.
Of course, if bad news keep coming in on a daily rate for the next 10 years, you may be onto something and the Dow may hit 100 again.
Right now bears are in control, no doubt about that.
Bulls will show up at some point. It is not my job to say when. When they do, the market and the charts will let us know. And I will promptly react to it.
Quote from Lawrence Chan:
I think I mentioned here that we had double breakout down side since yesterday.
We have not invalidate that breakdown formation at all.
The potential target was 760 area. We have not reached that yet.
Today, the H&S on 5min also points to 760s, not happened yet.
BUT, we had 2 days in a row of extreme selling based on tick index and the mkt has not moved much lower. A potential bottom is in the making.
I am not a bear, nor a bull. I trade what I see everyday
760 could be reached but I expect some significant bounce in the 772-766 area.
I'll try to post a chart of what I'm looking at.
porge would not make a pimple on a good trader's behind. A make believe trader if ever there was one..........but, my 22 year experienced broker taught me some stuff....buy dips sell rallies with trends...she went into slumps....but knew how to come out of them...one approach was to demo trade....force the discipline...go again....i was offended when she told me how dumb i was and to go bang my head on the office door...1o times ...alwasy 10 times....now she is gone and she was a goldmine.......all the pros in her company knew that stops were "run"....porge stuff says it is all about what is obvious...not what might happen.....
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