ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Nice of DEMTDAYBOYZ to hit my stop
sal. tried this for awhile, as u know,fundament this rally is a shell of a rusty car with no engine and no air in the tires,but awhile back gsax and uncle sam hooked up and until uncle sam pulls out ,it will always go back up on the selloffs,my take is to sell the resistances and cover at or near a support,i won't get long because i know unc sam will eventually pull out and longs will get killled, hence scalping and keeping half position short
Thanks for the suggestion. But you know as much anyone else that I will not just blindly sit through mounting losses. I'm prepared to trim my position when warranted. It's quite incredible to see this 3-month rally shoot up without a slight pause. Although I think we've hit the zenith, who knows for sure with Uncle Sam at the helm? Perhaps we will really go as high as 1000 or more as some of you trannies would like to have me believe.
I will admit that this is a very uncomfortable position to be in. I'm not a position trader and it feels damn awkward to just sit and watch prices fluctuate. On a brighter note, I'm learning more about my true character as far as trading is concerned. Ironically, I tend to learn more about myself when I'm under water.
I'm still up, well...one contract wager: short @ 945.00 AH STP 951.25
Cash 50-week MA is at 971, 52-week MA at 984. There's room in the channel on the ES daily to hit 914 by Friday (prior resistance) and then as high as the low-mid 980s by next week if 914 holds.
So many traders are just chomping at the bit to short this, and it seems very out of character for the market (especially this market) to give those eager shorts a full week and a half to build their positions at 943+, and then just drop like a stone. Feels like there's one last spike/bull trap left, and maybe more.
That said, I've been building up shorts here with everyone else... we're at resistance after all.
But then how many rallies have you witnessed in ure entire trading career where it went straight up for 3 months without a hiccup? I need not remind you that we're still in a bear market. While the bear market rallies can be and usually are ferocious, this type of rally is almost unheard of. The whole damn thing was climactic from the beginning!
Quote from saliva:
But then how many rallies have you witnessed in ure entire trading career where it went straight up for 3 months without a hiccup? I need not remind you that we're still in a bear market. While the bear market rallies can be and usually are ferocious, this type of rally is almost unheard of. The whole damn thing was climactic from the beginning!
Well you can see when I registered, that's around when I began my trading career, such as it is - so the concept of a rally is pretty foreign to me
It's certainly unprecedented, but there it is. When we took out 800 on Miracle Rally Monday I remember thinking that this was some serious stuff, and it would be the greatest shorting opportunity of a lifetime, but that the market probably wouldn't stop rallying until the day I became convinced we were in a new bull market. Then it would collapse to new lows. Not quite there yet, but we're getting closer
All I can say for sure is that there are clearly some strange forces at work here... for example, if people start expecting higher inflation rates in the future, isn't that bullish for equities since earnings will rise in nominal terms? But that's getting a bit off track.
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