Heres the chart....
Michael B.
Michael B.
Have we seen the Market High for the year?
- Thread starter ElectricSavant
- Start date
I don't know. It all really depends on your perspective, timeframe of reference, and your personal bias of interpretation, doesn't it?
Isn't that what trading is all about for ah so many? Trying to look for a reason to reinforce their own wishful thinking?
One thing is for sure, before I play the market, I'll watch what the majority thinks, and then try to find a place to bet on the opposite. There is no way a majority can abundantly profit from a minority. The majority always has to be, mathematically, wrong. If the majority thinks bull - OK, I'll think bear. Usually works for me. Would've worked well in early 2000. I know somebody who literally liquidated his life savings, raided his accounts, mortgaged his house etc - you name it, just to go short some of the hottest high-flyers in early 2000. This dude sold SIRI at 60, then 65, kept adding more close to 70, without question. He went short massive amounts, on maximum leverage, kept adding "all the way down" as his equity made it available, and covered SIRI one year later or so at somewhere under $4 each. SIRI eventually went to something like $0.50, and now it's back up to something like $3. He was short the farm on ridiculous amounts of stock (SIRI example the only one I can remember well), and he lives a very different lifestyle now. As Soros likes to say: "It takes courage to be a pig."
Since most people seem to be bull-biased here, I'll throw in a bear chart (M) just for the heck of it...
Isn't that what trading is all about for ah so many? Trying to look for a reason to reinforce their own wishful thinking?
One thing is for sure, before I play the market, I'll watch what the majority thinks, and then try to find a place to bet on the opposite. There is no way a majority can abundantly profit from a minority. The majority always has to be, mathematically, wrong. If the majority thinks bull - OK, I'll think bear. Usually works for me. Would've worked well in early 2000. I know somebody who literally liquidated his life savings, raided his accounts, mortgaged his house etc - you name it, just to go short some of the hottest high-flyers in early 2000. This dude sold SIRI at 60, then 65, kept adding more close to 70, without question. He went short massive amounts, on maximum leverage, kept adding "all the way down" as his equity made it available, and covered SIRI one year later or so at somewhere under $4 each. SIRI eventually went to something like $0.50, and now it's back up to something like $3. He was short the farm on ridiculous amounts of stock (SIRI example the only one I can remember well), and he lives a very different lifestyle now. As Soros likes to say: "It takes courage to be a pig."
Since most people seem to be bull-biased here, I'll throw in a bear chart (M) just for the heck of it...
Does this effect your decisions?
Michael B.
Michael B.
Quote from Scientist:
I don't know. It all really depends on your perspective, timeframe of reference, and your personal bias of interpretation, doesn't it?
Isn't that what trading is all about for ah so many? Trying to look for a reason to reinforce their own wishful thinking?
One thing is for sure, before I play the market, I'll watch what the majority thinks, and then try to find a place to bet on the opposite. There is no way a majority can abundantly profit from a minority. The majority always has to be, mathematically, wrong. If the majority thinks bull - OK, I'll think bear. Usually works for me. Would've worked well in early 2000. I know somebody who literally liquidated his life savings, raided his accounts, mortgaged his house etc - you name it, just to go short some of the hottest high-flyers in early 2000. This dude sold SIRI at 60, then 65, kept adding more close to 70, without question. He went short massive amounts, on maximum leverage, kept adding "all the way down" as his equity made it available, and covered SIRI one year later or so at somewhere under $4 each. SIRI eventually went to something like $0.50, and now it's back up to something like $3. He was short the farm on ridiculous amounts of stock (SIRI example the only one I can remember well), and he lives a very different lifestyle now. As Soros likes to say: "It takes courage to be a pig."
Since most people seem to be bull-biased here, I'll throw in a bear chart (M) just for the heck of it...
Look at that...I know a guy who bought SIRI at .62 and has been adding ever since......he is loooooooking sweeeeet right about NOW ( i stress the word now )....has not sold one share ... and it all originated here from surf daddy....peace
i didnt vote either sorry...
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Michael, Electric S
No not likely;
And for sure IBD/William O Neill DOES NOT TEACH ''AVERAGING DOWN''& does use stops .!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DIA spy, qqq, $XAU LOOK BULLISH ON WEEKLY ...
;some airlines may have made a high .wouldnt call it a high for the year this early .
Waggie, I really do not have time to help you with such a general question. But I suggest you go to the library and get some introductory type of books. If you need help with your trading, you could ask Mr Swing or Mr Market.....for advice 
Michael B.
P.S. just joking....take it easy....
Michael B.
P.S. just joking....take it easy....