How high can the S&P go?

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I'm now guessing that the top for the year has been put in, and I plan on trading from this perspective.

This thread was started, as I felt the S&P was topping out, and now it has. Let's see what good ideas we can come up with for profiting on the idea that 1040 was the high.
 
Quote from illiquid:



Buy when SP breaks 1040 again? :p
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Cute!

I'm going to go out on a limb and say it will not see 1040 again this year, or 1030 for that matter. You can quote me on that.
 
perspective alone (namely thinking that a top is in place for the year). I think your best bet is to continue doing what you have been doing which is to sell calls no more than one month till expiration in the 1040-1050 range. If the underlying approaches 1040 and you think 1040 is the high then aggressively sell calls and short the NQ/ES and cover as it gets to the lower end of what you consider to be the trading range or maybe set a target profit in points equal to the weekly ATR and if you reach it use it as a stop and see if you get to capture the monthly ATR either with a full position or a partial position once your first target is hit.

My own view is that we will retest the 960 area before the year is out. My hope is that it doesn't hold and we see 930 or even 900 briefly and then come roaring back up and make new highs in 2004.
 
I was actually only half-kidding; you asked for money-making opportunities, so I'd say the most profitable trade would be that which is most painful for the most people (since we're all assuming 1040 is the top). :)
 
your performance was very impressive Friday but as you must realize not everyone can or wishes to day trade. I'm going to have a go Monday just for kicks though it has been a while.

You must be a young fit guy to be able to keep that up day in day out. More power to you and may the best man win Monday :)
 
Quote from AMT4SWA:

Don't talk, trade in the next "Ego Challenge" and see how you do! Trading is what counts, not predictions. :D
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Trade, as in the stock market? What do you think I do?

I agree trading is what counts, I have an audited track record to prove it.

Paper trading on ET is not exactly my idea of trading. Trading the NYSE is.

It's your own fault if you cannot use my pinpoint analysis to your benefit. That just shows you don't really trade. If I can catch tops and bottoms like I've been doing here for about 6 months, there's alot of money to be made trading for REAL.
 
Quote from Mvic:

My own view is that we will retest the 960 area before the year is out. My hope is that it doesn't hold and we see 930 or even 900 briefly and then come roaring back up and make new highs in 2004.
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I agree with much of this. But I think we'll be testing 960 sooner than you think.
 
Romeo, I don't have time to read through the entire thread, however, I was one that agreed with you, and stated such very early on in this thread (or is this a new one?). Anyways, I did see the markets rolling over, indicators making lower highs while markets made higher highs.

I want you to know that I backed up my statement by pulling close to 200 grand off the markets (all profitable positions) about a week and a half ago.

All cash here and smirking from ear to ear.(probably saved 10-15 grand in potential loss of profits on long positions)

Survived (in great shape) to fight another battle.



:D :p :D :p :D
 
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