Is S&P forming intermediate term double top?

IS S&P forming an intermediate term double top ?

  • Yes

    Votes: 40 41.7%

  • No way

    Votes: 33 34.4%

  • I don't like you or these polls

    Votes: 23 24.0%
  • Total voters
    96
Quote from jokepie:


I am long until we get a tripple digit DOWN DAY. and then start building shorts on weak stocks.
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Out of Longs today, looking for good shorts now.
 
Quote from fly down:

Excellent timing!
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Thanks,

I do not belive in predicting moves at-all, I am just a trend follower. Looking at the action it looks like we have every reason to move back to 950 levels.
I will try to capture the middle of the move and wont try to pick/ predict the bottom.
Start building shorts, I would say if you are not get at least 20-30% short exposure and rest cash.
DO NOT try to look for bargain shorts NFLX, AAPL etc. rather do GOOG. or just stay out of Tech sector.
Most likely there will be a strong shake out in commodities, however is you are long - just hedge your positions. Commodities is the next thing to ride.
 
Quote from fly down:

No not the case.

The power of the double top helped bring on the correction in 2008. And the forming double top now is as clear as an azure sky.
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The sky is not that clear though
 
Quote from jokepie:

Thanks,

I do not belive in predicting moves at-all, I am just a trend follower. Looking at the action it looks like we have every reason to move back to 950 levels.
I will try to capture the middle of the move and wont try to pick/ predict the bottom.
Start building shorts, I would say if you are not get at least 20-30% short exposure and rest cash.
DO NOT try to look for bargain shorts NFLX, AAPL etc. rather do GOOG. or just stay out of Tech sector.
Most likely there will be a strong shake out in commodities, however is you are long - just hedge your positions. Commodities is the next thing to ride.
More...
Excellent post. You gave alot of valuable info here. You are obviously a very good trader. I totally agree about nflx & aapl too.
 
Quote from fly down:

Excellent post. You gave alot of valuable info here. You are obviously a very good trader. I totally agree about nflx & aapl too.
More...

Thanks Bud.
Trading is a grind until you can say this without ego - "I keep making money, I can't help it"

I always think people think that the "Bears" and "Bulls" are almost two set of groups. Funny truth is they are the same and they just change sides when its convenient. something to think about.


:D
 
Quote from jokepie:

Watch out for a fake push higher !!
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Yep. However the bulls have been seeing gains get wiped out on the following day when the futures open weak.

Closely watch for a break of around 1,170 for the SPX...
 
Quote from ScalperJoe:

Yep. However the bulls have been seeing gains get wiped out on the following day when the futures open weak.

Closely watch for a break of around 1,170 for the SPX...
More...
With it being thanksgiving, not sure any break can happen until next week at the earliest.
 
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