Played in the money Dec puts on SPY near the "double top formation" which worked well.
Also took profits on some longs during the pullback/selloff, of course only to watch them go back up today given the hype of the GM IPO boosting the market!
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Is S&P forming intermediate term double top?
- Thread starter fly down
- Start date
Played in the money Dec puts on SPY near the "double top formation" which worked well.
Also took profits on some longs during the pullback/selloff, of course only to watch them go back up today given the hype of the GM IPO boosting the market!
Congrats and thanks for sharing!Quote from ScalperJoe:
Played in the money Dec puts on SPY near the "double top formation" which worked well.
Also took profits on some longs during the pullback/selloff, of course only to watch them go back up today given the hype of the GM IPO boosting the market!
Alot of et'ers voted in the poll and they must have traded on it as well. It would be great if these people would contribute their success stories here. Thanks.
Quote from fly down:
the S&P closed today @ 1104.18
To me, it appears the rally is overextended and on weak legs. It would be great if these people would contribute their success stories here. Thanks.
Here is one: I went long when you said something about "weak legs". The S&P rose to 1195 since then, so I am up 90 points. I'll sell when you declare double bottom. Thanks.
lol !!Quote from moderator2:
Here is one: I went long when you said something about "weak legs". The S&P rose to 1195 since then, so I am up 90 points. I'll sell when you declare double bottom. Thanks.
the quote is a fake--but you are free to provide and link to prove me wrong--and so are you moderator lol.
Quote from fly down:
the quote is a fake--but you are free to provide and link to prove me wrong
Certainly, here it is: http://www.elitetrader.com/vb/showthread.php?s=&postid=2948273#post2948273
Quote from fly down:
the S&P closed today @ 1104.18
To me, it appears the rally is overextended and on weak legs. It would be great if these people would contribute their success stories here. Thanks.
Thank you for assisting me in showing that you created a fake quote.Quote from fly down:
the S&P closed today @ 1104.18
To me, it appears the rally is overextended and on weak legs. I think there could be downside to 1000 as the september-october season arrives coupled with other factors favoring downside. What do you think?
Me thinks someone did not take their medication this morning.
It's high time to get back to the truth of this thread and that's in this original post.Quote from fly down:
The high in April was 1219.8
It is my belief that the S&P is forming an intermediate term double top around 1220. This does not mean it will not go abit higher than 1220. I think the formation now is in the process of forming a top.
So should zig zag abit around 1220 as the top forms.
The S&P has formed a double top and there is downside ahead.
you could be right. but i think november's range holds through end of december.
Those are of little relevance when there is excessive bullish sentiment, as there is right now.Quote from jokepie:
Last leg of rally is ON.
IPO's coming in eating the cash reserves.
DUMB Money - retailers will jump on this move.
SHorts are now trapped - since last week.
Fundamentals looking better than ever
Foreclosures and delinquint mortages are down
I am long until we get a tripple digit DOWN DAY. and then start building shorts on weak stocks.