Is S&P forming intermediate term double top?
- Thread starter fly down
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By your logic we had a double bottom at 1180 area which is confirmed if we don't drop below 1150. Of course you didn't even notice that 1180 level you were too busy predicting a massive correction down from that point on.
I've been doing my usual scans. Much more bullish setups forming now.
Which is going to play out, the double top, or lazy w bottom? Don't know. I'll just continue to trade what is "thrown on my plate."
We'll see what happens. Not every PA pattern plays out, so trade what's "on your plate" in my opinion/experience...
(i.e., trade with your personality.)
Best wishes!
Which is going to play out, the double top, or lazy w bottom? Don't know. I'll just continue to trade what is "thrown on my plate."
We'll see what happens. Not every PA pattern plays out, so trade what's "on your plate" in my opinion/experience...
(i.e., trade with your personality.)
Best wishes!
Quote from LEAPup:
I've been doing my usual scans. Much more bullish setups forming now.
Which is going to play out, the double top, or lazy w bottom? Don't know. I'll just continue to trade what is "thrown on my plate."
We'll see what happens. Not every PA pattern plays out, so trade what's "on your plate" in my opinion/experience...
(i.e., trade with your personality.)
Best wishes!
There is a lot of strong news tonight ( see Bloomberg news ). IF the jobs report is ok tommorrow morning, this market is going to go up maybe 2% and blow out the top for good. Usual seasonality suggests we rally through end of year and any retracement will occur from the new tops ( whatever they are ) in ( perhaps ) mid-January. China and India growth are also very important moving forward. All these positives exceed the negatives of an uncertain European economy in some nations.
I agree one can never be sure of anything but going with the trend in a strong bull market is usually the best play. There are still sectors that are lagging this year ( eg financial ), and numerous firms that are still dirt cheap valuation wise ( eg large cap technology ). Until every sector and stock has participated the current stock market run will not end, particularily with current liquidity conditions. Sure, sector rotation is highly probable towards that end.
Occasionally I have highlighted some strong growth opportunities but that kind of talk tends to get overwhelmed by the permabear/correction chatter that never ends on this site.
ps In no way am I a "perma-bull". It was only a few weeks ago I had some shorts on and the market refuted my theory of a bigger retracement after some short term success. Short lovers should be looking at overheated commodity stocks for quick plays. Might be an excellent hedge as well for bulls.
When we stop making new highs above 1220 such as 1227, 1235, 1238 that have all happened since you put this blown call out there.
I'm still short the 1150 calls from your last S&P topped thread and am bleeding like a stuck pig thanks to following your call.