market washed out, going long here

[snowbird123]

In my opinion go long here..this is a bottom, way washed out and oversold, big rally coming toward the end of day, institutions buying here. Buy qqqq's here at 42.

 

[crgarcia]

Quote from snowbird123:

In my opinion go long here..this is a bottom, way washed out and oversold, big rally coming toward the end of day, institutions buying here. Buy qqqq's here at 42.

If you have a long time frame, (some months or a year), buy, buy, buy.

Warren Buffett is buying like mad, and so should you.

 

[dipper17]

SnP has more downside to go before we get the oversold rally in a bear market.

 

[snowbird123]

I was actually thinking about a swing trade till next week, my target is 44. Even though many will disagree I think this is capitulation, nothing major just a washout...

 

[volcanik]

Quote from crgarcia:

If you have a long time frame, (some months or a year), buy, buy, buy.

Warren Buffett is buying like mad, and so should you.

I wouldnt go long right now for short terms gains. Expect your portfolio to go down before you start seeing any green if you go long now. Its a good time to buy and hold for years to come though.

Not for me. Im a short term profit taker

 

[lwlee]

Hope you're right about the buying but right now, the charts are ALL limp as a mothaf*cka.

Dow/SnP are just giving it up.

 

[snowbird123]

that was the temp bottom on the spy and q's...12:21 imo

 

[gobar]

double bottom.

sold all my puts today for 330 profit..

bought @ the open and was very nervous when market went up 40 pts..

end of trading for today..

market is crazy today...

 

[Aaron Copland]

Quote from snowbird123:

In my opinion go long here..this is a bottom, way washed out and oversold, big rally coming toward the end of day, institutions buying here. Buy qqqq's here at 42.

I have done what your going to do many times, most times I lost. Their is one saying in the market that always holds true. " don't fight the trend"

Trade in the direction of the trend. You may get lucky now and then, but over time it won't pay. And the more you do it and succede the more you reinforce a very bad habit.

 

[snowbird123]

the best I can do is trust my charts and keep losses to a minimum but usually I can call it retty good, we'll see. thanks for all your input