Monday-- on the sidelines?

[dearinfinity]

Just curious, how many of you are going to be sitting out Monday? I'll be profit taking pre-market half of my positions and seeing where the market goes.

Watched this: http://broadcast.ino.com/education/what_now_sp500/?campaignid=3 , seems fairly feasible to at least experience a brief pullback if 850 can't be beaten.

 

[Roman Candle]

Onward and upward is the charge.

 

[dearinfinity]

Quote from Roman Candle:

Onward and upward is the charge.

I share only half of your optimism-- the positions I'm swing trading in (URE/F/UYM/WFC) are all really overbought, so I guess I have a bias to profit take, but at the same time I think tomorrow will be a really decisive day as the S&P tests 850

 

[[Proximo]]

When it drops it'll probably drop big. But hard to say when.

Could be the middle of this week or early next week. Most likely some sort of news/event will be trigger.

 

[spindr0]

I vote for EITHER since for the most part, I don't care which way the market moves as long as it moves.

 

[rickf]

Video aside, just knowing there was a 20%+ move last month suggests a pullback of some noticeable degree sometime soon.

Add in the s/r levels and the SPX heading "back into the box" at a 68% fib retrace (as shown in the video) only futher tells me to be prepared for a drop sometime soon.

That said, as long as the market moves, I'll trade it up or down via the futures, and my long-only equity stuff is appropriately hedged.

But it all comes down to trading the market we see, not the one we hope for.

 

[hayman]

With earnings coming out in full force starting this week, unemployment at a record 25-year high, with a 20 %+ run-up of late, and North Korea firing off their missiles, I think it's a great time to take some profit.

 

[Specterx]

Quote from rickf:

Video aside, just knowing there was a 20%+ move last month suggests a pullback of some noticeable degree sometime soon.

Do the PBs usually take place when everyone is expecting one?

It should be a fun day, we're at the daily down trendline on ES.

 

[dearinfinity]

Dow down almost 100 points in premarket, I got out but I'm looking for some nice dips to buy back in @! Should be a great day. Have fun guys.

 

[rickf]

Quote from Specterx:

Do the PBs usually take place when everyone is expecting one?

Since the market is a reflection of mob psychology, the chances of a self-fulfilling prophecy are pretty good.