not buying the strength of futures-NO

[Sobieski]

350 points to go...

 

[jd7419]

Quote from stock_trad3r:

We're not even in a correction yet, let alone a bear market.

Shrts will be pissing thier pants when this rebounds

Stockloser,

I think you and your etrade account are going to witness your first limit down day. Hopefully not your last.

 

[Warrior4g]

i started the thread because i felt strongly that the bs strength in the futures was just that; bs ! csco and all these credit issues with merril lynch after the close,it was kind of obvious in my opinion! if you look at my posts,i rarely ever make predictions about where the market may go,thats a fools game. today however was different and thats what makes a good trader,being able to predict before anyone else does.

 

[traderpro]

Quote from enforcer99:

i started the thread because i felt strongly that the bs strength in the futures was just that; bs ! csco and all these credit issues with merril lynch after the close,it was kind of obvious in my opinion! if you look at my posts,i rarely ever make predictions about where the market may go,thats a fools game. today however was different and thats what makes a good trader,being able to predict before anyone else does.

I agree, and a very good call. Nice

 

[RL8093]

Quote from atticus:

Every trade is an expression of an opinion. You're simply decreasing the lookback.

Quote from Cocaine:

Depends what your definition of "opinion" is. One person guessing which way the market is going to go before the day even begins is entirely different that me taking a trade, based on an edge that I have quantified to be profitable. My trade(s) is(are) taken on my opinion perhaps, but that opinion wasnt because I felt a certain way but rather because I learned how to make profits in the market almost everyday.

While I agree that most of the people making bold predictions on ET are truly fools guessing what might happen - just like any other aspect of trading or daytrading, there are people who have studied the mkts for years and developed an edge in various situations. Your statements appear to make the assumption that somone cannot develop an edge unless they wait for regular trading to start. While I cannot speak for the original op's intent, knowledge or edge - the setup about which he posted does have a tendency to play out as he suggested and for those who are familiar with it - can produce significant profits.

There are other setups of which I am aware (& likely many of which I am not) that have a 70% or better likelihood of producing a profit based on overall market status/conditions and late-day action on the indices. Because someone may use a different strategy and have developed an edge in situations with which you are unfamiliar does not make them any less valid (or the profits any less sweet).

R