Please stop calling tops in this furious uptrend

LOLOL. I guess INTC is what caused the TF to explode. Shorts gonna get smoke again.

Quote from Nexen:

It's embarrasing, even by ET standards :D
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hum, i will keep calling top every week then, so everybody would think its no the top. lolz


Quote from R. Raskolnikov:

When we are going higher and no one on ET is starting a top thread, you'll know that's it. Top/Bottom calling threads really are an indictment of how mkts operate.
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The only way to trade is to accept that anything can happen. We can go to 15,000 on the DOW in two years, or we can go to 4,000. Prepare for either possibility, and don't be rigid in your assumptions.

Assuming that this thing will continue upwards indefinitely in a hyperinflationary spiral is just as stupid as assuming that it can't go up any further and must fall any day now. It's just the other side of the same coin, and represents an unnecessary and harmful bias to your trading.

Assume that anything can happen, and just trade what you see day to day. You don't need to predict where it will be next month or next year to make money.
 
Quote from Nexen:

The person responsible for turning my trading 180 degrees once told me the folllowing, and to this day, I consider it the single best tip in trading.

"With a lot of market action experience, it's possible to consistently catch the bottoms of uptrends and the tops of downtrends, the opposite is impossible and foolish."
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What's the opposite of consistently catching the bottoms of uptrends and the tops of downtrends?
 
Quote from ddaytrader:

Everyone who is "in(creasenow) the know" knows that the top will be in the moment The Extreme One puts out the "buy buy buy" post.

Extreme Fade the Trade!

Extreme Bang!
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great post...seriously
 
Quote from increasenow:

they said this in 2000...signed, NASDAQ 5,000 (remember me :p )
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oh man, did we just hear from the man behind the troll?





Anyways, top could be in cause the fed aint got no mo POMO money, but you know they probably got some new tricks that could prove me wrong. Can we really paint another Q of top line misses and pro forma shenanigans as growth? Who knows, but hopefully the music stops before 1) major debt/currency event 2) DEC 2012 when my leap puts expire lol.

Luckily, for me trading is not about being right. Investing, maybe.

(Those puts are a hedge and not a trade or investment due to circumstance particular to my life, before you all call me a liar.)
 
Quote from jnorty:

corey we went down because earnings fell 60% or so. earnings are still falling qtr over qtr yet we've ran back up 70% making the mkt much more expensive than even the top of the 2003-2007 bull mkt. we're in a new era of less spending and massive debt and much lower growth going forward. the mkt is trading like we're heading back into the greatest boom of all time. we have 10% unemployment and the mkt acts like we have 5% and earnings are skying 30% a qtr. ITS A MANIA AT THE MOMENT
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My point was more that there are two sides to any coin, and two sides to any argument. I was playing devil's advocate.

You can come up with all sorts of evidence for both sides of the market. What you choose to believe is up to you. My point is only this: you will only know if you are right when you are either making or losing money.
 
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