S&P about out of gas?

Quote from Samson77:

I think many people who may have started reading the thread gave up after the third page....:(

The bickering back and forth between you and they others probably turned them off the post.

To bad because it really was an excellent call and the fact that you acted on it in size makes you a great trader in my books.
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For anyone who gave up on the thread, it was quite costly...for them!

Anyway thank you for calling a spade a spade. You are one of a very select few here that has the self esteem to be honest.
 
Quote from Manolo:

Thanks mon amigo!

I'm actually adding to my shorts. I'm looking at the Dow and XMI and I see indices on the verge of a prolonged decline. I think we'll tests the lows of the range, and break them.
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This statement was made on 3/9/04 at 2:45pm.
This statement is here for all to read on THIS thread. Here it is:

http://www.elitetrader.com/vb/showthread.php?s=&postid=446976#post446976

Don't let anyone tell you differently.
YOU are smart enough to understand this simple English.
 
After trading for a number of years now, a couple of things come to mind regarding market calls. The first being that someone who is talented enough to call AND TRADE in the proper direction for a substantial profit usually does it without much fanfare because it's old hat to them. The second is a trader fortunate enough to get one right for a change is so elated, they could care less about getting into an argument 3-4 days later after the fact...assuming they actually made some money from the trade. I don't think a lot of the threads we're seeing on ET reflect either of these situations unfortunately.
 
Quote from lmt:

After trading for a number of years now, a couple of things come to mind regarding market calls. The first being that someone who is talented enough to call AND TRADE in the proper direction for a substantial profit usually does it without much fanfare because it's old hat to them. The second is a trader fortunate enough to get one right for a change is so elated, they could care less about getting into an argument 3-4 days later after the fact...assuming they actually made some money from the trade. I don't think a lot of the threads we're seeing on ET reflect either of these situations unfortunately.
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I agree.
 
Quote from lmt:

After trading for a number of years now, a couple of things come to mind regarding market calls. The first being that someone who is talented enough to call AND TRADE in the proper direction for a substantial profit usually does it without much fanfare because it's old hat to them. The second is a trader fortunate enough to get one right for a change is so elated, they could care less about getting into an argument 3-4 days later after the fact...assuming they actually made some money from the trade. I don't think a lot of the threads we're seeing on ET reflect either of these situations unfortunately.
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ditto!

bravo bro!


IcE
:cool:
 
Manolo..as a former newbie myself, I can tell you that you are confusing the newbies.


This post is for the newbies that are reading this thread.

What is your time frame?

More than ten years ago I was at one of the many talks that Bill O'Neil of IBD gave to get people to buy his paper. One of his basic tenets is that the 200 ma on a daily chart states the trend. He showed me CSCO (and I bought it) at what is now 67 cents a share considering all the splits. Based on that rule, the market is still trending up!

...and no I don't own Cisco anymore. My time frame is now like yours or shorter and I do futures.

I hope you are not declaring that the trend started in 10/02, confirmed in April 2003 by the 200 MA, is over. That one is too early to tell.

I agree with you that the uptrend started in December 2003 ended on your date for the S&P. However, the DOW and NASDAQ have been shaking their head for one or two months.

I'm told that the leg up from December to February was the second strongest leg in 40 years for the Dow and I am relieved that it is correcting now. Those momentum guys are going to run us into another bubble yet.

Also, Bill taught me to never predict such a large time frame as you are implying. I could not have risked my capital from 3/5 until now.

Instead, I just caught pieces all the way down this last week like I assume you did.
 
Quote from patoo:

Manolo..as a former newbie myself, I can tell you that you are confusing the newbies.


This post is for the newbies that are reading this thread.

What is your time frame?

More than ten years ago I was at one of the many talks that Bill O'Neil of IBD gave to get people to buy his paper. One of his basic tenets is that the 200 ma on a daily chart states the trend. He showed me CSCO (and I bought it) at what is now 67 cents a share considering all the splits. Based on that rule, the market is still trending up!

...and no I don't own Cisco anymore. My time frame is now like yours or shorter and I do futures.

I hope you are not declaring that the trend started in 10/02, confirmed in April 2003 by the 200 MA, is over. That one is too early to tell.

I agree with you that the uptrend started in December 2003 ended on your date for the S&P. However, the DOW and NASDAQ have been shaking their head for one or two months.

I'm told that the leg up from December to February was the second strongest leg in 40 years for the Dow and I am relieved that it is correcting now. Those momentum guys are going to run us into another bubble yet.

Also, Bill taught me to never predict such a large time frame as you are implying. Also, I could not have risked my capital from 3/5 until now. I just caught pieces all the way down

...this last week like I assume you did.
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Patoo why do you not still trade what you learned via Bill Oneil?

You suggest ... you do futures now as a newbie!!!

My advise to you is to rethink this especially if you were successful with Oneil's teachings. :)
 
nah!.

In the 90's I only knew to scan charts by hand. Not like they do it now. Lotta work. I had just bought TECD (8/92) and it got knocked down by market conditions having nothing to do with the stock. Then, TECD went on to almost double in a few months. Never got over it.

Oneil gave me the ability to "listen to the market" I eventually left CANSLIM, IBD and Schwab for Linde-Waldock, Rashke and Turtle Soup, getting run over by Ken Roberts along the way.

I was a closet market timer all long. It must be a genetic thing.
 
Quote from dbphoenix:

Do I agree that corrections begin with new highs? Of course. How else would you define a correction?
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This is an incorrect statement by you dbphoenix.

Not all corrections begin with a new high. Take the Nasdaq for example. it reached a high of 2150 in late January 2004. It has been correcting ever since with lower highs.

I started this thread last sunday when the S&P had made a new high of 1157. It took guts (and smarts) for me to call for a correction as the S&P index was sitting at a 52 week high.

I'd like to see another ET member call for a correction as an index is sitting at a 52 week high. I'd really like to see it. I don't think some of you appreciate the pinpoint timing of my call.
 
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