S&P correction
- Thread starter Mecro
- Start date
Quote from waggie945:
That's pretty funny TF, since you were online last night around 12 midnight going back and forth with me about the S&P.
Tell me something, when you say that you are "lightly going long" does that mean 25 shares of IWM, or 50?
Actually after i nailed that short IWM trade in the 120's... i have only been playing the Futures.
--MIKE
Thanks I like it too. I hope u rest assure that I went long today and made out well.
Thanks again for this excellent thread.. honestly.
--MIKE
Quote from Gringinho:
Gotta love the all-technical range on the ES today - between 1075 and 1100 ...
We've been stuck in range all year - now it's time to get some affirmative (re-)action.
The S&P nailed that 200ma and ran like a bandit.
I bet some big boys were waiting for it to happen and then they pulled the trigger ( i know i was watching).. and then the market never looked back.
The Russell, Dow, S&P all fought amongst the 200ma and today they managed to close above it.
--MIKE
IT'S BEEN ONE DAY. Did I say S&P is going to 1020-1060 today? No you moron, I said around 6 months. So you kept buying all the way down? Are you a complete imbecile?
So wait, you bought at the open, were dragged down 20 points to make a measly 1.83 in the S&P? Wow you're a super trader to take such great risk/reward opportunities like that.
Or are you gonna claim you bought the absolute bottom? I would love to see some kind of proof you even traded today or ever for that matter.
Anyone that bought at the open got screwed. Whoever fished the bottom got lucky. Just how often does the market rip up like that out of nowhere? Could be short covers, Fed buying S&P contracts or a vacuum of sellers.
Whoever sold the open and covered midday had the best trade.
TF, stop pretending you know anything, you're a joke that trades odd lots (if even believing you do trade). I take money out of the market almost everyday.
Waggie is the one that called the 1073 which was on point.
Actually the 200ma on the S&P was on the exact point... while 1073 is close the 200ma is the exact bottom. Thats when I really loaded up for an intraday bounce.
I just wanted to thank you for posting this thread which served as a good psych. indicator. The market was due for a bounce and when u started this thread and had people like waggie callling for the market to go lower.. I knew the bottom would not be too far behind.
We might get some follow through into this rally but tomorrow retail sales, ppi and friday big inflation data.. can really move the market.. so I am treading lightly... no major positions in equities for me right now.
Personally I hope we get a decent rally so we can see the DOW at 10300 level where I will look to short heavily again.
--MIKE
"Actually the 200ma on the S&P was on the exact point... while 1073 is close the 200ma is the exact bottom. Thats when I really loaded up for an intraday bounce."
It crossed the 200 ma first. Nice try. Even though the S&P is famous for bouncing off the MAs, stating the 200ma as an exact bottom shows you are a fool. You would have been stopped out. You started going long at 1:09pm? Thats 1081, 5 from the bottom.
"I just wanted to thank you for posting this thread which served as a good psych. indicator. The market was due for a bounce and when u started this thread and had people like waggie callling for the market to go lower.. I knew the bottom would not be too far behind. "
Why are you trying to make my attempt at a reasonable discussion into a intraday trading call? Can you get off that? I would never short this low. I make most of my money on short trades but I do not just jump even if I call a direction. See PFE? Guess who was short 2000 shares (and thats even baby size to big traders). Thats 2.5 times your whole account right there.
I would wait till 1120 area before even considering taking a short trade worth the risk/reward.
"We might get some follow through into this rally but tomorrow retail sales, ppi and friday big inflation data.. can really move the market.. so I am treading lightly... no major positions in equities for me right now. "
Well your tiny account barely allows you to do anything anyway. Regardless, economic data and earnings mean nothing to the market. Everything is priced in, market needs time and real economic follow through, earnings, better debt picture and more time for the Middle East nonsense to blow over. Choppy indecisive slow downtrend. Take a look at a 6 month, the S&P is painting a channel from the first week of March
"Personally I hope we get a decent rally so we can see the DOW at 10300 level where I will look to short heavily again."
Heavily must mean 158 shares of iwm. Big bad ass trader we got here on ET.
Honestly, if you were even 1/3 of the persona you make yourself out to be on this forum, you would be trading 1 mil plus buying power. Instead you are one of those joker wanna bes with Ameritrade. Do you model yourself after that jerk-off in commercial they play on CNBC every 10 minutes?
Get a life man and leave this thread. You and the JS aliases have already ruined it enough.
P.S. I still do not think you even trade but I'll give the benefit of doubt to the 30k Ameritrade account.
First of all... when professional traders refer to the 200 day moving average.. they are reffering to the SMA. The EMA is only used when mentioned specificaly. The SMA yesterday was 1077.. which is what I use since the reading as of the close today is of course hindsight. Just goes to show.. that u were not sharp enough to check both SMA's before making another dumb comment.
--MIKE