S&P has topped for 2006

[Pa(b)st Prime]

Quote from volente_00:

Why are you offering 100 under current bid ?

. This last 100 pt rally has been a mirage.

 

[volente_00]

I thought you were just that desperate to get a short off !

 

[romik]

I remember Mymini posting a conspiracy theory based long call a while back, now that Reps have lost, I suppose some of their affiliates have to start offloading, yes or no? Opinions.

 

[ACM Trader]

Quote from romik:

I remember Mymini posting a conspiracy theory based long call a while back, now that Reps have lost, I suppose some of their affiliates have to start offloading, yes or no? Opinions.

Well, I am a cautious long at this juncture. It looks like all news are viewed as good news, including the resignation of Rumsfeld, at least temporarely (nice spike on the news). There are surely a lot of people short based on this conspiracy theory. It would need much for them to have to cover and fuel the rallye. But on the other hand, I expect a fight at those levels. So cautiously long here.

 

[HolyGrail]

I ended up holding onto my longs as well, but I did put a trailing stop on all of them. When I said my indicators matched thorn I was incorrect. They did on a weekly but not on a daily. They both have to match for me to get out of my longs and they have not so I too am very cautiously optimistic.

 

[JamesVU2000]

Classic gap fill this morning.

 

[apex82]

Quote from stock_trad3r:

TA may work in very short term, but in long term it fails for indexes. Depends on your timeframe I guess as well.



I dont know what kind of TA you are doing but if you know how to do it like 1% of the trading communitiy then it works even better on longer timeframes. It also works the best on indexes and highly liquid markets.

 

[ACM Trader]

Quote from thorn:

wed. futures -5. thorn is laughing all the way to the bank.

yea, double tops and TA aren't relevant.

What a way to "jinx" your trade ! Still too close to call , to remain in elections night mood, but the double top formation not here yet. As usual, we will know after the fact.

 

[princessa]

why does everyone feel the need to beat their chest and flex their muscles?

oh, right, it's guys....

 

[princessa]

Quote from stock_trad3r:

You can't use TA on indexes like the S&P500.

The S&P is driven by fundementals more than technicals. So all your double tops and other TA crap dont work on it. Even with so called bad tehcnicals it keeps going higher as the US economy grows and companies generate more revenues and profits. The S&P should atleast outpace the going interest rate.

i agree with this assessment. however...still doesn't make thorn wrong about the s&p....