S&P has topped for 2006

[ACM Trader]

Quote from princessa:

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

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

Yes, men's ego is a major obstacle to trader's success. On the other hand, we never really know how those calls are actually traded.
Sure looks like evolution theory is right after all. Just go to a zoo and watch the gorillas!

 

[princessa]

Quote from ACM Trader:

Yes, men's ego is a major obstacle to trader's success. On the other hand, we never really know how those calls are actually traded.
Sure looks like evolution theory is right after all. Just go to a zoo and watch the gorillas!

amen, acm! lmao....

 

[romik]

there is no double top at the moment, if one was to happen around the estimated 1390 (by Thorn), then what? I will realise that I don't have the knowledge that Thorn possibly possesses, as I don't see the reasons why there should be a double top here. Interesting.

 

[satchel]

I disagree, ego and trading are sympatico. Ever been to a trading floor?

Now, let's back to this, um, er, 'top'

Q's, MSFT, 52 week highs anyone? CSCO up 8% AH. Market is designed to get the most on the wrong side at the most inopportune time and then take off.

(Right now heading to 1399, resistance, options ex (however the pigmen want to play that) then 1420.)

 

[Longhorns]

Quote from satchel:

Market is designed to get the most on the wrong side at the most inopportune time and then take off.

I haven't heard a bearish word spoken for months. Every news channel and finance publication has been hyping "Dow hits record high!!!"

 

[apex82]

1380-1390 is a massive confluence resistance zone on weeklies overlapped with daily zones. Thorn's call is not bad one, he is just using odds in his favor. The problem is that it is countertrend which severely reduces your odds. That is why this is a great place to put on a short once they washout the 1390 stops with say 2-4 pt stop and go for 60-100 pts scaling out along the way. Just trade it with smaller size and recognize that its 70% or less odds of working out. Never short the bottom...

Quote from romik:


there is no double top at the moment, if one was to happen around the estimated 1390 (by Thorn), then what? I will realise that I don't have the knowledge that Thorn possibly possesses, as I don't see the reasons why there should be a double top here. Interesting.

 

[murray t turtle]

Quote from 99atlantic:

The fool sits there predicting the market; the master admits he doesn't know what will happen and simply acts and re-acts w/ the market

:e-chinese-cookie:

==============
Correction is overdue;
but 4th quarter tends to be strongest of the 4.[QQQQ,ES SPY....]
And trend=friend

 

[DeepFried]

Quote from princessa:

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

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

That's a brilliant insight, Rosie O'Donnell.

 

[bsmeter2]

Quote from Longhorns:

I haven't heard a bearish word spoken for months. Every news channel and finance publication has been hyping "Dow hits record high!!!"

traders on here were expecting markets to crack on a democratic majority, the markets said otherwise. More up room, trade with the gubments forces, not against it.

 

[brandon12]

traders on here mean nothing. the public and all the people who run money and control the game are raging bulls. i agree tv is alove fest the last 6 weeks