S&P has topped for 2006

[apex82]

Quote from Thunderdog:

Interesting. Thus far, I had 2 short setups that made a bit of money. I only use a 1-minute chart. However, upon reading your above quoted post, I looked at a few other time frames. I know you are a far better trader than I am, but I cannot for the life of me see what makes today notably bullish. (Because it bounced off recent daily lows?) In any event, I'm not much of a visionary. I just go from one setup to the next. If I get a long one, I'll be sure to give it due consideration.

Because most indices are in a key exhaustion zone, 2 back to back range expansion days, sellers exhuasted. Its fitting for a minor CT rally until the zone is broken. As well as we are in a bull market. It doesnt just roll over because it hit resistance.... Add all that to being a friday and a holiday and you get your reason.

 

[volente_00]

Quote from Thunderdog:

Interesting. Thus far, I had 2 short setups that made a bit of money. I only use a 1-minute chart. However, upon reading your above quoted post, I looked at a few other time frames. I know you are a far better trader than I am, but I cannot for the life of me see what makes today notably bullish. (Because it bounced off recent daily lows?) In any event, I'm not much of a visionary. I just go from one setup to the next. If I get a long one, I'll be sure to give it due consideration.

Because when you short sell into a low volume down day you get forced to cover at the end when the volume returns.

 

[EqtTrdr]

Quote from EqtTrdr:

dude....

Bearish candle formations on index daily charts are a BUY signal..... but people fail to recognize that for some reason....


go market$$$

I love 100% up room to go with bearish daily candle buy signals$$

ER2 is my hero

 

[lilduckling]

wow...... i really expected a much further down day today then what we are getting here....... this lack of follow through from yesterday is not the best sign for bears.


glad i am long!!

 

[Rearden Metal]

I'm out now. Flat. GL thorn...

 

[volente_00]

Quote from volente_00:

Because when you short sell into a low volume down day you get forced to cover at the end when the volume returns.

Raise your hand if you got squeezed.

 

[stock_trad3r]

Damn..nasdaq at new highs today

Big EOD friday runup squeezed all the shorties

This market cant be shorted. If you do you will get your ass handed to you. Too much buying. Big bull market.

 

[thorn]

Quote from stock_trad3r:

Damn..nasdaq at new highs today

This market cant be shorted. If you do you will get your ass handed to you. Too much buying. Big bull market.

you make me laugh to claim the nasdaq is at a new high.
maybe, maybe use that phrase when the nasdaq tips 5000.
to use that phrase before then is pure joke.

 

[whitster]

"This market cant be shorted"

translation: YOU CAN'T implement this strategy successfully, therefore it cannot be done.

extrapolating from your individual failures into general "truths" is a classic error of logic and ego.

you most definitely can profit from (strategic) puts and shorts in this market.

however, this has to be done intelligently and strategically.

watch the internals, look for institutional capping and market reaction around key reference areas. track the VIX, the VXN, etc.

i've had a few nice 2-3 day trades in DIA puts that have been profitable.

so, i know it CAN be done.

but this is a bull market, which is why my portfolio (as opposed to my trading account - which goes flat most every night. intraday futures scalps) is mostly long

but if you are going to trade 'countertrend', you need to first of all, put your ego away.

 

[ACM Trader]

Quote from thorn:

you make me laugh to claim the nasdaq is at a new high.
maybe, maybe use that phrase when the nasdaq tips 5000.
to use that phrase before then is pure joke.

You must be nervous, Thorn, to be so picky ! We all understood it is a not the all-time high but a multi-year new high, nethertheless.