S&P has topped for 2006

Has the s&p topped for 2006 ?

  • Yes it has

    Votes: 46 26.1%

  • No, it will go higher than 1390 in 2006

    Votes: 83 47.2%

  • I don't know / go away Thorn

    Votes: 47 26.7%
  • Total voters
    176
Quote from Rearden Metal:

Thorn, it's 10:18 AM, Nov. 10th. Spooz down -300.

I highly respect your talent, but I strongly believe you're WRONG on this trade. I'm long heavy here right now, and urging you to cover for your own good.
More...

Hi RM,

I missed this last friday. But my idea is not a day trade, so it would not have mattered anyway. The s&p is in ther process of making a double top. I strongly believe this. I'm expecting that the s&p will trade lower into expiration week, and ultimately make the Nov. 1390 calls worthless. Nothing that has happened yet has altered my conviction.

Hope you are doing well RM. Your friend, thorn
 
I am the biggest bear in the woods but I would never make such a crazy claim as to say that the market has topped out for the year going into the holiday season. Perhaps you look at some tops from a historical persepctive and notice past tops and current conditions are different. I see no irrational exhuberance. If so where is it? I would love to ride an exceptionally strong stock for a while until it blows up.

I trade options, so I am not worried about being long at the top. As long as I am right the first month, I can be wrong after that and stay up money. Please point out one stock that is on fire.
Thanks
Linda,
PS I am not trying to be combatative, but sincere.
 
Quote from Linda Options:

I am the biggest bear in the woods but I would never make such a crazy claim as to say that the market has topped out for the year going into the holiday season.

I am not trying to be combatative, but sincere.
More...

Hi Linda,

thanks for coming to this thread! as long as your being sincere, please tell us your ET alias in October 2006 and before. and thanks for being sincere.

I know, you're right, it's a "crazy" claim. But last time I checked, the holiday season begins next week. This week is expiration.
 
Thorn, I need some advice. I took your advice and shorted ES at 1372 which is what it was trading at when you originally called a top. What should I do now ? Do you think we will fall from here or go to 1400 ?
 
I think the 1388-1390 area is too obvious of a resistance, and too many people have stops in there. If it were that easy to trade the markets as to sell short at 1390, we'd all be happy. But somebody's got to lose, and I think it'll be the "resistance" folks. We may bounce off 1388-1390 again, but I think it'll be taken out with fanfares in the next few days.
 
Quote from Buy1Sell2:

Thorn, can you post your double top chart so we can evaluate? Thanks!:)
More...

Thorn, I looked through the posts but didn't see the chart. Have you posted it yet?
 
this is the strongest market i've seen period and that includes 99 in that there's been zero pullbacks to really buy for 4 straight months. as i suspected its made one chase all the way up and at some pt thats what makes it tumble big but it could be 1450 or more before that happens
 
Quote from brandon12:

this is the strongest market i've seen period and that includes 99 in that there's been zero pullbacks to really buy for 4 straight months. as i suspected its made one chase all the way up and at some pt thats what makes it tumble big but it could be 1450 or more before that happens
More...

yes exactly...


Even in 1999 the market had -2% down days all the time. We also had huge gap downs all the time...

now its just up up and more up.. with zero fear.. :confused:
 
You must log in or register to reply here.
Back
Top