s&p just made intermediate term top @ 1326.7

[krazykarl]

Quote from thorn:

I appreciate your honesty. Hang in there amigo.

With respect to above quote, I have no clue how this fallacy has come to pass that i've shorted at 1326 and HELD till now. I'm a very short term trader. This is why I was able to MAKE money last week, despite being on record on ET before the week began saying the s&p would fall below 1200 (It was @ 1240 at the time). My trading is done on specific stocks, in and out, capturing profits on over-extended charts. IE. I came in today short GPI. Trade for me is now done. And before the vultures circle, not looking for any accolades on this call. I rarely mention specific symbols on ET, despite the fact the lions share (approx 90%) of my gains over the last 11 years have been on specific stocks. The other 10% of my money is made selling premium on s&p options (hence the "top" calls). I don't trade futures.

what kind of options do you sell? you have BIG pair if you sell ATM or just(1-3%) OTM options...

 

[thorn]

Quote from krazykarl:

what kind of options do you sell? you have BIG pair if you sell ATM or just(1-3%) OTM options...

Well, you know I have a big set anyway, just by the way I am on ET. Just kidding. There's no rule of thumb for what options I sell, but I do only sell big s&p options. That would render me to be a fool, as that market is very anti-competitive. I'm lucky if they even post my bid or offer! I do try to sell options for $4-$5 that I believe will expire worthless. I'm also quite active the day before expiration, although that's a treacherous game, as the monthly closing prices always seemed to be "unusual".

 

[thorn]

The s&p failed to take out 1280.

It failed to break out of the box, or whatever that means.

Lower ahead!

 

[romik]

Quote from thorn:

The s&p failed to take out 1280.

It failed to break out of the box, or whatever that means.

Lower ahead!

So basically, you are now short ES @ level A with a stop @ B or are you going to average down on potential upside and where do you see next high on S&P breaking 1280 (if that happens)? I think that would be a clearer statement on your behalf, since we are traders, not just analysts.

Cheers

 

[thorn]

Quote from romik:

So basically, you are now short ES @ level A with a stop @ B or are you going to average down on potential upside and where do you see next high on S&P breaking 1280 (if that happens)? I think that would be a clearer statement on your behalf, since we are traders, not just analysts.

Cheers

Please read the post I made 4 posts above yours. Read the last sentence. Please tell us what it says. Thank you.

Cheers.

 

[romik]

Quote from thorn:

Please read the post I made 4 posts above yours. Read the last sentence. Please tell us what it says. Thank you.

Cheers.

gotcha

 

[thorn]

Quote from romik:

So basically, you are now short ES @ level A with a stop @ B or are you going to average down on potential upside and where do you see next high on S&P breaking 1280 (if that happens)? I think that would be a clearer statement on your behalf, since we are traders, not just analysts.

OK good. So you know now I don't trade es, didn't even know what it was until someone on this site told me. I feel that there is massive resistance at 1280. Since the s&p closed today @ 1270.9, I would say there is more downside going forward then upside. In sum, the odds favor lower prices.

 

[volente_00]

Selling premium ?


How did that work for you rubberbird when you sold premium at 1180 before we ran to 1326 ? Why are you a permabear but claim you swing both ways ?

 

[volente_00]

Quote from Buy1Sell2:

I believe the market can be bought here at 1271.50(ES) with an initial target of 1300 and secondary target of 1320.

I believe you will be right.

 

[thorn]

Quote from volente_00:

Funny that you quoted thorn whom I have on ignore.

posted on 5/29 by bozo. Is it any wonder a vast majority of ET members voted that bozo has absolutely, positively zero credibility on ET.