I believe we are @ short-term bottom TODAY. ES is currently trading @2576.00. It's time to BTFD for the next several days.
Short-term bottom
- Thread starter humbletrader2016
- Start date
I want to agree (and I DO agree), but I do not have the testicular conviction. 
The last time I looked, a 15 p/e (ttm) would put the S&P at 2350, and we're still 10%-15% over that. 
The global economy plateaus.... the U.S. is chugging happily along. The FED continues to shed paper (a *real* impact), and to raise its rates a sniff at a time (a real, slow, impact)..... As optimistic as I am about the economy, the effects of QE Denouement color things in ways that might themselves take a decade to work out -- in which case, we're only 5 years into it.
I hate to be a fence sitter, but even with a leg on each side, it seems the safest place.
[["Huh!" Just got this, from Seeking-α]]
https://seekingalpha.com/article/4228947-markets-forward-p-e
The last time I looked, a 15 p/e (ttm) would put the S&P at 2350, and we're still 10%-15% over that. The global economy plateaus.... the U.S. is chugging happily along. The FED continues to shed paper (a *real* impact), and to raise its rates a sniff at a time (a real, slow, impact)..... As optimistic as I am about the economy, the effects of QE Denouement color things in ways that might themselves take a decade to work out -- in which case, we're only 5 years into it.
I hate to be a fence sitter, but even with a leg on each side
, it seems the safest place.[["Huh!" Just got this, from Seeking-α]]
https://seekingalpha.com/article/4228947-markets-forward-p-e
Last edited:
Above message is meant for daytrading only, not for mid-term to long term outlook.
There could be another down leg to test its previous low, but holding short here is too risky for any swing/short-term traders.
There could be another down leg to test its previous low, but holding short here is too risky for any swing/short-term traders.
I want to agree (and I DO agree), but I do not have the testicular conviction.
[["Huh!" Just got this, from Seeking-α]]
https://seekingalpha.com/article/4228947-markets-forward-p-e
It's for short-term outlook, which is too early to jump into any conclusion right now.
In the meantime, I agree with you that intraday market turned ugly after 1:30pm. That said, there were two perfect scalping setups triggered which I didn't hesitate to jump in, as shown in attached screenshot.
My bad, short term for me is anything from a week to few months.
What a happy morning to those BTFD scalpers or day traders today
UGH! A rising market with all them long-ass tails on top??? Wicks like that scream Market BiPolar Syndrome. And the volume will go to shit by Euro-close...
It's very likely that ES will retest ~2565 soon (currently trading at 2572 at the time of writing) before another leg up (probably).
Those long-ass tails on top are meant to freak out small traders who tag along with big boys
