Sonofabitch

Quote from jd7419:

You better put a helmet on becaue the market is going to teach you a valuable lesson about price movement.

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Well I see this decline as a great buying opportunity to buy expensive stocks that are now a lot cheaper, but at the same time, I'm afraid that the TA wont hold up. For example, I like CFC...
 

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Quote from cashmoney69:

Well I see this decline as a great buying opportunity to buy expensive stocks that are now a lot cheaper, but at the same time, I'm afraid that the TA wont hold up. For example, I like CFC...
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The problem now is if we're going into a bear market, and the consumer is weak, even those high quality stocks will "just sit there, and eat all day, and not mate....you sold me queer Giraffe..." to quote 'Gladiator.'
 
Quote from cashmoney69:

Well I see this decline as a great buying opportunity to buy expensive stocks that are now a lot cheaper, but at the same time, I'm afraid that the TA wont hold up. For example, I like CFC...
More...

I see 3 support levels on your chart that if breached could spell a world of hurt on this stock. Rather than anticipate the turn at one of these levels, I would wait for a bounce and confirmation and then go long. You won't pick the bottom this way----but you may avoid one.
 
Quote from tdubnik:

I would wait for a bounce and confirmation and then go long. You won't pick the bottom this way----but you may avoid one.
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This thinking I never understood. In a falling market why would you want to try and pick the bottom on a 'strong stock' when you could change your focus and look for good shorts instead. Then ride them down with the rest of market and take the easy money. When the bleeding is done those stocks will still be there. Why try and outsmart the market?

Lots if times I find it easier to make money on the short side anyways since the market usually drops faster than it rises.
 
Quote from jd7419:

When I first started trading 7 years ago many family members and friends told me that I couldn't time the market, use charts, etc to make money. What they were really telling me was that they couldn't make money doing this. You my friend also can't make money by trading so you tell the rest of us that it can't be done.

My house, car, retirement fund, and net worth has almost all been derived from short term trading techniques. You better put a helmet on becaue the market is going to teach you a valuable lesson about price movement.

Also most of your comments echo sentiment about the markets recent rise and how its going to keep going and how bulls rule etc..... I remember the 2002 years trading with many guys at schonfeld in midtown manhattan who just couldnt adjust and accept that the markets could fall and fall hard on a daily basis. I saw many people blow themselves out. Moral is you better accept that this game is not about buying, holding and praying.
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Totally Agree. If someone cannt accept the fact the the market could go either way then trading is not a career for him
 
We may head higher again however I think we at least test the 11700 area first. A 10% correction would be healthy for these markets to keep the rally intact. I would turn slightly bullish around under DOW 11400. Would probably go extremely bullish under DOW 10750
 
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