SPX Has Topped For The Year Or Pabst Will Leave ET
- Thread starter Pabst
- Start date
I'm loaded up but with a stop. I've made clear where my exit is on the upside. I'll add further on a break.
Quote from Buy1Sell2:
First of all, let me say--that an all in bet on a top here is rookie at best. It shows a gambling streak within Pabst albeit the "all in" is just a login with ET. It does though belie an impulsive and dangerous tendency of the OP. Now to my analysis-- While the daily chart is bumping the RSI Overbought line, we are still in a strong uptrend. There could be a pullback here or a full reversal, but we need more information to be able to confirm that. I believe that a pulback would be more likely to be met with more buying and then a move higher. That can change at anytime, but right now, there is no reason to be long term short(not talking about intraday charts etc). Attached is my ES weekly chart showing the strong uptrend on weekly. I would say that a close below 1321.50 would indicate a possible short term top on the daily (the chart here is weekly). I will post the monthly today as well. Comments are welcome. Right now, long is the way to be long term.
If you don't see the parallel between 2000 and 2006 then why would I believe that you were short "just before the big drops" in 2000?
You've stated the following: you were short in 1987 and 2000 (uptrending markets) but 2006 is not a good short because it's an uptrending market. Me thinks you're full of shit.
Thanks b1s2.
If you can, could you share with us your technical reasoning behind your short 8/87, did you cover and reserve at the bottom of the move? What major TA differences do you see between now and then...
Appreciate your comments!
If you can, could you share with us your technical reasoning behind your short 8/87, did you cover and reserve at the bottom of the move? What major TA differences do you see between now and then...
Appreciate your comments!
If I may interdict. I don't know Ishmael personally but he hasn't come across as a liar to me. I have been reading his posts during the year and most of his stuff seems to come from somebody who is very successful in this business.
Bold call saying your going to leave Pabst... though I doubt most will hold you to it )
I was in the camp that we would see a pull back in sept, but we know what happened to that view
Anyway I see the SPX only testing (at a push ) the 1308 area in the next two weeks or so before has a pop up into into the mid terms.
On the Bight side the 7th of November will give a much better short for a larger correction.
The charts seem to say that its going to be hard for the GOP
)I was in the camp that we would see a pull back in sept, but we know what happened to that view
Anyway I see the SPX only testing (at a push ) the 1308 area in the next two weeks or so before has a pop up into into the mid terms.
On the Bight side the 7th of November will give a much better short for a larger correction.
The charts seem to say that its going to be hard for the GOP