SPX Has Topped For The Year Or Pabst Will Leave ET

Personally, I'd never attempt a position trade with a bearish bias in Octobers. If September came out strong, I'm guessing this month will be quite a bit stronger than last month.

Good luck Pabst, all this pain can be ended with the click of a Buy button :D
 
Quote from Pabst:

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.
More...

Now that is more like a seasoned pro.
 
Quote from optionpro007:

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!
More...

Here is a link to a thread from May where I was forecasting a drop to come shortly. Also, I explain a little about the analysis of same and the 87 charts. This thread was just prior to the large drop in May of this year. :)

http://www.elitetrader.com/vb/showthread.php?s=&postid=1070488&highlight=meanest#post1070488
 
Quote from optionpro007:

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!
More...

I shorted the big SP (500 per point) at 341.00 and covered at 249.00. The major difference that I see right now is that tops usually take a bit of time to fester. They generally give warning like they did in the flattening out in Auggie 87. No warning here yet. :)
 
Thanks b1s2. Wish I could incorporate your laissez-faire trading style into my trading. I am too new to this business.

You trade from a position of strength. To do that a person needs to have both money and lots of experience. I wonder how long it took you to arrive to that stage. It seems that by 1987 you already knew your way around...

Here is a monthly SPX with a clearer macdhistogram div for your review if you care to comment. =)

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1217827>


Quote from Buy1Sell2:

I shorted the big SP (500 per point) at 341.00 and covered at 249.00. The major difference that I see right now is that tops usually take a bit of time to fester. They generally give warning like they did in the flattening out in Auggie 87. No warning here yet. :)
More...
 

Attachments

For what it's worth, I keep hearing amateurs talk about the easy money from pre-election rallys...

I don't forsee outright capitulation myself, rather a more drawn-out correction when we do get it.

On the other hand...if energy busts the entire thing busts. That's the most crowded investment out there.
 
Quote from Buy1Sell2:

I shorted the big SP (500 per point) at 341.00 and covered at 249.00. The major difference that I see right now is that tops usually take a bit of time to fester. They generally give warning like they did in the flattening out in Auggie 87. No warning here yet. :)
More...

though you were correct with you 87 short - you of all people should know, being that you were an active trader in 87, that the magnitude of your correctness was a fluke.(edit: i say it not because corrections are few and far between, but because of what caused this hemorage.)

correct me if i am wrong - from the comments you do not see the current environment as a short play - with that I would agree.

I have said it elsewhere on ET and I will say it here - bias on ET is a contrarian indicator: always has been. current bias is bearish.



regards,
 
Quote from wareco:

Good news Pabst. I just checked. Sierra Nevada is still available as a screen name. Worst case scenario. :D
More...

odd - that's the name of the stripper I got action from the other night.....:cool: :cool: :D
 
You must log in or register to reply here.
Back
Top