SPX Has Topped For The Year Or Pabst Will Leave ET

Quote from nitro:

More rotation out of QM and other oil relateds. Patience.

nitro
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You think were going up,,,

It is election year,,,

I'd go long big caps,,,small caps are feeling the carnige
 
Quote from Pabst:

My call isn't a "prediction" but rather a response to a unique technical situation. I could just as well wind up long if my resistance areas are penetrated. My best "guess" though, is we don't see SPX trade above 1349.

On the other hand I'm QUITE worried at how many share my bearishness. My sell signal is powerful enough that I'm ignoring sentiment as best I can but if based on sentiment alone I'd be afraid to be short.
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Daily cycle will be completed on 10/6/06 so no one with decent TA knowledge should be entering big positions right now. Ignoring sentiment is OK if you can predict.
 
Quote from john99:

You think were going up,,,

It is election year,,,

I'd go long big caps,,,small caps are feeling the carnige
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It doesn't matter what I believe. What matters is what markets believe.

FWIW, I believe these rallies are based on nothing other than rotation out of oil related positions, not an inherent belief by buyers that the [rest of the] markets are cheap or even fairly valued, by any means. Rising stock markets to me is grossly misjudged. But then I am short...

Markets can and do what they will.

nitro
 
Quote from 5Pillars:

No attempt at the 1350's what so ever............here we go, taking a shot with a good divergence signal..........

http://www.charthub.com/images/2006/10/02/ES_317_VB_2.png

We need initiated selling through the 1336's....

http://www.charthub.com/images/2006/10/02/MP.png

...and then through the 1324's going forward....

http://www.charthub.com/images/2006/10/02/MP_2.png

This will put the 1320.00 level in the bears sights to sell this market off.
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Well that 1336.00 Market Profile level I called out here from the other day held and there was a very good LONG signal off this level....

Here was the chart showing why 1336's were an important level with potential support..........

http://www.charthub.com/images/2006/10/02/MP.png

Here was the LONG signal off that holding support (with oil dropping)........

http://www.charthub.com/images/2006/10/03/ES_317_VB_4.png

Here is my new SHORT off the 1347's MP level again....LOL.....

http://www.charthub.com/images/2006/10/03/ES_317_VB_3.png

No swing this time though....back to position trades. :D


Well Pabst we tried. :)
 
ET's attention to detail in people's posts is pretty crap. The guy said: - " ...wiggle room to 1347.86", referring to SPX, not ES. Let's wait until a fat lady sings.

I am rooting for you Pabst.
 
Quote from romik:

ET's attention to detail in people's posts is pretty crap. The guy said: - " ...wiggle room to 1347.86", referring to SPX, not ES. Let's wait until a fat lady sings.

I am rooting for you Pabst.
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you can refer to SPY as far as I care.
The market will see new high before the end of the year.
 
Quote from Raystonn on 10-02-06:

Pabst, starting tomorrow your "top" theory will be tested. I'm rather skeptical, but there is a chance it won't go too high over the next few trading days.

-Raystonn
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I would say the probability of your top holding has decreased dramatically. Let's see where we end today. I will have an opinion tonight.

-Raystonn
 
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