SPX Has Topped For The Year Or Pabst Will Leave ET
- Thread starter Pabst
- Start date
LMAO Pabst ... Pa(b)st Prime ... excellent 
Thanks for starting such a great thread. One thing - when you spotted how many people agreed that sp was going down it would have been the perfect point to pull your shorts and wait for a spike before going short again (hindsight bias and no attachment to a position I admit).
Possibly I am getting cynical about market behaviour after trading the hsi for too long
Thanks for starting such a great thread. One thing - when you spotted how many people agreed that sp was going down it would have been the perfect point to pull your shorts and wait for a spike before going short again (hindsight bias and no attachment to a position I admit).
Possibly I am getting cynical about market behaviour after trading the hsi for too long
Quote from Pa(b)st Prime:
Thank's for the encouraging words from everyone! Quite heartening. Sorry if anyone else is short. I know I've got my neighbor short and my Dad liquidated some junk bonds off my call and I'll be hearing about what a bum I am shortly.
For the record: I'm still short 5@49 and an additional 5 lot at 53.50. Actually I'm pretty happy that given the level of incorrectness I've had on this move, I've done a good job minimizing the hurt.
For Landis: I'll go into more detail later but the SPX point counts of 568, 581, 582 and 585 are what I'm looking at. We've had a few swing moves over the past dozen years of that magnitude. I've been looking for resistance in a "zone" of somewhere between 568pts and 585pts off of the Oct/2002 low of 768. I always START TOO EARLY! So 585pts into this move will be 1353 SPX. That will be my stop on this 10 lot. IF 1354 is penetrated then I'll start again at 1364. THAT may be the primo level. (I'll explain the logic of 1364 at another time. It's complicated)I better catch one of these because I can't afford to drop 5k a week indefinitely.....
As far as those talking about "top picking", a couple of points. One, SPX might be on a swing high but unlike the Dow it's no where near an "all time" high. Ditto with NDX which is still EIGHTY points off last years high! Even the Russell is still 50pts lower than it's 2006 high. So I'm a bit sensitive about the mistaken notion that I've just been blindly "picking a top". IMO the failure of these other indices to breakout is paramount to my view that we're making an ultra important long term high off these levels.
'So I'm a bit sensitive about the mistaken notion that I've just been blindly "picking a top". '
without any explanation of why you picked it, what else were we to assume? i think that's why people have been dishing it out, at least why i had.
in all sincerity, if you have a case for the top, I'm still interested to hear more of it
On a more serious note, for the less experienced traders, Pabst making a call that didn't pan out isn't what the take away is here. If you haven't had that experience yet you will if you trade long enough.
There are two salient points, both of which I attribute to Jeff Cooper. The first his father taught him, "markets don't move, they are moved". It doesn't matter by whom or why, don't try to figure it out, at the very least just dont' fight it. The second Jeff came up with, "suspend belief" just respond to what is in front of your eyes. This is not the easy task it may appear to be.
There are two salient points, both of which I attribute to Jeff Cooper. The first his father taught him, "markets don't move, they are moved". It doesn't matter by whom or why, don't try to figure it out, at the very least just dont' fight it. The second Jeff came up with, "suspend belief" just respond to what is in front of your eyes. This is not the easy task it may appear to be.
How have you been calling them for years when your handle is only 7 months old ?
what is schadenfreude?
if its obscene just PM me
It's the feeling visitors at the Roman Coliseum had when they saw slaves and christians being eaten alive by animals.
I undertstand forty thousand people fit in it and it was full every weekend for many years. More than 20 thousand were killed the first few weeks after the opening if I am not mistaken.
Yeah, things have changed dramatically for the better....now we do it here.....at the ET Coliseum..
I undertstand forty thousand people fit in it and it was full every weekend for many years. More than 20 thousand were killed the first few weeks after the opening if I am not mistaken.
Yeah, things have changed dramatically for the better....now we do it here.....at the ET Coliseum..
Quote from RichardRimes:
what is schadenfreude?
if its obscene just PM me
Clearly, you don't watch Boston Legal. Shame on you.Quote from RichardRimes:
what is schadenfreude?
if its obscene just PM me
http://www.boston-legal.org/2-schadenfreude/ep2-schadenfreude.shtml
I beg to differ. Volente with a little help from yours truly and the rest of the lynch Mob caused you aka Rubberbird to go Bakersfield Chimp on the Mods. After which the bar door to the back alley flew open as you were thrown out into the street head first. Gold,Birdy, pure Gold.
ps. that was a 101 mph fast ball right down the middle.