During the last bear market we went thru a bottoming process that lasted 7 months. Then we took out resistance and made a higher high and it was over.
The Rally Since 1PM . . .
- Thread starter Landis82
- Start date
Just so I understand this right... Fed intervention invalidates a double bottom now?
Food for thought: How can you be certain there was no Fed intervention in all the other double bottoms in the last 50 years in the SP500? Crash of 1987 is a prime example, which saw massive Fed intervention.
So Mr market show me you can take out this resistance level and make a higher high. And if you do I doubt we will have the gains we did off the lows from 2003 because we were not allowed to fall as far.
Quote from Landis82:
You must think that if you jump up and down like a 2-year old chanting the same thing over and over again that you will be right.
Again, the fact that you were unable to "go with the flow" and the magnitude of this rally is quite telling.
to go with the flow, I sold 3 positions I took yesterday for profits this morning, after I sold them 1 retraced back to where I bought it yesterday but decided I was done for the day.
funny how you said I was unable to go with the flow but you posted this:
Landis82
Registered: Jul 2006
Posts: 1417
03-11-08 02:22 PM
has been brutal for the shorts . . .
Anyone trying to pick a short term TOP today is going through excruciating pain.
The bid in the S&P's
has been relentless!
From 1286 to 1304.
Ouch!
Anyone been short the last hour or so?
I've been short since 1298.00 in several stocks and it does not feel very good!
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Did you end up closing those positions out or did you ride them higher with the spx gaining another 22 points????
Excuse me, but this is one of the most ridiculous statements that I have ever heard . . . "because we were not allowed to fall as far."
Are you freaking serious???
Your line of resistance is ALL THE WAY back up at the 1400 level on the chart that you have presented. I guess you will be sitting here sucking your "thumb" in this Trading Forum for the next 80 handles in the S&P?
Please spare us such ignorant logic.
Again, to "rationalize" your way into not taking advantage of an 80 point move in the S&P is just plain absurd.
You and "S2007S" should get together and have a "circle-jerk" to keep each other busy.
Quote from makloda:
Just so I understand this right... Fed intervention invalidates a double bottom now?
Exactly right, you dont find it funny that they stepped in around hmmmmm 8:30am in the morning, why the F$#k couldnt they have not dropped this news on Saturday afternoon or even thursday after the market closed, NOPE, exactly 1 hour prior to the opening bell.
If this rally had taken place by itself without any news then I would be about 90% sure a short term bottom was in, but with the news today im thinking less than 5%.
oh yea and I hope the bulls dont get too pissed off when they dont lower the rates by the .75-1% they are hoping for on March 18th.
Quote from makloda:
Just so I understand this right... Fed intervention invalidates a double bottom now?
Food for thought: How can you be certain there was no Fed intervention in all the other double bottoms in the last 50 years in the SP500? Crash of 1987 is a prime example, which saw massive Fed intervention.
Exactly.
But the Aaron Copeland's of the world just can't seem to figure this out.
Probably because they don't trade for a living.