The S&P has topped !
- Thread starter fly down
- Start date
Since when does 1296 - 1104 = 70 points ?
flydownbrowshonthornghostzapperjamestock remains demented and still holds the title for BEST DAMN FADE ON ET!
Are you 15 years old ? Seems like it you know very little about markets and put up some pretty ridiculous analysis. Your idea of where markets are going is absurd but I guess with "Deadbroke" gone you have to fill a void in the nutbar permabear bracket.
You're estimating a 50% drop so let's see if the S&P 500 hits 650 this year ( hint - it won't hit that level again in your lifetime ).
I'm going to guess we hit 1470 later this year.
The S&P retraced to 1281 which is still well above the 1250 level that would represent major support on the current bull run. In fact, we had a much bigger drop to 1177 not so long ago when Flydown was last congratulating himself and claiming he's profitable ( clearly he's not ). Think about it. We are still up 104 points since his last correction call. That's one hell of a correction !!!
I hope that real technical analysis doesn't confuse you; bearish religon is not really a trading strategy.
How much did you make when you sold 1100 calls on your thread about us topping at 1104 on Sept 9 ?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=206437
No, I'm actually 11 years old, but at least I don't go around calling people's analysis which is not at all far-fetched nor ridicululous, ridiculous. I didn't say 700 this year. That'll probably be 2012. But we will most likely see something like 1000-1050 this year.
Also, you're annoying. You offer no insight other than what everybody knows "OMG THE FED IS BUYING!! BUY BUY BUY NOTHING CAN GO WRONG!"-type of "analysis". I actually offer some facts here and there (although I make shit up too sometimes) which are not known to most people.
But hey, who gives one about facts. Also I'll emphasize again my trading is only slightly impacted by my permabear-club membership. If I see this market rejecting a low I will actually go long and ride out the wave along with the rest of your stupid friends.
So far the market has only rejected the high today. Firm acceptance of the bottom today.
Also, why do I care what flydown says or trades? I told you two days ago (or was it yesterday?) that the S&P would top out around 1300 and experience a major decline. Guess what, that's what it did, considering this drop is a considerably major decline in the current environment.
In case you want to know so you can also tell when to sell ahead of the dump next time, the way to know is reading the tape and looking at who's doing what. I can never tell on the ES or NQ, but on the DAX and CAC40 futures it's doable (probably because that's what I have screen time with) and since US and EU markets move pretty much in sync, it was an easy call. It was clear these last few days of buying was being done by the weak hands. I can't tell if the market is going to go into a severe (10%+) correction right now or rebound and stay in a range for a bit. I think the odds are still not great (but better than before) because a lot of idiots are still shouting the market will tank. It was a dead giveaway it wasn't going to gain much more though, in the near term.