The S&P has topped !

Has the S&P topped and headed for a sharp correction?

  • yes

    Votes: 58 30.5%

  • no

    Votes: 59 31.1%

  • I don't know / I don't care / I don't like you

    Votes: 73 38.4%
  • Total voters
    190
All I know is Im Taking some heat in Being short SPYs. Entery was 127.80 a few days ago.

I've added to this position with this move up today.

Not Trying to pick the top....just trying to sell into the rally and build a solid position for a Sell off towards end of Feb.

Of course if the Markets Exploded to the Upside, I will be forced out.

Volume is getting lower and lower, even with this break out today.

VIX is moving lower.....not that the VIX is much of an indicator to follow anymore but ...>VIX heading to 15 or 14 is something to watch for.
 
Quote from EMRGLOBAL:

All I know is Im Taking some heat in Being short SPYs. Entery was 127.80 a few days ago. ...
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Jan 6th high was 127.83. what kind of methods do you use to pick the exact top?
 
Quote from fly down:

Let me speak slowly so even you can understand. "Today is a perfect day to sell the open and cash in." The open was 1281.9. There's your top today.
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Here's your original post on this thread ( I'll spare you reliving the last few similar threads for now ) :

Quote from fly down:

The S&P closed today at 1270.2 Looks like we're headed for a sharp correction.

The individual stocks have put in topping patterns as of today. The sentiment is extreme. Nowadays the corrections happen fast. I say right now is a great time to load up because it could be much lower in a few days.
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You did not even call a retracement or flat. You called for a "severe correction" within a few days ( a time frame we have already passed ). Actual market result is a gradual bull move up.
Possibility of a larger move up if Intel/JP Morgan report good earnings, and/or IBM/Apple/Google next week. I'm not predicting what WILL happen, just that it MAY happen, and that kind of move would be painful for aggressive shorts. In fact, I believe it will happen but I will let the market tell me what it thinks on a daily basis.

Corporations are making a LOT of money these days. US banks got upgraded today for example based on forecasted profits in 2011. Given this factor, you are far too early to be predicting a correction of any type except perhaps in metal related plays.
 
It was pure luck on the entry Shorti. Ive been wanting to short the SPY for the last few months based on Global Econ data and based on what I learn from my "Real Job" day to day.

I was also told to get short the Markets , slowly build into a position and expect some heat but leave room to add without risking margin call. To have the expectation to hold this position into Earnings.
This was advice from a successful trader and his fund in Singapore.

So, I can't take credit for the entry price....just put in an market near after the first two failed attempts to rally off the open, a basic W pattern.
the small run up before 11am I caugth the top print on the market order.
Pure Luck.

I'm just now getting back into the game as I have not pulled the trigger that much in the last 5 years. A few trades here and there.

Also, I do not trade for a living. I deal with Private Capital that flows world wide so I have a nice income stream and I deal with a lot of "Smart" people, who guide me when I ask them about the markets and what I think would be good positions.

My time frame is not a day, or a minute it is months.
 
Quote from EMRGLOBAL:

It was pure luck on the entry Shorti.

I was also told to get short the Markets now, slowly build into a position and expect some heat but leave room to add without risking margin call.
This was advice from a successful trader and his fund in Singapore.

So, I can't take credit for the entry.

I'm just now getting back into the game as I have not pulled the trigger that much in the last 5 years. A few trades here and there.

Also, I do not trade for a living. I deal with Private Capital that flows world wide so I have a nice income stream and I deal with a lot of "Smart" people, who guide me when I ask them about the markets and what I think would be good positions.

My time frame is not a day, or a minute it is months.
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ok, good luck! i hope your trade will work out.


does anybody know where the volume went today? who is buying today, the shorts?
 
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