The Surf Report

marketsurfer · Aug 31, 2009

marketsurfer · Aug 31, 2009

looks like the support at 9450 has been shattered. market may be settling in for a long SLOW decline and not the sharp lucifuge death spiral previously expected--atleast this is what today looks like, anyway..,,,,

one needs to think what way will the market take the most amount of money from the greatest number of people?? smack down or slow grind??? that is what will happen.....

STAY SHORT

surf

marketsurfer · Aug 31, 2009

the 9450 level is quickly pulling price back toward it, after a brief reprise above. expecting YM to close below this critical support level today....

birdstone · Aug 31, 2009

Quote from marketsurfer:

the 9450 level is quickly pulling price back toward it, after a brief reprise above. expecting YM to close below this critical support level today....

Is it acceptable to say you expected wrong? It's the truth so I hope it is the type of comment that is acceptable.

marketsurfer · Aug 31, 2009

no clue, i don't make the rules and welcome any and all comments.

yes, the late day call was clearly wrong. however, still suggest staying short into tuesday morning-- as the bounce was simply bargain hunters trying to position.

best wishes,

surf

birdstone · Aug 31, 2009

Quote from marketsurfer:

no clue, i don't make the rules and welcome any and all comments.

yes, the late day call was clearly wrong. however, still suggest staying short into tuesday morning--

Fair enough--can you please give a level on the YM where you would absolutely throw in the towel and be stopped out for good. Thanks.

marketsurfer · Aug 31, 2009

Quote from birdstone:

Fair enough--can you please give a level on the YM where you would absolutely throw in the towel and be stopped out for good. Thanks.

sure, 9563, i am OUT of this trade.

surf

birdstone · Aug 31, 2009

Quote from marketsurfer:

sure, 9563, i am OUT of this trade.

I'm not asking about this specific trade. I'm asking where you would absolutely, positively throw in the towel and get out of the market altogether. At what level in the YM would you cover and admit you are wrong and not initiate another short trade the next day. At what level would you have suffered enough losses where you would not post "get short" or "holding short" the next day.

Thank you.

marketsurfer · Aug 31, 2009

Quote from birdstone:

I'm not asking about this specific trade. I'm asking where you would absolutely, positively throw in the towel and get out of the market altogether. At what level in the YM would you cover and admit you are wrong and not initiate another short trade the next day. At what level would you have suffered enough losses where you would not post "get short" or "holding short" the next day.

Thank you.

this trade will be a small winner, even if stopped out. i don't get your point.

surf

birdstone · Aug 31, 2009

Quote from marketsurfer:

this trade will be a small winner, even if stopped out. i don't get your point.

Ok, let's try this question again. You have been bearish. You say the market is going lower, and in a big way. How much does the YM have to rise before you throw in the towel on your bearish idea and position. There has to be a point where the market has risen too much for you and you get stopped out and you don't start a post the next day saying "get short" or "holding short".

For example--you shorted WFC and were stopped out @ $25. And you conceded you were wrong and you did NOT re-enter WFC. I'm asking you now for a specific number on the YM (like the $25 figure on WFC) where you conceed you are wrong and stop saying "holding shorts".

Is it Dow 10K? Is it Dow 11K ? Thank you in advance for your specific answer.