Weekly Poll: Longs Remind Me Of My 72nd Birthday When I Went Water Skiing

SPY Next Week

  • Bullish

    Votes: 20 33.9%

  • Flat

    Votes: 9 15.3%

  • Bearish

    Votes: 25 42.4%

  • I prefer not to say

    Votes: 5 8.5%
  • Total voters
    59
S

shortie

Don't recall whose brilliant idea it was but we went water skiing for my 72nd birthday. While the party was in full swing on the boat, I was totally forgotten and was water skiing UNDER the surface. Suddenly, the stars were sparkling bright (in my eyes), there was too much water and not enough oxygen. It is only by by some miracle that I made it.

Here is my message to the Longs: if in the coming week you find yourself in a similar situation, pray hard and hang on to the rope!

Father Benedict Shortie Out :cool:
 
Shortie, you have been the best contrarian indicator on ET since stockturder3. I’m glad I covered my shorts. Its now time to go long!
 
I think this is the first time I actually voted bearish. Hmmm ...

Anyway, the SPX failed to punch through its 200 day SMA. The SPY did, however, but apparently, it meant nothing. And just as I thought, today, the SPX rejected punching through. So next week, I expect us to drop some.
 
Up half the week then down. Up 1st then down. Or down 1st then up. Mostly flat with a lot of curves. Did I say bottom. Flat bottom? Wait !!!! Waiter I need another drink. Shit this sake sucks.

Oh well. If I had to pick slightly down er I mean flat until the week after next. Does it matter said the hatter? NO!!! Why because the pudding is 3 - 4 weeks away.


Phewwwwww I'm tired.........
 
Quote from Rabbitone:

Shortie, you have been the best contrarian indicator on ET since stockturder3. I’m glad I covered my shorts. Its now time to go long!
More...

hehehe, i am still not placing any longer-term directional bets: quick intraday and 1-day swings for now.
 
Stocks slide, euro falls after Spain downgrade
http://www.reuters.com/article/idUSTRE64K0JX20100528?type=ousivMolt
(Reuters) - World equities slid and the euro fell on Friday after a downgrade of Spain's credit rating sent a new chill through markets already worried about the European debt crisis.

The downgrade by Fitch Ratings ignited a new round of selling in equities that were already lower after lackluster U.S. economic data injected a note of caution ahead of long holiday weekends in both the United States and the UK.

Fitch downgraded Spain's credit rating to AA-plus, and said it expects the country's adjustment to a lower debt level will materially reduce its rate of economic growth over the medium-term.

Fitch cited an inflexible labor market and a restructuring of regional and local savings banks as hindrances to the pace of adjustment.

"This should exacerbate the tremendous volatility we've seen in global stocks as the world wrestles with the idea of a debt-based collapse," said Chip Hanlon, president of Delta Global Advisors in Huntington Beach, California.

"Adding to this is the fact that no one wants to be long over a holiday weekend."

darn, the last phrase is totally about me. i should have kept more longs into the weekend given the fear. as is my longs are totally hedged with SPY dollar-wise. still may make a few $$ due to high beta stocks if there is a pop.
 
A fundamental problem with most traders is that they insist on predicting instead of reacting to the price action or patterns of the charts.

On the daily chart there is a potential Head and Shoulders.

On the 60 min chart there is a complete inverse head and shoulders.

If the neck of the inverse head and shoulder can breakout we should see the creation of the right shoulder on the daily.

However, it's not as simple as it sounds, many things can happen along the way.

The formation of patterns is the high probability trade the development after the completion is not.

For instance:

The 60 min could have a breakout failure.

The 60 min could not breakout at all, go back to the low and begin a new pattern, bullish, bearish or neutral.

The options are unlimited which is why you must pay attention and listen to the clues the market gives to proceed with caution, always with caution.

The faster you learn this the faster you will learn how foolish it is to predict as anything can happen from A to B and so forth.



 
what are investors saying around the memorial day BBQs? do they bring up the stock market themselves? worried, don't care, don't mention the market at all?

SPY -2% for the year - there could be some frustration building up in the investment community.
 
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