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

[tradingjournals]

Most people know about the rule of 72 to double money. I have heard there are people who celebrate their 72nd birthday each time they double their trading account.

Shortie: I wish for you that you celebrate your 72nd birthday at least 10 times!

 

[tradingjournals]

Quote from shortie:

not a bad idea to lock in some profit

Futures are currently showing red. So you got more than a lock of profits so far! Congrats

In currencies there was a lot of range oscillations. If futures mirrored them, a series of lock/unlock would have made some serious cash on a holiday.

 

[Lang]

Quote from shortie:

basically, i agree with you that some upside is possible.

there was a knee-jerk reaction to Spain, bounce and sell-off (but did not take out the lows). therefore, by the close the news seemed to be priced-in.

now they are talking about possible downgrade for France = zero reaction from Futures. therefore, we have another confirmation that bad European news can't move the market lower at this point.

having said that, i will stay on sidelines when it comes to multi-day swings because my pattern-recognition contraption tells me there is a decent chance of another dump ahead.

Good evening,

Yes, Spain's downgrade had little impact, and France is having little impact, the ECB bank loss warning is having little impact, and the Chinese manufacturing slowdown is not having an impact. The technicals are taking over at this point, ignoring the news. That is a strong indication of oversold.

We have a similar outlook, a short up for this week, and then a test lower.

By the way, the SP500 e-mini's are off by 1.5 points from the close Friday as of now, 11:20 p.m. eastern. A break above 1084 would be beautiful.

JCS

 

[shortie]

any unexpected downgrades in the afternoon? i already miss those vertical drops. it was a long weekend.

 

[shortie]

so many bargains (e.g. HAL, BP -15% today :eek: )

so little money

 

[shortie]

another 3% and we will test the recent lows. a major breakdown/meltdown is not impossible if the low does not hold. we already touched Feb low twice in May, 3rd time the charm?

 

[Lojanica]

Quote from shortie:

another 3% and we will test the recent lows. a major breakdown/meltdown is not impossible if the low does not hold. we already touched Feb low twice in May, 3rd time the charm?

Weak. I mean a week. In another week a week of weakness.

Today my weakness was I couldn't wait. Not a waiter. Not a hater but maybe later like June8th, 18th, 28th, or even July 8 we'll see the 1008'ers.

 

[Sanaz3]

Quote from shortie:

so many bargains (e.g. HAL, BP -15% today :eek: )

so little money

ArcelorMittal MT, I would put all my 'eggs in their basket'...

 

[shortie]

History paints a bleak picture
Eerie parallels between current and previous major bear markets

By Lawrence G. McMillan

MORRISTOWN, NJ (MarketWatch) -- While the market never completely repeats itself, there are major similarities between past severe market dislocations and the current one.

We've been tracking the parallels between 1938-1939 and 2009-2010 in our newsletters and lectures for some time now. In addition, we've made some references to longer-term parallels between the current markets and those of the past.
http://www.marketwatch.com/story/history-paints-a-bleak-picture-2010-06-01?pagenumber=1

 

[shortie]

more and more bears are coming out of the woods (see the post above and below)"

thestreet.com "Fast money"":
http://www.thestreet.com/story/10771144/1/fast-money-recap-a-dark-phase.html?cm_ven=GOOGLEFI

Joe Terranova said on CNBC's "Fast Money" TV show that the S&P fell in large part to the dramatic selling in energy names. He said it's particularly troublesome because no one knows where the bottom is in the energy space.

Tim Seymour agreed, saying the S&P looks as if it is heading to 1,044. He said the index looks like it wants to go lower given the troubling global economy.

Anthony Scaramucci said today's close was "sloppy" and that he was very worried about poor near-term technicals, fundamentals that don't look right and the huge overhang from BP's growing problems.

Melissa Lee, the moderator of the show, said investors are also worried about the uncertainty arising from massive government intervention in the energy sector by way of increased regulation and moratoriums.

Terranova said the market in June is different from any other month this year and warrants being defensive. Now it's all about owning IBM(IBM), Kraft(KFT) or Wal-Mart(WMT), he said.

Brian Kelly held out hope for a chance of a rally in June if the S&P can stay above 1,050.