we'll see 1102 tomorrow

TGregg · Mar 25, 2004

Quote from Pabst:

Great call. I was long and had ZERO confidence in the trade. Wish I'd held on longer.

Yeah, I was scalping while it climbed, but RiskArb was raking it in, LOL. Gratz on your call RA.

waggie945 · Mar 25, 2004

Well done my friend!

Let's see if we can get up to the R2 at 1109.85 on the June S&P.

LongShot · Mar 25, 2004

geez arb was right :eek:

rowenwood · Mar 25, 2004

Waggie, what is the situation? Where is the Waggie update?

waggie945 · Mar 25, 2004

What situation?

I called for major fibonacci support at SPX 1087 back on Tuesday and the SPX low for yesterday was:

1087.06

And of course, this was right where all of the "Trend-Faders" of the world were getting super bearish and jumping up and down with all sorts of "Gloom & Doom" scenarios about consumer credit delinquencies, terrorism, high oil prices, etc.

Here's the thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=30121

rowenwood · Mar 25, 2004

Yes I already knew your statement: 1087, and it was a technical masterpiece. But what I'm asking is, are you shorting this weak volume bounce?

waggie945 · Mar 25, 2004

No, not at all.

One of the biggest cardinal sins is trying to pre-judge a market move just because it trades low volume. As traders, we trade price, not volume.

The only time that I may factor volume into my trading methodology is after we have had a significant downmove, or upmove and are at what appears to be an extreme where sellers/buyers might have exhausted themselves. However, in the "in-between" mode, I have no use for volume.

I'm sure that many of the "perma-bears" on this board will talk about how the volume was only 1.48 billion shares on the NYSE, but that is just am absurd "rationalization" as to why they were not long today.

Cheers!

pspr · Mar 25, 2004

Way to go RiskArb!!!!!!! Don't hold your breath waiting for James to pay off though. Maybe between he and Manolo and Grand Master B they can scrape up $500 in a year or two.

range · Mar 25, 2004

great call riskarb!

James Stock · Mar 25, 2004

Quote from pspr:

Way to go RiskArb!!!!!!! Don't hold your breath waiting for James to pay off though. Maybe between he and Manolo and Grand Master B they can scrape up $500 in a year or two.

I don't recall where I said "yes" to any $ wager. I believe I recall saying "no". Do you know the difference?

Nice try, loser.