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So is this it? Or it for now?


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#1 viccarter

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Posted 10 February 2012 - 03:07 PM

Maybe we get some clues at the EOD. This is why I simply reduced risk last Friday on the RUT shorts, not a stop out as advised by the old timers. Losing less money on a trade is the same as making a profitable trade afterward. Last Friday I held onto all other shorts, CSX, GLD, half the RUT short. All nice in the green. You can stick a fork in CSX and watch it go back to $20 (in short above $23.4) is my biggest stock position short. Gold is still on a weekly sell too, but everyone wants to fight it. I think we start the second leg down after the leg I called in a FF right here on Oct. 27 when I said it was done just like cotton last year. But hey, I don't think it will come that easy and I am ready to blow out if it don't act right. Heck I am ready to blow out any of it that don't do right. I am ready to get long if its time to get long, but I don't think its time yet? So does this terminate the consolidation and we get ready to go for a big merger 250+ day Monday? One thing I do know, is that you will not be consistently profitable until you can look at every other trader and ignore their opinion because you trust your work. And you know that you know it. Because you've put in the time to know it. Who knows where we go from here?

#2 viccarter

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Posted 10 February 2012 - 03:48 PM

Want to clarify. Said all nicely green. Russell short is still very much on red from 785. Haven't decided what will jappen. Right now I'm keeping it.. i meant that other positions were all green.

#3 CLK

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Posted 10 February 2012 - 03:52 PM

I covered just now, looking for a bounce to reload. May get one from lower but it was a tough wait this week and I don't like holding short over the weekend on a down Friday. Good move on the money management/waiting for lower prices.

#4 arbman

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Posted 10 February 2012 - 04:32 PM

I covered just now, looking for a bounce to reload. May get one from lower but it was a tough wait this week and
I don't like holding short over the weekend on a down Friday.

Good move on the money management/waiting for lower prices.



Nice buying at the close in futures especially. Perhaps this was all, the support came at the payroll gap.

#5 andiron

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Posted 10 February 2012 - 04:52 PM

remember morning lows..even if same trend persists

#6 diogenes227

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Posted 10 February 2012 - 07:32 PM

"So is this it? Or is it for now?" The NYSI gave a sell today but there is not high below a high in the NYMO, and the NYMO is down five days in a row, putting it in pretty deeply oversold territory. In addition, on the three 3xlong ETFs I follow closely -- TNA, TQQQ, and UPRO -- none have broken any trend lines nor triggered any MACD cross overs a la Jack Chan. And everything seemed to firm up a bit at the close today. So, FWIW, I think it's it for now, and we're going to bounce... Ideally, the NYMO will put in a high below a high on the bounce and if it happens to be below the zero line (which happens fairly often with the indexes close to their highs) that will be a gift to the bears. That gift could last three to five weeks (likely). If the bears can tear apart the entire rally so far this year then this is still a bear market (very unlikely) and there's going to be a lot of jaw-dropping by the bulls. After this pause, I think we're going higher but if the bulls can turn a bounce into another big run to the upside right now (not out of the question), jaws will be dropping elsewhere as well as I suspect, at this point, a lot of bear-skin wallets. Good luck and good trading. :)
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx.

I spent half my money on gambling, alcohol and wild women. The other half I wasted, W.C. Fields.