Is anybody buying this dip ?
#1
Posted 27 December 2012 - 10:01 PM
So are you guys buying this dip ? How many here still believe the trend is up ? Please raise your hands.
I have pretty much bought all the dips since i posted a buy signal on the SPX a few weeks back. But i am not buying this one. SPX hourly pivot got broken today and we got a nice retracement in the last 2 hours. Any retracement failure here, i will be shorting with both the hands.
Back then, the wall of worry was steep (Nov 15)
http://www.traders-t...?...=143145&hl=
Two major wall of worries aren't there any more - The Mayan doom and the Fiscal cliff.
#2
Posted 27 December 2012 - 10:22 PM
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#3
Posted 27 December 2012 - 10:49 PM
Aye. From tonight's comments:So are you guys buying this dip ? How many here still believe the trend is up ? Please raise your hands.
"....the SPX and US markets in general in the short term have been under some extreme fear and selling pressure due to one factor only... the Fiscal Cliff "Crisis". We use quotes around the word "crisis" because we believe it to be far more hype than substance. Fiscal Cliff Obsession would be a better description....because the entire FC issue is temporary and will soon be nearly completely forgotten .....not unlike, for example, the Y2K Obsession. In retrospect, we believe this obsession will be shown to have been "tilting at windmills."
Today we saw what well could have been the peak of those "crisis" fears, and the upturn...."
#4
Posted 27 December 2012 - 11:00 PM
#5
Posted 27 December 2012 - 11:05 PM
These guys are idiots im out!!!!!!!Looks like a classic momentum reversal to me. Usually very good place to enter a Long position. Especially after roughly a 50 point move in the S&P.
I don't want to be Long or Short going into this weekend, though.
#6
Posted 27 December 2012 - 11:15 PM
#7
Posted 27 December 2012 - 11:18 PM
Edited by arbman, 27 December 2012 - 11:19 PM.
#8
Posted 28 December 2012 - 01:05 AM
Edited by diogenes227, 28 December 2012 - 01:07 AM.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."
#9
Posted 28 December 2012 - 01:23 AM
P.S. We're talking swing trading here, right? Not buying and holding until Ashley Judd pitches Mitch off his Kentucky throne and finally straightens all this crap out, right?
Absolutely. Buying with a SL and trailing with a TSL (or taking technical exits or profit based exits). Definitely not buy and hold.
#10
Posted 28 December 2012 - 04:35 AM
Youtube JBCycles