14 replies to this topic

[lawdog]

from 75% of full position to 40%. may grind higher here but risk/reward warrants smaller position.

[risk_management]

You obviously need some agents. 

[lawdog]

You obviously need some agents. 

 

sorry, i can be slow on the uptake; don't know what you mean. anyway, i have set trailing sell stops and will move them up as market advances. giving this market a very short leash.

[diogenes227]

Have entered an intraday zone of "sideways to down" (the pink on the chart but not quite triggered yet...

 

Just a heads up for what it's worth.

 

 

 

[OEXCHAOS]

Personally, I'm fully long and passing on Sell signals. Sure, we're overbought, but Cumulative A/D volume is at ATH's. The seasonality is super positive, too.

 

In my opinion, now is the time to be as aggressive as you can, and be more cautious later.

 

Mark

[tsharp]

Broken record here, but I don't see new overhead resistance until ~2250, at the fib .146 extension, then ~2350 at the fib .236 extension... time will tell.

 

Chart link to SPX 60-min: https://postimg.org/image/erw2ohy3d/

 

[Spectacular Bid]

FWIW a Hurst 2.5 week projection to 2222 +or- 10 was given yesterday and
we still have a 10 week to 2237 +or- 10, I originally said 2235, but it is 2237.We
are getting close obviously and at least for now no other higher projections are
possible without a pullback first.

[diogenes227]

Have entered an intraday zone of "sideways to down" (the pink on the chart but not quite triggered yet...

 

Just a heads up for what it's worth.

 

 

 

 

Sell never triggered so repeat story at a higher level.  A pure trending day so far (and trending days eat any and all contrary indicators, as they say). Always amazing when they come by on the long side or the short side.

 

[alexnewbee]

blow off move, to finalize it I think

Edited by alexnewbee, 07 December 2016 - 01:35 PM.

[lawdog]

I will let it trend today but will probably cut long position down to 20% by the close. Today has the earmarks of a point where the market will need consolidation to move higher. With that said, we may get to 2250 soon, but I think it will take some consolidation along the way. So I will let my profits run today on my 40% position, but probably scale back before the close and possibly hedge any remaining long position. Strong moves rarely continue without pullbacks along the way and i see now as the time for this to happen. 

 

As for Mark's comment about positive seasonality, it seems that the week before Christmas is the best of the December weeks. So it is my opinion this would suggest sideways until the end of next week, to around Dec. 15, and then I would hope for a setup to take advantage of the positive seasonality in the 5 trading days before Christmas.

 

The SPX has met my minimum target here of 2230; it may not be quite as easy getting to 2250.