When I come back in my next life I'm going to have perfect foresight! Or at least that's how it is in my dreams.
Having reinstated my 50% short ES at 1432 a couple of days ago, after having covered near the bottom, I was feeling pretty smart when it promptly fell out of bed and I was up about 9 points in an hour or so. I didn't cover, believing more downside was to come...and therefore, I have given it all back plus a little as we trade right now. Tough game.
The only thing as tough as being short, is being long! And that's because right now we are tracing what may turn out to be a flag type of formation, which resolves to the downside. The way the chart looks to me is like this slow rally is simply a retracement, and within the bounds of a retracement. In fact, I could see a move up to maybe the 1437-1440 type of area, and still be within the retracement/flag scenario.
That said, we have alot of news ahead of us here. The Fed this PM. GOOG earnings after the close, etc etc. All of this has the potential to move the market.
I remain short from 1435 and 1432. Wide stop for now. We'll see what the Fed brings us.
IT
An Update from the Shortside...
Started by
IndexTrader
, Jan 31 2007 12:06 PM
2 replies to this topic
#1
Posted 31 January 2007 - 12:06 PM
#2
Posted 31 January 2007 - 12:37 PM
retest of spx 1436 would be ideal..
*previously known as pnfwave
#3
Posted 31 January 2007 - 01:28 PM
[
That said, we have alot of news ahead of us here. The Fed this PM. GOOG earnings after the close, etc etc. All of this has the potential to move the market.
I remain short from 1435 and 1432. Wide stop for now. We'll see what the Fed brings us.
IT [/quote]
IT
I know the feeling although I'm short stocks and a couple have fallen out of bed in the last couple of days to renew my faith. The only longs I have now are gold stocks which I'll hold until my stomach can't take it anymore.
My opinion isn't worth the HTML it's written on