In tonight's Market Wrapup IBD changed their call on the market from "Market Under Pressure" to "Market in Correction". Final figures were not in on volume when they posted the Wrapup, but as of then the Nasdaq had suffered its 7th distribution day in 4 weeks, and its 4th in the last 6 days. S&P500 volume was too close to call, but it might also have suffered another distribution day. Its 10th in 4 weeks. If the Nasdaq volume remained above yesterday the E-edition of tomorrow's paper will call it "Market in Correction". If so I will exit my position in SPY's tomorrow. At the open if futures are down, later in the morning if futures indicate market will open higher.
Entered 1/2 of my position after confirmation day on March 13, 2009, and 2nd half after 2nd confirmation day on March 19. 2009. IBD made the call "market in correction" in August, but 3 days later called that call a "mistake". I exited on the market in correction call and re-entered 3 days later when they said that call was a mistake. My re-buy in was at a 4% higher price than my exit 3 days earlier. As of tonight counting dividends received on SPY's have a profit of +32.48% on the trade. Without the August exit & re-entry it would have been over 36% but that is what sometimes happens. Will post my exit price tomorrow in real time to show all entries & exits in this last real time trade.
Charles
IBD---Market in Correction"
Started by
tuffy88
, Oct 27 2009 06:35 PM
6 replies to this topic
#2
IYB
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Posted 27 October 2009 - 07:06 PM
Superbly executed again, Charles! Now you can put this behind you as you head out to sea. 
On a side note, I suspect that the August experience caused IBD to wait longer than they normally night have in here. But that's neither here nor there. You have proved the method over again here, and we all appreciate it! Safe travels 
, Don
On a side note, I suspect that the August experience caused IBD to wait longer than they normally night have in here. But that's neither here nor there. You have proved the method over again here, and we all appreciate it! Safe travels , Don
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
#3
andiron
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Posted 27 October 2009 - 07:40 PM
this market rally was unprecedented in its swiftness...welldone to those who stayed put hopefully w/ sizeable position (that i doubt)
In tonight's Market Wrapup IBD changed their call on the market from "Market Under Pressure" to "Market in Correction". Final figures were not in on volume when they posted the Wrapup, but as of then the Nasdaq had suffered its 7th distribution day in 4 weeks, and its 4th in the last 6 days. S&P500 volume was too close to call, but it might also have suffered another distribution day. Its 10th in 4 weeks. If the Nasdaq volume remained above yesterday the E-edition of tomorrow's paper will call it "Market in Correction". If so I will exit my position in SPY's tomorrow. At the open if futures are down, later in the morning if futures indicate market will open higher.
Entered 1/2 of my position after confirmation day on March 13, 2009, and 2nd half after 2nd confirmation day on March 19. 2009. IBD made the call "market in correction" in August, but 3 days later called that call a "mistake". I exited on the market in correction call and re-entered 3 days later when they said that call was a mistake. My re-buy in was at a 4% higher price than my exit 3 days earlier. As of tonight counting dividends received on SPY's have a profit of +32.48% on the trade. Without the August exit & re-entry it would have been over 36% but that is what sometimes happens. Will post my exit price tomorrow in real time to show all entries & exits in this last real time trade.
Charles
#4
tuffy88
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Posted 27 October 2009 - 08:08 PM
Thanks Don. I wondered if IBD was waiting too long to call it too. Maybe they were. But whatever: That trade will be all over tomorrow and I will be back in SHY. No idea how long I will be there. Until the next confirmation day. Nothing will really surprise me in this market right now. I will probably still bring my laptop along on the cruise. Good luck with your trading.
Charles
#5
Rogerdodger
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Posted 27 October 2009 - 09:20 PM
As of tonight counting dividends received on SPY's have a profit of +32.48% on the trade.
I knew it wouldn't work.
Smooth sailing.
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#6
tuffy88
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Posted 28 October 2009 - 08:30 AM
Futures down this morning, so have entered market sell order for full position on SPY's. Should exit the market in a few minuets. Will move to SHY until next confirmation day.
Charles
#7
tuffy88
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Posted 28 October 2009 - 08:43 AM
Exited the market on the open with market order. Sold all my SPY's for $106.20, down 22 cents from yesterday's close. Will now wait in SHY(1-3 year treasury ETF) until next confirmation day. Haven't figured my exact profit on trade, but if will be a litle over 32%. Have no idea's on what the market will do next. Mr Market will say when he feels like it.
Good trading all.
Charles
