come on bears tell me why i am an idiot for making this trade

looking for a quick fifty points....countertrend trading only for the stupid!!!!

As soon as Geitner shuts up the bullish trade should be over. Back to reality. Good catch on a few points. The trend is your friend, though.

looking for a quick fifty points....countertrend trading only for the stupid!!!!

There was no capitulation despite what some may think, no strong volume washout, just a break of critical lows on the S&P. Market is sick and needs to purge itself, it has not done so. Is it close? Maybe, but those quick 50 points maybe to the downside first, which is fine if you are prepared to withstand the 'noise'.

Hi IC!! I think any bearishly inclined forum members simply respect the dominant downward trend, and will protect their profits with stops. They also are know that this market is oversold and due for a good rally at any time, so I doubt anyone believes you are an idiot for catching a bounce. I happen to agree with you that maybe today is as good as any to start a rally, went long BGU at 15.85 earlier today. Like you, stop now breakeven.

Edited by norton, 03 March 2009 - 02:12 PM.

Hi IC!!
I think any bearishly inclined forum members simply respect the dominant downward trend, and will protect their profits with stops.
They also are know that this market is oversold and due for a good rally at any time, so I doubt anyone believes you are an idiot for catching a bounce.
I happen to agree with you that maybe today is as good as any to start a rally, went long BGU at 15.85 earlier today. Like you, stop now breakeven.

Why is this market due for a rally ? It doesn't owe anything to anyone.

And people keep being afraid of that rally that they are going to miss. And that rally just doesn't come. And may not come untill much lower.


From 1995 to 1998 the market had almost no meaningfull pullbacks. Looking at monthly chart we may be in a miror formation with no meaningfull rallies coming any time soon. Especcialy considering the amzingly complacent sentiment.

Edited by ogm, 03 March 2009 - 02:22 PM.

No argument on your thoughts OGM. Could not agree more. IC and I are just trying to make some money based on our short term outlook, not calling anything major. Our trading time frames are obviously much shorter term than yours thats all. norton

No argument on your thoughts OGM. Could not agree more.
IC and I are just trying to make some money based on our short term outlook, not calling anything major.
Our trading time frames are obviously much shorter term than yours thats all.
norton

ditto...i am back on the bear side at nq 1130.....

14 calls for every put.....u r not alone, IC.