203 replies to this topic

[12SPX]

Profit stop 3347...

[LMF]

120.12 is the big 38.2 retrace on TQQQ

Edited by LMF, 10 August 2020 - 10:02 AM.

[12SPX]

Profit stop 3345... might as well make it worth it!! 

[12SPX]

Ok out for a 6 point profit sigh.....  Start shorting right above....

[redfoliage2]

Gold futures developed an island top.  I got out of it last week and will not long it at the current price.  Expect it to back test below 2000 ..................

Edited by redfoliage2, 10 August 2020 - 10:55 AM.

[blustar]

Around 8/10/20 is supposed to be a minor cycle low. A top should be forming late this week or early Monday next week.  Sentiment through the roof bullish. Dangerous looking market. New highs on SPX expected though I would think.

[dTraderB]

Perfect trading day so far.. up then dow, up ... maybe another down, and zoom up to spx ATH or break below SPX 3220

[dTraderB]

Similar sentiments from ...ahh.. SENTIMRNT TRADER:

Risk is high and Dumb Money is confident...and they've been exactly right
The "dumb money" has been right, and they're not shy about letting everyone know about it.

It's a pejorative term, for sure, though we don't mean it that way. It's just shorthand for those investors who use a trend-following strategy. That can be perfectly valid, and they tend to be successful in riding the meat of a trend. Nothing wrong about that whatsoever. The issue arises when they become so confident that they establish their largest long positions AFTER markets have rallied hard, and their smallest after markets have declined.

Only because they tend to be their most exposed near market peaks and least near bottoms, is why they're classified as "dumb money."

The indicators we follow that track these investors reached a true extreme a few weeks ago. Because optimism has been high, and some of our studies have had a negative tilt, the Risk Level has been elevated.
https://sentimentrad...-exactly-right/

Around 8/10/20 is supposed to be a minor cycle low. A top should be forming late this week or early Monday next week.  Sentiment through the roof bullish. Dangerous looking market. New highs on SPX expected though I would think.

[dTraderB]

I would like a rapid blowout to at least NQ 11700

[12SPX]

^{Okay getting ready for tennis but starting my short at 3349 doesn't seem to want to get above that so we'll see.  Let you know what happens after tennis!}