I guess one can't preclue a blowoff few days to top this off, but the upside seems awfully limited.
cheers,
john
Edited by SilentOne, 05 February 2007 - 07:47 AM.
SPY
Started by
SilentOne
, Feb 05 2007 07:46 AM
4 replies to this topic
#1
SilentOne
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Posted 05 February 2007 - 07:46 AM
I look at this weekly chart and I can't see any potential explosive upside in the near term. $SPX 1475 is the ceiling IMO given the upper bollinger and where these indicators lie (ie. very overbought). I am considering scaling into SPY shorts for a swing trade (I already started on Friday). Am I missing something?
I guess one can't preclue a blowoff few days to top this off, but the upside seems awfully limited.
cheers,
john
I guess one can't preclue a blowoff few days to top this off, but the upside seems awfully limited.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#2
SilentOne
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Posted 05 February 2007 - 10:36 AM
I covered on this mornings dip. This coming top may taker a few days longer. Feb. 12th provides an interesting turn date. 
cheers,
john
cheers,
john
Edited by SilentOne, 05 February 2007 - 10:38 AM.
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#3
hiker
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Posted 06 February 2007 - 07:23 AM
why is an upside forecast of interest? Is this not a method doomed to failure?
connect key points from 1999 to current, and it is visible that uptrend received a new launch point on the move above 1380-1390....bears have been in a losing game ever since.
How high it goes does not matter since no one knows...what is known is the uptrend has been given new vigor on a multi-year chart breakout, and there exists some disbelief that the uptrend is likely to continue.
Daily I receive private emails for weeks now from competent traders who are shorting ES. Has that been a winning play to date?
Edited by hiker, 06 February 2007 - 07:24 AM.
#4
SilentOne
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Posted 06 February 2007 - 11:19 AM
hi hiker,
Yeah I know. I learned my lesson in 2004 as I kept shorting the market and being frustrated by the lack of any downside. This was after catching the March 10 lows to the day. I have to say that I gaze at that $SPX trend from the March/2003 lows with amazement. I don't think there is a pullback of much more than 10% at any point in time.
cheers,
john
Daily I receive private emails for weeks now from competent traders who are shorting ES. Has that been a winning play to date?
Yeah I know. I learned my lesson in 2004 as I kept shorting the market and being frustrated by the lack of any downside. This was after catching the March 10 lows to the day. I have to say that I gaze at that $SPX trend from the March/2003 lows with amazement. I don't think there is a pullback of much more than 10% at any point in time.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#5
hiker
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independent trader
Posted 06 February 2007 - 12:46 PM
John, the founder of prophet charts has some interesting long term index charts...at his site
the charts have not been updated since the date of his post on 1/26
http://tradertim.blo...alled-bull.html
home page -
http://tradertim.blogspot.com/
the charts have not been updated since the date of his post on 1/26
http://tradertim.blo...alled-bull.html
home page -
http://tradertim.blogspot.com/
