Quick update
#1
Posted 18 April 2007 - 12:00 AM
#2
Posted 18 April 2007 - 12:14 AM
My 40% swing short position from ES 1460 got stopped out after they "Jumped the creek" above the gap resistance on Monday, for a 8 points loss. Since then, i have been looking for a decent entry, but have not found one. A VST short selling oportunity is setting up on my 120-min charts. I will likely daytrade this decline. I am expecting a test of ES 1459 support. I don't have a crystal ball beyond that. The IT top still looks elusive.
Good post! Although you unfortunately took a loss, the post reflected the loss with honesty and as a follow up. Illustrated how to take a loss with discipline, then look for the next set up without unreasonable prognostications for the future
#3
Posted 18 April 2007 - 02:29 AM
#4
Posted 18 April 2007 - 03:54 AM
#5
Posted 18 April 2007 - 05:59 AM
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=9&mn=6&dy=0&i=p54193505248&a=57601821&r=2672.png
#6
Posted 18 April 2007 - 06:11 AM
Mark S Young
Wall Street Sentiment
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#7
Posted 18 April 2007 - 09:52 AM
#8
Posted 18 April 2007 - 10:45 AM
NO HELP AT ALL...Are you kiddin ?
Think about it for a second. Shouldnt we have near frothing levels of bullishness at these levels ? Why dont we ?....and is it possible that it may be more bullish than your wildest expectations ?
Yeah. This market is kind of frustrating. We only BARELY got enough Bearishness built up to mark a low--which wasn't really compelling given the nastiness of the decline, and the price action just BARELY was adequate to be considered a complete correction.
Now, as I look over the data, ever since the low, the sentiment data has been creeping back and fourth between neutral, constructive, and a little bit Bearish. Essentially no help at all.
Fortunately, big picture, we knew thanks to the sentiment signature from day one that the decline was only a correction and that ultimately we would see new highs and much more Bullishness before the ultimate high for the Bull.
Currently, we're a long long way from that. I was hoping we'd see a big surge in Bullishness and capitulation on the shot to new highs, but it's not forthcoming. So, all sentiment is giving us is a <shrug> "it could go up or down a bit from here".
Thanks fer nuttin'!
Anyway, NAV, thanks for the update. I only wish you were seeing something more compelling than I am.
Mark
#9
Posted 18 April 2007 - 11:07 AM
Mark S Young
Wall Street Sentiment
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#10
Posted 18 April 2007 - 04:54 PM