Ive been looking at a load of charts and it looks like clear breakouts (who knows maybe fakeouts) in all of them.
SPX, NDX, INDU, a load of stocks.
What is barish about this????????????
In the 3rd yr presidential cycle June is the strongest month and next week strongest week.
I think the bears are in real trouble!! YIKES.
I am long, with a tight stop. I see the risk, but tyhink its worth taking. If we reverse, I stop out or go short. Until then I am LONG.
Thank you for reading.
Breakouts everywhere
Started by
Tor
, Jun 02 2007 03:45 PM
6 replies to this topic
#1
Posted 02 June 2007 - 03:45 PM
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#2
Posted 02 June 2007 - 04:02 PM
The Feb. drop came in at oversold daily and hourly readings,
right when traders were taking the normal long position for the reversal.
Right now could be the opposite.
#3
Posted 02 June 2007 - 04:04 PM
I ask the bears what they see and no one says anything. I just cant see it. Parhaps Im being dumb. i HAVE AN open mind.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#4
Posted 02 June 2007 - 04:39 PM
Simply that dizzying heights cause nose bleeds that may cause exsanguination.
Edited by raleigh, 02 June 2007 - 04:42 PM.
#5
Posted 02 June 2007 - 05:46 PM
Fair enough. who knows. will just see.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#6
Posted 02 June 2007 - 05:50 PM
Tor, from an Elliott Wave standpoint, we've had a clear 5 waves up from the lows. Fibonacci mathematics applied to price patterns suggests we're in the area of near-term high. Tony's work at Elliott Wave Lives is strongly suggestive of this and I see it in the work of other e-wavers. I think even the Chief might agree on this one, as bullish as he is longer-term...weird wolly wednesday coming up soon and all.
#7
Posted 02 June 2007 - 06:11 PM
Fair enough, but I have hear about 5 waves up for about a month. So, the market must PROVE IT, otherwise it is just a myth/illusion IMO. like I said we will see. I have been taking long positions with tight stops for a while. I feel quite guilty as it is effectively free money. Unless there is an enormous gap down, I cannot fail but to win, as on my first loss, I stop doing it. I am risking 5 points per go.
Lets say we reverse next week. I have a stop loss in at 1520 cash market.
Good trading to you.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.