10 replies to this topic

[mss]

Tomorrow has a very good chance of being ugly for awhile. Be very careful.

Edited by mss, 05 June 2007 - 05:47 PM.

[hiker]

so its OK that I have some massive short positions taken Friday that am still holding?

[hiker]

just excuses, but may be worth reading...market summary by briefing.com -

http://www.briefing....I20070605162827

[thespookyone]

Agreed, mss, that chart isn't pretty-the real problem would come if the "dip buyers" are afraid to buy it back-or the PPT choses not to. Today was the first day in a long time I saw any quality forcefull selling. There were times today when large buy programs got met immediately head on by large sell programs. Hiker-I have predicted for some time now that the "excuse" for any selling would be the final acceptance of no rate cut coming. Merrill threw some gas on that fire yesterday, followed by Goldman today(go figuire,lol). As for the theory that rate cut hopes have not been driving this market-as if. The market response to any unusual strenght in the economy has been clear to see, and despite the brokerages trying to "clear up the picture", I bet the reaction will persist for a bit. Many have been trained to expect a rate cut, and the bounty it would bring to the market-and it's going to take them a bit to learn any new game-much the same as dip buyers will have to be punished several times-before they respond differently to drops, as well. Spooky

[ed rader]

[quote name='mss' date='Jun 5 2007, 05:42 PM' post='291773']

Tomorrow has a very good chance of being ugly for awhile.[size=6][color=#FF0000] Be very careful.


yeah but we all know what follows ugly !

ed rader

[thespookyone]

"yeah but we all know what follows ugly !" Yep, "everybody knows".

[ed rader]

"yeah but we all know what follows ugly !"

Yep, "everybody knows".

so it's different this time ?

we are in the mother of all bull markets. there will be no more recessions only minor dips, which are to be bought.

stops are only necessary for short positions in this new energy-led economy !

ed rader

Edited by ed rader, 06 June 2007 - 01:08 AM.

[thespookyone]

Ed-I guess you'vee seen me post here before, and you know that when it comes to TA-I certainly do not believe in the "it's different this time" theory. That said, bulls being taught to buy dips "is what it is"-and is not TA. Yes-bulls buying dips will change-I can't say that they will today-but it WILL happen. The interest rate cut pumps by the media were constant, and very predictable-but are sure "different" now, eh. News stories in the morning have changed to bearish, as I said they would. The same brokerage houses that championed rate cut possibilities have faded like a cheap sweater, and can't tell Joe Sixpack the "new outlook" fast enough. Energy stocks have helped lead the market up, but energy prices are effecting our country-and certainly not in a positive way. As for stops only being needed for shorts-I'm guessing plenty of longs get theirs popped this morning-on the open Spooky

Edited by thespookyone, 06 June 2007 - 07:38 AM.

[ed rader]

Ed-I guess you'vee seen me post here before, and you know that when it comes to TA-I certainly do not believe in the "it's different this time" theory. That said, bulls being taught to buy dips "is what it is"-and is not TA. Yes-bulls buying dips will change-I can't say that they will today-but it WILL happen. The interest rate cut pumps by the media were constant, and very predictable-but are sure "different" now, eh. News stories in the morning have changed to bearish, as I said they would. The same brokerage houses that championed rate cut possibilities have faded like a cheap sweater, and can't tell Joe Sixpack the "new outlook" fast enough. Energy stocks have helped lead the market up, but energy prices are effecting our country-and certainly not in a positive way. As for stops only being needed for shorts-I'm guessing plenty of longs get theirs popped this morning-on the open

Spooky

Spooky -- i'm right there with you. i believe i'm positioned for the worst which i expect. or i should say have been expecting for the last couple of years .

we closed all of our tech longs about a month ago for a pretty hefty profit and have loaded up on one turnaround that i'll hold LT.

good luck!

ed rader

[thespookyone]

Nice move Ed. As far as I can see, the easy money to be made on the way up is over. I exited my swings, and long term plays about a month ago, as well. I'm not trying to call a top in any particular place, but shorting this rounding top has worked fine for me. I'm sure that your new position will pay well-with little more than patience needed. Spooky