I agree with most of the technical arguments from bears and i am myself on a short-sell alert. My own weekly indicators have already rolled over. But when everyone firmly beleive and overcrowd the short side, it hard to get a sustained decline. More stop running and cleansing of short positions are required IMO before we start a big decline. I am still sticking with my upside targets of about SPX 1550-1555, which should clean out a whole lot of stops.
Yesterday my 120-min was a hair's breadth away from the sell. The bouyancy from short positions was too much i guess. I think today will be the same story. What we need here is celebration. All major tops happen with some nice fireworks, media celebration. Bring it on...
More cleansing required....
Started by
NAV
, Jun 20 2007 09:25 AM
7 replies to this topic
#2
vitaminm
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Posted 20 June 2007 - 09:39 AM
Nav,
Did u cover YM this morning?
vitaminm
#3
Tor
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Posted 20 June 2007 - 09:39 AM
I agree with most of the technical arguments from bears and i am myself on a short-sell alert. My own weekly indicators have already rolled over. But when everyone firmly beleive and overcrowd the short side, it hard to get a sustained decline. More stop running and cleansing of short positions are required IMO before we start a big decline. I am still sticking with my upside targets of about SPX 1550-1555, which should clean out a whole lot of stops.
Yesterday my 120-min was a hair's breadth away from the sell. The bouyancy from short positions was too much i guess. I think today will be the same story. What we need here is celebration. All major tops happen with some nice fireworks, media celebration. Bring it on...
Personally, I am of the view we can even go higher than that.
I have just gone long, but all these trades now have a tight running stop inplace to "watch my back". I cant get hurt too much in other words. If I see impluse down, I consider the downside for shorts.
It is quite possible according to my work that we are putting in a major bottom here as incredible as it may sound. It can literally go either way however at this juncture. Ii think a similar happened in 1995.
Good trading.
Edited by Tor, 20 June 2007 - 09:41 AM.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#4
fib_1618
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Posted 20 June 2007 - 09:39 AM
Shouldn't that be major bottoms? (especially when it comes to the media)All major tops happen with some nice fireworks, media celebration.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
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#5
NAV
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Posted 20 June 2007 - 09:43 AM
Nav,
Did u cover YM this morning?
I covered it yesterday for a loss and i posted it on my thread. Right now i am flat.
Shouldn't that be major bottoms? (especially when it comes to the media)All major tops happen with some nice fireworks, media celebration.
Fib
I have seen scare mongering at bottoms by the media and not celebration
#6
vitaminm
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Posted 20 June 2007 - 10:38 AM
Nav,
Did u cover YM this morning?
I covered it yesterday for a loss and i posted it on my thread. Right now i am flat.
Shouldn't that be major bottoms? (especially when it comes to the media)All major tops happen with some nice fireworks, media celebration.
Fib
I have seen scare mongering at bottoms by the media and not celebration
Thanks.
OIH 30-60min sell
vitaminm
#7
fib_1618
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Posted 20 June 2007 - 12:50 PM
With you being back home, you evidently haven't heard or seen the latest trite tripe the media is spewing with regards to the housing market.I have seen scare mongering at bottoms by the media and not celebration
The only thing that's missing is: "GO TEAM, GO TEAM, GOOOOO TEAM....RAH!!!!"
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
#8
NAV
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Posted 20 June 2007 - 01:51 PM
With you being back home, you evidently haven't heard or seen the latest trite tripe the media is spewing with regards to the housing market.I have seen scare mongering at bottoms by the media and not celebration
The only thing that's missing is: "GO TEAM, GO TEAM, GOOOOO TEAM....RAH!!!!"
Fib
I hear ya
