great charts over with trader mike
some say 1400 retest...
not that..... i'm a wizard
but the trade channeling.... as we have learned.. you get a down violation of trend.. then an up... and then a followthrough of the down move....
I'm thinking.... and could be wrong... but we had the down move... then the upmove... cleared all the weak shorts out.... and settled out the instability with the monolines... now we can make some non news driven moves..... I'm looking for a turn... and not a continuation of the uptrend... I'll try and be conservative.. but I think the up momentum will peter out...... or already has...
those inflation numbers were tragic.... every thing is tragic.. and for us to trade to 13000 is stupid
except that Stocks do go up with inflation.... but then down with increased input costs....
Tuesday, February 26, 2008
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8 comments:
Buy in the morning with IBM share buyback news and sell in the afternoon - obviously no one wants to hold any long position. Market has been overbought, this past few days rally was mainly due to Ambac and MBIA bail out but this doesn't resolve the root causes, see housing price continues to plunge, a high PPI..
What's your thought?
I just made that exact bet... the 60 range on the dow is the top tick
I'm a fool for betting top ticks though.
we arn't as bullish as we should be if the market is going to 1450 or even 1400
well.... I'm hoping you were smarter than I was and are waiting for some lower highs and lower lows...
well... this is just a bitch...
wow!!! Brilliant call.... I have a hell of a time with midsession reversals.... asuming it maintains.... but one sweet call.
Good morning Eric,
How is your trade yesterday? I hope all is good.
Any idea for today trade? My thoughts on recent rally are not solid, people seems to ignore other comment like Jim Roger warns "The U.S. is in recession," and "It is going to get worse." I agreed with his thoughts on the Fed is printing money and are trying to prevent the recession -- they are putting on Band-Aids.
http://www.cnbc.com/id/23336472/site/14081545
I am probably go for short today if the durable order are worse than expected.
I'm still in that trade... I don't get scared out by that silly gasparino.... if people didn't notice.. there wasn't an actuall agreement with AMBAC... and it's cooked it....
also.. there is excessive bullishness
people hate uncle ben
the mantra is suposed to be buy the dips sell the rips.... it's time for the rip to get sold.
with down futures.... since your out of your trade... I'd look to see if we "Fade the gap" to jump in short..... I'll look to add to my position if we stay negative... and we fade that down gap.
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