http://www.hedgefolios.com/read/pennants
http://www.thekirkreport.com/2008/02/a-1987-repeat.html
so.... UNDERSTAND... i'm always defensive.......
I'm Wrong Alot!!!!
I also see that in my opinion this pendant has broken down.. but waiting for further move is much smarter than what I'm doing....
but I am 80% cash right now.....
another interesting thing is it was symetrical with Wed.
Friday, February 22, 2008
more on pendant formations
Subscribe to:
Post Comments (Atom)
3 comments:
Thanks yesterday for the Alpha Trends link. You recommended that site a few weeks ago and watch his daily videos every day. Brian is saying--without actually saying it-- that the market is going down in the short and intermediate term. IWM will likely retrace to 70 or 71, but then it will break downward out of the pendant. Isn't his his implication?
I appreciate your analysis and links. I read Kirk everyday, but I was disappointed when he decided to keep his individual trades offthe site.
Your dad-- this sounds like every patient and co-worker I talk to on a daily basis. They only want you to confirm their worldview and bristle if you upset their pre-conceived notions-- no matter how wrong they are.
The reason he wants you to spend hours explaining it is so he can argue about how safe his funds are-- to disprove your thesis.
My dad died last year after a few years of dementia. He was argumentative and difficult my whole life until dementia made him more docile. But now that he's gone I miss his caustic and unreasonable attitude-- and think about what he would say about today's political and economic events. I'm not preaching... just commenting that sometimes dads just need to be enjoyed the way they are.
Have a good day.
Thank you for the perspective on my old man.... it really is appreciated...
I just hate roughly standing on a table yelling at him...
but it's something...
Re: how to trade it... Roughly you want to see a move down to maybe 1335 or 1330 to confirm the down move... and that is the "Safe trade"
Which will be where I go full blown all my cash short into the market.... or if we can break above 1380... it's a good place to go long...
I wouldn't be too surprised by a range bound day......
I just want this nonsense to go one way or another....
the reason it's safe is because from here to 1330 is 10 dangerous points on the SPX... and after that it's more safe clear skies... and the opposite is true... above the range bound action is safer..
but it's still .... it seems like we are waiting on the bond insurers... except that In my opinion it's Bearish what ever the resolution.... it's just "How Bad" most the solutions are worse than them not being rescued by the banks.
hope you got stopped out.
Post a Comment