Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Thursday, March 25, 2010

When Last We Checked in with our Super Hero's...

I was talking to tony last night, and he didn't take me literally when I said "I don't know what you are going to do"... and I sort of tried to explain some trades,yesterday and they all worked out.


After the bell, Tony suggested that he be shorter at the close... I said "There is no reason", based on risk management.

Either we Gap down, and gap fade. or we start flat..... Or what has happened we start Plus 5.... and it looks like there isn't a downtrend yet.

So risk management suggests that there wasn't a reason to be extremely short.... Like I say a downtrend is a Series of Downbars, there isn't a reason to go after it, until after the hump. Then you can day trade it, and turn it into a trade on the Daily. IN YOUR DAILY POSITION SIZE.

OK... SO... YOU ASK... ERIC... WHY DO YOU GET SO HOSTILE.
this is the thing, instead of dealing with what I need to deal with, this morning, i'm trying to explain it to you... which you won't/don't understand... and I am spending 15 minutes doing this instead.

the jist is... who knows what will happen at the bell... and I don't know what to tell you, besides play the reversal off the "Breakout" if we get one...

or... the game is your's. SO.... I'm saying you are on your own... I'm more apt to try and work today.

2 comments:

Tony said...

Well, I also said that we are in the grail trade long still with the 60-20 being respected.

Furthermore, I pegged the oil and material sectors as the laggards, and that is the short of the day at the open.

So far so good on the day.

Tony said...

But, yeah, I'm glad I waited to short-- not having looked at the market for three days I was hesitant to "jump in" right before the close.

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