|
Post by rex on Sept 7, 2011 10:44:22 GMT -5
In order for those types of pullbacks to happen today, we'll need another BS earthquake like 2 weeks ago when the east coast was going to fall off into the atlantic orn a horrible beige book at 2p.
|
|
|
Post by huh? on Sept 7, 2011 10:47:35 GMT -5
1171/1172 would only be a 50% retrace of the move since 3:30p yesterday.
Don't underestimate the big swing potentials in this type of environment (high VIX, possible bear market).
|
|
|
Post by huh? on Sept 7, 2011 10:50:18 GMT -5
I think a right shoulder is being created for a H&S pattern. Right shoulder moves of these patterns can form very, very quickly.
This means no pullback may happen, but it will make the fall back down that much faster.
This is why I am stepping to the side for now...moves are going to be fast!
|
|
|
Post by rex on Sept 7, 2011 10:51:30 GMT -5
You could be correct, it's just after 2 n half years of seeing so many times this type of price action during a day where we shoot up then grind higher, has got me trained to expect very little in the way of pullbacks.
|
|
|
Post by huh? on Sept 7, 2011 10:54:41 GMT -5
That may happen, but remember these same types of moves happened just before the last down leg (loook at 08/11-08/15 and then again 08/26-08/31).
On big move days like this, I always ask myself "Why the big rally?" If you can't think of a really good fundamental reason, then look to the charts for a possible bearish pattern being fulfilled. Hasn't failed me yet.
|
|
|
Post by huh? on Sept 7, 2011 10:55:46 GMT -5
I guess what I am saying is this: there may not be any pullback today. But if 1205 gets hit today, don't go buying the pullbacks right away because they may be steeper than normal.
If it doesn't get hit, pullbacks may be buyable yet, but just for short term holds/gains.
|
|
|
Post by erxtrader on Sept 7, 2011 11:34:36 GMT -5
In order for those types of pullbacks to happen today, we'll need another BS earthquake like 2 weeks ago when the east coast was going to fall off into the atlantic orn a horrible beige book at 2p. I have never seen a beige book number that moved the market ...
|
|
|
Post by Clinton SPX on Sept 7, 2011 11:37:38 GMT -5
OK spy and XOM just touched the 200ma 10m what will the robots do now?
|
|
|
Post by rex on Sept 7, 2011 11:38:08 GMT -5
In order for those types of pullbacks to happen today, we'll need another BS earthquake like 2 weeks ago when the east coast was going to fall off into the atlantic orn a horrible beige book at 2p. I have never seen a beige book number that moved the market ... It's the language from the beige book that can move markets. But, never mind, because the market is now only going up period today. We may hit 1205 with an EOD blow off top.
|
|
|
Post by huh? on Sept 7, 2011 11:47:13 GMT -5
Great, now I'm sitting here watching it anyway on that little breakout Glad I'm out...I don't mind missing any gains beyond this point, long or short. Again, just be careful of those overnight gaps!
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:03:22 GMT -5
Im thinking of shorting some fins at the close. Any opinions on this?
|
|
|
Post by timber on Sept 7, 2011 12:06:08 GMT -5
shorting bac has always worked out.....i would wait until the speach and see which way they go
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:06:16 GMT -5
I've never shorted these free to trade ETFs. It looks like it will let me.
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:07:20 GMT -5
Speech? Obama speeches usually cause sell offs LOL
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:09:05 GMT -5
Im thinking no pull back today odds are good for one tomorrow then
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:22:33 GMT -5
If I short some fins it may trigger the Mother of all rallys
thats how the universe works
|
|
|
Post by rex on Sept 7, 2011 12:28:12 GMT -5
I'm thinking about scalping long some fins. for the big EOD run to 1205.
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:36:18 GMT -5
OK i shorted em
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:36:51 GMT -5
let the mega rally begin
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:38:16 GMT -5
SPY looks stuck at the 200ma
|
|
|
Post by timber on Sept 7, 2011 12:38:30 GMT -5
what are free to trade etfs clinton...like fas and faz...i short these two all the time
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:38:48 GMT -5
Ill avg in if we rally into the close
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:39:28 GMT -5
what are free to trade etfs clinton...like fas and faz...i short these two all the time Its a scottrade thing, no fee ETFs
|
|
|
Post by timber on Sept 7, 2011 12:39:46 GMT -5
this double top in gold is a big deal and machines know it
|
|
|
Post by timber on Sept 7, 2011 12:41:05 GMT -5
i think your way early clinton
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:43:12 GMT -5
I havent shorted in 2 years I think, will take me a while to get my chops back
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:44:00 GMT -5
A wise man told me long gold and short fins LOL
|
|
|
Post by timber on Sept 7, 2011 12:45:36 GMT -5
well that was then clinton.....the market is living and breathing animal....look at the chart
|
|
|
Post by Clinton SPX on Sept 7, 2011 12:48:27 GMT -5
I see hourly is way over bought short term
|
|
|
Post by jack on Sept 7, 2011 12:50:00 GMT -5
Whaasup w/ Abdog anyone know? Last I heard he was cutting back due to his wife's Op is there something else going on now? Thx
|
|