Can you please explain your logic to me so I can learn something? In his very first post to start this thread of his back on 6/25, he said: *****"The S&P is about out of gas. Maximum number is around 1225, if it can make that"***** But today didn't the S&P close at 1236.79 ? If that is correct, isn't that above 1225? so I don't understand how you say it must move 10 or more points from here to be wrong? thanks
Elite I you must have read Sperandeo's book too ;-) Agree it works most of the time but tight stops is the key and also have to be careful not to get chopped around. Making sure that you match correct S/R levels for the time frame you are trading is also key.
Let me answer this question with two questions: 1) Am I really stuck forever to my prediction on 6/25? 2) If the S&P made a high of 1230, and I called the top "around 1225", would you have considered me wrong? how bout if it topped at 1220? at 1235? In other words, do I have to nail it to the exact penny to be correct?
I'm trying to learn something which I explained in my post so take your attitude and shove it up your ass....
I figured as much. No attiitude here, bro. I'm trying to learn something as well. The 2 questions too tough for ya to answer without getting all tensed up?
This rally really reminds me more and more of the end of December rally from 2004. What surprises me most about this current rally is that this is seasonally a pretty volatile period historically. The big problem for the bear case has been this worldwide reflation going on since late April. My jaw drops whenever I look at the CAC-40, DAX and Eurostoxx. They broke their respective highs awhile ago and the US markets have been running along and playing catch up. It appears the bigger money was positioning for the big correction back in March-May as the Fed was raising rates, the Dollar was picking up strength and the yield curve was flattening. It goes to show how "short" this market was with this neverending bid beneath the market.
Big day tommorrow! Expect a rally one way or the other... I'm short and so far it's a hurtin'! I will look to go long if this thing climbs past the low 40's. Oil should slide tommorrow leaving room for a big push up... good luck shorts... it looks like were gonna' be sqeezed tommorrow!