You think were going up,,, It is election year,,, I'd go long big caps,,,small caps are feeling the carnige
Daily cycle will be completed on 10/6/06 so no one with decent TA knowledge should be entering big positions right now. Ignoring sentiment is OK if you can predict.
It doesn't matter what I believe. What matters is what markets believe. FWIW, I believe these rallies are based on nothing other than rotation out of oil related positions, not an inherent belief by buyers that the [rest of the] markets are cheap or even fairly valued, by any means. Rising stock markets to me is grossly misjudged. But then I am short... Markets can and do what they will. nitro
Well that 1336.00 Market Profile level I called out here from the other day held and there was a very good LONG signal off this level.... Here was the chart showing why 1336's were an important level with potential support.......... http://www.charthub.com/images/2006/10/02/MP.png Here was the LONG signal off that holding support (with oil dropping)........ http://www.charthub.com/images/2006/10/03/ES_317_VB_4.png Here is my new SHORT off the 1347's MP level again....LOL..... http://www.charthub.com/images/2006/10/03/ES_317_VB_3.png No swing this time though....back to position trades. Well Pabst we tried.
ET's attention to detail in people's posts is pretty crap. The guy said: - " ...wiggle room to 1347.86", referring to SPX, not ES. Let's wait until a fat lady sings. I am rooting for you Pabst.
Only 1 point out of the last entry......try #2............. http://www.charthub.com/images/2006/10/03/ES_317_VB_5.png Love playing the MP levels.
http://www.charthub.com/images/2006/10/03/ES_317_VB_6.png In the end, I think the oil sell-off enabled our rally today and that is all a part of how the market works....new data can change everything on a dime.
I would say the probability of your top holding has decreased dramatically. Let's see where we end today. I will have an opinion tonight. -Raystonn