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Good job Pokey. <eom>
Bob,
I watch 5 minute candles as well and have never noticed a prior candle change. Might want to see what's up with Ameritrade. I use optionsxpress.
Buying some calls today. The Naz is very close to the 200 dma and I think we will bounce here. It should be a dead cat bounce though.
Carl,
Very funny, freakin hilarious is an even better description.
I thought with a name like Lindy that you were a girllll.
From what I can tell, Elliott Wave is for chumps. It doesn't work until it does. Hardy, har har.
Be a bull, baby at least until 2006.
Brig,
Yeah, I know. Was trying to imply that if it wasn't clear.
Brig,
Yeah, I know. Was trying to imply that if it wasn't clear.
I would agree with whoever said the stuff about leaving CNBC off. I think it was doodleboodle. Just hearing all the crap on CNBC will infect your mind and cloud your judgement. Da boyz don't watch it unless they just want to have a laugh. Fundamentals don't matter until da boyz decide they do. So, trying to understand why a national disaster such as Katrina hasn't made the markets move lower is useless. It will only hurt your brain. I admit that following da boyz is the goal and perfecting my techniques is what I'm seeking. It ain't as easy as some here make it seem or we'd all be rich. ;)
Hey Brig,
Don't feel bad about leaving profits. It's a better problem to have then letting profits turn into losers.
New meaning for "Don't Fight the Fed" now means don't fight the tons of moohlah flooding into the markets by the fed. to hold this pig up.
Brig,
For how long though? We are at upper bb's and at some major resistance. I have no doubt we will end the year higher than where we started due to the history of the 05 year thing. Da boyz have the rest of the year to power this baby up.
He tends to go away when he's been smoked. I think this is a natural tendency.
Carl,
Thanks for the laugh. Sad but true that we have such a slimy, corrupt prez. There's no government like less government.
Here's my take on the market tomorrow. If we go down which I think and hope we will, then we will go down to the 5 dma. Wouldn't be surprised to see the week close very near that number. It sets right up near other major ma's. The bears will be feeling more hopeful. The bulls may feel less assured as we are near resistance. Da boyz will have some traders going to the bear camp and then I believe we go up closer to 40. It definitely seems that da boyz want to take this pig higher. It's just a question of how low they go to shake out weak bulls and embolden the bears.
Beerworld,
Did you buy Sept. puts?
Anybody think the q's have enough mojo to push past 40 in this run?
Lindy,
Rsi overbought really doesn't mean anything by itself, I agree. I got qqq puts at .30 when Nocona bought puts as well that are now worth half. Rsi was at 96 when I bought the puts. Never had a chance to take any profits.
Pokersam,
Why would you think that today could be the start of wave 3 down?
Swenlin's last paragraph says the rally should be over pretty soon due to a wedge formation.
Ken,
Thant's what I plan on doing. Bailing on those qqqq sept.39 puts and getting some calls. We may be having one of those strong runs that the only counter movement is on a intra day basis. It hurts to be on the wrong side of that. Ya keep waiting for a better exit point and it never happens until quite some time later.
Is that a reversal sign?
Momentum looks to be down for tomorrow. Don't get too excited, bears. Ken, you should use tomorrow to get in long on a down day. 5 day ma is good entry point.
If you go to his site, you can get a free 30 day trial. Or at least you used to. Anyway, I once e-mailed him asking when his prediction of the Dow dropping about 400 points was gonna happen. He said when the Fed. stopped jamming up the markets. That was not the kind of answer I was looking for as an options trader. He is a nice guy but that really doesn't matter in a forecasting site. He is a perma bear and probably for good reasons. However, we all know it makes no sense standing around saying that the markets SHOULD be going down.
2X,
Great job at explaining. I agree with meself even more now that the fed. has got to go. A group of private bankers that the average joe thinks is the government gets to create money out of nowhere and give it to friends (Morgan, Goldman-Sachs etc.)so they can agree in concert with each other to control the market. It's obvious that for them there is no zero sum game. Goldman wins cause Morgan guessed the direction of the market wrong. Yeah, right! What a cruel, cruel joke.
Check out Robert Mchugh's article at safehaven.com. He shows that the Dow has declined in the summer and early fall months for the past 8 years. Some of the declines started in July, some in Aug. and some in Sept. Take it for what it's worth. I have found Mchugh's forecasts to be completely worthless. The markets going down unless it's going up type. Very frustrating. However, history is usually a good guide to future action.
Poker,
When are we going to get some good downside action? The S&P is still positive.
OT...Smartone,
In this country right now, illusion is truth. As I said before, if rebuilding whole cities and government spending was good for the economy, then we should not wait for more natural disasters. We should have man made disasters. More government spending means this country falls deeper into the debt hole. Being a hugely debtor nation is NOT good. We are financed by foreign countries buying our bonds. There will be a huge price to pay for that in the future. Politicians sell out the American people every day. What's sadder is we allow it. As long as we can get new cars and other toys for cheap because our house is worth an inflated value we aren't caring about the natural consequences of the politicians foolish policies. The Federal Reserve is a very powerful group of private bankers and should not be able to run the economy. LAISSEZ FAIRE!
OT.....2X,
Can you tell me how the fed. distributes m3? I'm not exactly sure even what it is? I do know that this country is financed by Uncle Al's printing press. Without it, the money would have to come from somehwere else like taxes. The people of the Unites States would not be so keen on going into Iraq if the billions came out of their pocketbooks. Right now most everyone is happy to either be in on or jump on the housing bubble bandwagon. Consume, consume, consume and worry about the price later. Those interest only for ten years loans really mean you are leasing the house for 10 years. If you're not putting down any money towards principle, how can anyone say they own their house? When our fiat currency system is finally destroyed under its own weight it will be UGLY. Personally, I think this economy and country needs to be purged of its excess. However, until then it hardly pays to be a bear when Uncle Al decides to manipulate the market to the upside. Off the soapbox for now...peace.
Rosy,
When you say weak and moderate, who you talking about? Weak and moderate for the bears or the bulls?
2X,
Thanks for the info but I was wondering if there was any way of knowing before they do it. The damage to bears has already been done and was trying to figure out a way to know ahead of time. Knowing the reason ya got mowed over isn't quite as comforting as being able to get out of the way.
2x,
Is there any way of knowing the dates that the fed. is going to dump money into the market? A website, maybe?
Pokersam,
If the downtrend doesn't start till Sept. 15th then those puts that expire on the 16th will be worthless. Yes? Don't you hold a lot of Sept. puts? Doesn't this make you a wee bit nervous?
Pokersam,
This market is showing some incredible resiliency and the downside looks like it should be used for buying calls. What makes you so sure things are going to fall apart?
Poker,
You better hope it starts trending down soon. Otherwise it will be a situation of "too little too late". What is your target on the indexes by the 15th?
Pokersam,
What month puts have you bought?
Pokersam,
What month puts have you bought?
Nocona,
Gotcha. Thanks.
Nocona,
Are you swing trading or day trading your puts? Where do you see support? I'm thinking 39.10. Appreciate your feedback.