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Monday, February 23, 2009 12:01:11 PM
What's your allocation at this pt and what are you think ST? Seems a lot of people are on the same page at this pt sentiment wise. I've seen a number of bulls getting bearish which leads me to believe we blowoff to the upside first.
My allocation...? That's kind of personal, kind of tough to explain - but I'll say this; I trade using around 10% of my net worth (assets-liabilities) which is around $100,000 - I have one half of that short (S&P500) and the other half long (gold stocks). Like I've said on many occasions I'm a small time trader who knows his limitations.
I think we could see a blowoff to 1100-1200+ on this move
...agreed, I think we'll revisit $1000 as it become the new level of support - and then closing the year off at $1200 - that's my gut feeling, for what it's worth. Short term, I'm very bullish - but again, I'm a trend follower. The ADX is a screaming buy, so why would I daytrade for chump change...? In this move including minor pullbacks, we haven't even tripped the SAR in over a month and a half, we haven't even violated the 9-day MA (for 2-weeks) which is my primary buy/sell indicator. So as long as the 20/35/50-day MA are pointed North, I'm either long or neutral - and not nervous in any way...yet.
...and when I start getting nervous, I'll let you know.
My allocation...? That's kind of personal, kind of tough to explain - but I'll say this; I trade using around 10% of my net worth (assets-liabilities) which is around $100,000 - I have one half of that short (S&P500) and the other half long (gold stocks). Like I've said on many occasions I'm a small time trader who knows his limitations.
I think we could see a blowoff to 1100-1200+ on this move
...agreed, I think we'll revisit $1000 as it become the new level of support - and then closing the year off at $1200 - that's my gut feeling, for what it's worth. Short term, I'm very bullish - but again, I'm a trend follower. The ADX is a screaming buy, so why would I daytrade for chump change...? In this move including minor pullbacks, we haven't even tripped the SAR in over a month and a half, we haven't even violated the 9-day MA (for 2-weeks) which is my primary buy/sell indicator. So as long as the 20/35/50-day MA are pointed North, I'm either long or neutral - and not nervous in any way...yet.
...and when I start getting nervous, I'll let you know.
FP........................................................
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