EZ Traders Forum

[andrius]

I been cashing out a lot over the last couple weeks. I had close to 20 positions and as of yesterday I am only left with 2. Thankfully too as most everything I owned has been doing nothing but going down. Getting out has been an adventure too as I been getting nothing but small partials as prices kept on falling further with just about every stock I had. Its been awhile since 80%+ of stocks in my lists were negative day after day.

Looking at the S&P500 chart it looks like markets are poised for a big pullback. 50 dma is coming down getting ready to cross below 200 dma which is very bearish. S&P500 high of 1163 this year is very close to the 1177 top we had couple years back. After a 51% run we have only given back 8% so far. With all the issues in Iraq and all over the world coupled with elections coming up all of this can't be good for the markets. Markets hate uncertainty and I doubt we'll see much of green until after the elections. For now I'll try to day trade mainly and I might start looking to short if markets fall below the 200 dma for good. To the downside for S&P500 I don't see much of real support until 950-960 area. With a pullback there we'd be very close to a 61.8% fibanacci retracement of this current run. Hope the markets pull through for those of you still in but I will try to stay 90%+ cash for now.