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Registered User
Joined: 5/6/2009
Posts: 10
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My indicators show a pretty high probability that we're about to get a correction. I'll be doing some selective shorting. Possibly even a few island reversals if we get a gap down.
Oddly enough, oil and many oil service stocks look like a good short here also.
This rally has been a volumeless rally to say the least, if it does pull back I hope it serves as a good long entry.
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Registered User
Joined: 3/21/2006
Posts: 4,308
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How are you Linebacker.
Some traders (myself included) look at this rally as a correction and that a return to the longer term Bear markets is on the horrizon. Do not bet on any dirrection to deeply however and play what is in front of you now.
Keep a log of how this turns out, it could give you some insight durring similar market action in the future...
Good luck.
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Registered User
Joined: 1/12/2009
Posts: 235
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And what indicators might those be?
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Registered User
Joined: 5/6/2009
Posts: 10
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QUOTE (Apsll)
Some traders (myself included) look at this rally as a correction and that a return to the longer term Bear markets is on the horrizon. Do not bet on any dirrection to deeply however and play what is in front of you now.
A definate possibility.
Don't be fooled by the date next to my name, I let my old account lapse and had to set up a new one. I've been a TC user since the 90's.
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Registered User
Joined: 3/21/2006
Posts: 4,308
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I wish that I had been savy enough to have found the Wordens way back then. I only started to study charts in the mid 90's after finding out that a "Bull Market" meant that my IRA's (that I had left to others to manage since I started them in the 80's), were now sky rocketing to the moon.
I did not start trading until the late 90's. So you got me beat Linebacker. Did you ever post on this forum under another name? I would love to read some of your threads....
As far as the Markets go in current days; I think that since March the markets have been in a bearish rising wedge while the dollar has been in a bullish falling wedge. The dollar if we are to trust the pattern has now broken to the upside as stocks look like they have made a top. But I have thought that we were topping a few times recently and have been proved wrong so. I would not be shocked if the SPX goes to 2000. The markets seem to be reversing off the October/November 2008 highs right now but we will see.
When I look at a ten year weekly chart then I see todays action looking very close to the early 2001 price action. Maybe I am wrong to compare one Bear market to another but I am studying charts in my free time and I guess that after a while the eyes will start to see things.
Anyway I am very busy these days and thought that I would sneek this post in.
Good luck to you linebacker and it is always good to have an old pro around...
Apsll.
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Registered User
Joined: 12/18/2008
Posts: 150
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i think this market is starting to look good for shorts even with todays rally...
i'd look to short SPY and use a stop of about 102
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Registered User
Joined: 12/18/2008
Posts: 150
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QUOTE (wse) i think this market is starting to look good for shorts even with todays rally...
i'd look to short SPY and use a stop of about 102
anyone else short in SPY?
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Registered User
Joined: 6/6/2005
Posts: 1,157
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I'm long SMN aka short basic materials. 1st target $15.98.
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