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Registered User
Joined: 8/19/2009
Posts: 170
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futures on the rise, should keep your eyeballs open for a reversal before lunch
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Registered User
Joined: 1/28/2005
Posts: 6,049
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I assume you mean the market open will reverse to bearish today.
Not that the downtrend of the last few days will reverse upward?
Thanks
diceman
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Registered User
Joined: 8/19/2009
Posts: 170
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i was referring to an intraday or 1 day trade... earlier it was looking like the market just wanted to runa bit higher to get out of the oversold territory before it headed any lower
but right now it looks like its taking a small dip already.. will have to keep our eyes open to find it
if anything, it looks like itll run pretty flat for most of the morning
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Registered User
Joined: 7/1/2008
Posts: 889
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If we get a decent sized correction starting now, it will have been one of the most widely anticipated corrections of all time.
Everyone and their mother knows the market is supposed to correct now. Because it's september, because the market has come too far too fast, etc, etc, etc.
Not to say it won't happen, but the last time something was remotely this anticipated was the "head and shoulders top" in July.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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It looks to me like the ultra-shorts were ready for a brief pause (as I said in another post). I'm confident they'll be monsters later.
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Registered User
Joined: 8/19/2009
Posts: 170
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there she blows
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Registered User
Joined: 8/19/2009
Posts: 170
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spy pushing down again
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Registered User
Joined: 3/29/2005
Posts: 56
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QUOTE (ben2k9) If we get a decent sized correction starting now, it will have been one of the most widely anticipated corrections of all time.
Really? The firm that I have a sizable chunk of my recent inheritance with has had me in all cash since April while they wait until "they can make sense of the market". They have recently (late Aug) been pushing me to allow them to start dollar-cost-averaging in, I have been expecting a correction and told them to hold off. I am also thinking of taking my business to another firm anyway for a variety of reasons beside this boneheaded missed opportunity, being in cash will make this easier.
I was directed to them by the person who handled my mother's financial affairs, it was not my selection although I went along with it and hoped for the best, but I am depressed and disgusted with their performance to date and told them so, in those exact terms. This has not endeared us to each other.
If I was as good as some of the regulars here (no comments from BB pleez) I would just invest it myself, but I am a suck@ss investor and trader. Trading large amts instead of my piddly low 5-figure Roth acct would only hurt my already poor performance.
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Registered User
Joined: 8/19/2009
Posts: 170
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its funny that you mentioned a money manager, i recently saw someones account statement as their money is being managed by someone at merril lynch and sadly their account is down 95.56%
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Registered User
Joined: 8/19/2009
Posts: 170
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by the way, thats just for this year
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Registered User
Joined: 2/19/2008
Posts: 193
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I found if very helpful to paper trade. My Track has a decent system. Also I am putting less money in at risk until I feel more confident. After last years collapse i'm not sure I can trust anyone with my money. I'd rather watch the market carefully and learn. It takes time. I figure if I can weather this volatile market trading , and use it to learn good risk management skills I will do quite well when we really are in a true (not so questionable) bull market.
Sail
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Registered User
Joined: 3/29/2005
Posts: 56
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I get discouraged with trading and then don't do anything for months at a time. I was using Telechart to make allocations in my 403B with some success (8-18% per qtr a lot of the time) but I took my eye off the ball when two members of my family died within two months of each other and lost several years worth of gains in a few months last year.
Too bad about your aquaintance at Merrill Lynch. That's why I am here, to learn so I can do it myself without losing money or putting up with condescending lectures about market timing from overpaid gnomes (there's a hint at to the investment firm).
Since I posted my TSF system results back in April I am down around 7% in my trading acct, not good especially compared to the market's gains. I have changed it a lot since then, but's just hypothetical until I start making money with it.
I did have a one-day gain of 7% on RODM last week, but this was after a 70% runup since I got a signal (I was still tinkering with my system and wasn't doing my daily runs as I should), and then it was up 4-5% the day after I sold it. As of yesterday it is up +129% since the 8/15/09 signal and 25% since I took my profits. I have had other trades that I decided not to take for one reason or another (THD, EIS) that would have been wildly successful.
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Registered User
Joined: 8/19/2009
Posts: 170
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whenever people are starting out or testing something out.. i usually suggest to them to try a simple stock that moves with the market like SPY because its not susceptible to news, earnings announcements, etc like individual stocks so theres no chance of a massive move like your everyday stocks
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