Monday, November 16, 2009
Throwing in the Towel
I am out of my short position for now, I will reevaluate tomorrow to see how far this market can go above 1100. Above 1100, there is no serious resistance till 1120. Bulls will have their day today, I don't expect any reversals, in fact, I expect a trend day higher throughout the day.
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7 comments:
Well, you can't win them all.
Successful traders are the ones strong enough to just let it go, and prepare for the next round.
Good luck next time !
Where are you getting this 1120 number?
I think we're going to get there today. I'm going to have to do some serious averaging down.
I just 100 point move down from this high.
Is that too much to ask? Jeez.
1120 is a 50% retracement of the closing high and low from the move from October 2007 to March 2009. It seems to be a magnet for the bulls who are using that as a target. Right now in the S&P, there is very little resistance since we're at a 52 week high.
That's what I've been saying.
So why does it have to be 1120?
Why can't it be 1150.
While we're at it why not 1200.
Or 1250?
It's risky to get short now.
It's fucked up man.
Now I have to decide if I just get out of EDZ with a small loss or decide to take a bigger loss and average down.
It depends on your timeframe, if you are thinking within this week, I don't see 1150, but if you are talking about 1120, I think that can happen this week. 1200 and higher seem like a pipe dream for longs this year. Next year is a different story, but I don't see this huge squeeze to end of year that some people see happening. I would take the loss and then sell again either tomorrow or Wednesday. I don't think we have a reversal today.
Do you think we'll go to 1120 by tomorrow and then do you think that will be the top?
We are at 1114 right now?
I think we are going to close at 1118 and then go to 1125 tomorrow and then it's over.
1120 would seem like a good spot to sell, we could go a few points higher than that, but I wouldn't want to miss a good down move over a couple of points. I am bearish, and I think we are close to a top. Just stepping aside for today.
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