good, many people are thinking short, and the price actions this morning so far print a lot shorts are at play. When the shorts feel wrong and had to cover, we will be going...
And yet, 30 min OR breakout long, typical. If my statistics works again today, long this breakout, works 80%+ of the time... I'll pass today as you guys keep yelling this is a top...
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Todays upside target on SPY is 133.8 If it doesnt reach i am shorting it. ystdays low 132.61 is 161% extension of fib to the downside..and today we will the hit upside extension
As far as I can see, this still pretty much 30 min OR breakout setup on going...
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black wrote:i just don't short big gap up, but it doesn't mean i won't short later today
If I read correctly, this pretty much should be long here. Isn't this double bottom reversal or what you Martian calls?[/quote]
i longed H2[/quote]
I knew you would. You Martian just know a few of those tricks as long as I paid enough attention I'd know what you Martian would do!
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Still not nearly enough NYSE 52 week highs to call a top, back in april there was 650 or so (forget exact #) and about 3 days or so with 400+, this whole rally since august hasn't even seen a 400 print.
Plus what moves stocks more than fear or greed....money flow....and we got a bunch that needs to come in at all costs.
Last edited by TheGift on Wed Feb 16, 2011 11:22 am, edited 1 time in total.
For the record, don't forget my rule: Strong gap up and after 10:30am ET there's a new high, 90% Close > Open, let's see.
The breakout needs confirmation, bears are not over yet though.
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OK, typical 30 min OR breakout day, a 80%+ winning chances for today. Now we have a new high after 10:30am ET, so 90% chances that close > open today.
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I for one started to sell my TZA and BGZ, any position loss over 10%. Still keep some, hope for a turn, but will continue to sell once they are over 10% loss.
It's bad idea to fight the mighty market.