And once again we close at the high of the day... After the blood bath on the shorts overnight was able to take a nice scalp on 1000 TNA from 43.15 to 44.40. There is some real power in recognizing these slow grinds higher that allow for some profit taking.
tdo722 wrote:Well, we all know today's high is not going to be the top, cobra's wisdom. buying here is a safe bet as well but might not be the best price.
I don't think Cobra is buying here. He may buy at tomorrow's close if I read his style correctly.
Yep, tomorrow afternoon is a good timing, since the first wave of the bulls should have locked in a 5%-10% profit by that time. You can enter this "risk off" game when they realize the profit.
Last edited by FinancePhD on Tue Dec 20, 2011 4:58 pm, edited 1 time in total.
tdo722 wrote:Well, we all know today's high is not going to the the top, cobra's wisdom. buying here is a safe bet as well but might not be the best price.
Obviously better to look for a lower low and confirmation tomorrow rather than buying here.
I think you mean a higher low than 1202. Because a lower low means, there is no rally.
Well, i think that's it for today. We had 7 consecutive green hourly bars, we had MAD after MDD, the chances are yesterday's low will be revisited soon. I know at this stage, nobody would believe me, even myself, so I can only say, this is what happened in the past when the same pattern happened. I have no idea whether we'll see the the same thing again. My task is just to report you the past odds. And it's up to you to decide. Thank you guys, I'll see you tomorrow.
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Just wait for tomorrow...bears will be in command again
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.
Me XMan wrote:Just wait for tomorrow...bears will be in command again
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.
One reason behind Santa Rally is "pessimists temporarily left the market for vocation". Are they willing to be in charge on the Caribbean beach?
Me XMan wrote:Just wait for tomorrow...bears will be in command again
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.
[quote="Cobra"]We had 7 consecutive green hourly bars, we had MAD after MDD, the chances are yesterday's low will be revisited soon. I know at this stage, nobody would believe me, even myself, so I can only say, this is what happened in the past when the same pattern happened. I have no idea whether we'll see the the same thing again.[quote]
Tomorrow would be nice. I got caught partial long, sold my XOP premturely in the morning.
SPX: regardless of the wave count in the longer time frame the trend is clearly down with lower highs/lows.
As long as 1292 remains above the price we cannot rule out that SPX has began off the summer highs a large corrective wave (B) within a potential channel that could aim at the July 2010 lows. In other words the upper trend line could act as resistance (also the 200 dsma) on any countertrend rebound attempts