I was just looking at the trending123 site and they agree with my interpretation of the $SPX bear wedge and weak bounce. Here's their chart and it looks almost identical to mine.
When I visited the trending123 site a couple of months ago I thought it was just a gold bashing, ultra bull equities site because they erroneously predicted a decline of the $HUI to 95 and $USD bounce to 107. Now that they've fessed up to their errs and appear to be applying reasonable analysis, I feel theyve gained some credibility. I'll start checking them out to see how they fare.
<<Guess you don't know the word humility.>>
hey i think all longs here should show a little humility and admit jobbie made some dam good calls...let him crow...he deserves it..
and i have exited my hmy position and am waiting on a pull back...did you notice the dollar retraced quite strongly from it's low today..
Are you still saying dow 6500 end of the summer??????
Top 9,000???? or more.
I bought a small position in BEARX so would be interested to know what you think.
I am going to stick with it, however, because I think the risk greater for a fall. Seems as though "Euphoria" is in town.
<<Ya heard it here first, kids! >>
Ummmm..we did not hear it here first Jobbie. Everyone and his/her brother has been calling for a bounce for the last 2 weeks in the dollar....it's almost inevitable at this point. Nothing keeps going straight down forever in a straight line including the $USD. The difference between your call and those of most market forecasters is that they think the $USD rally will fall short of 100 and you've been screaming "$USD to 107 by June!" for months now.
Not exactly going out on a limb this time with your $USD rally prediction. Too bad youve been calling for that rally since the $USD was at 102. You would have served the board better if you called for it to tank to 93 first !
Ya heard it here first, kids! Did ya think the PTB would sit back and allow the dollar to keep geting kicked like a Tijuana mule?
Wouldn't it be sumpin' to see the dollar snap back to 107 area?? Naahhhh, that could never happen ;)
Now, for hose...yes, trading the QQQ options has been VERY profitable for anyone who has done so. I don't post individual stocks other than golds here for the most part (i.e. advised people to buy MDG, RGLD, GFI, HMY afterr they capitulated recently. Boy, you have one short memory grasshoppa :)
<<Watch for DOW 9k to be slight pullback area, then sideways drift right under it for a week or so before heading to DOW (9.5k MONSTER RESISTANCE). Lemme guess..."there's NO WAY that could happen!" LOL....>>
Ok....so a few posts ago you warned us that if we bought on a breakout of a new high for the $SPX and Dow that we'd be buying at a market high just before the markets tank. Now you forecast that the Dow is going to 9500. Which is it?
And stop keeping us in suspense.....tell us what youre trading. All youve ever said is that youre long QQQ....seems like quite the watered down approach to trading the rally. I suspect youre afraid that any individual stock pick will make a bit too vulnerable. Come on.....just share your next new position with us....please Jobbie?????? I told you guys about going long NR and FST the day I bought....now it's your turn Jobbie. BTW: cover that AMGN short yet....it's been quite the outperformer eh?
Good question. I simply meant that although the DOW will probably rally more till the end of July, I think the "meat of the move" has been made for the most part (big, quick money on the long side). Now, it's simply about ratcheting stops up :)
I have read all your posts with interest so far but now you have me confused - please clarify if you can. You said a while back dow 9000k and then dow 6500 (approx) in the summer. (Am using memory for this can't find post) Now you seem to be very bullish as far as the dow is concerned but a few posts back you told hosel he would be buying the top if he changed his spx outlook from short to long.
Hope you will reply. thanks
<<When I visited the trending123 site a couple of months ago I thought it was just a gold bashing, ultra bull equities site because they erroneously predicted a decline of the $HUI to 95 and $USD bounce to 107. Now that they've fessed up to their errs and appear to be applying reasonable analysis, I feel theyve gained some credibility. I'll start checking them out to see how they fare.>>
DOH!! Nice call on the SPX, hose!! LOL. Can you say, "DOW NINE THOUSAND?" I knew you could. SPX ripping thru resistance today, as I said it would.
FUnny how you you now "agree" with trending123 just because he is bullish on golds...LOL. You crack me up bro!!
Sorry bro...couldn't resist. I told you I'd be back on the SPX breakout this week. Are you a "believer" yet?? DOW 9K!! DOW 9K!! C'mon hose...say it with me!! LOL.
ANother lesson learned on OBJECTIVITY.
The Dow made a new high above 8744 but it wasn't confirmed by the Naz nor the $SPX. Surprisingly, there was not an increase in buying pressure above that 8744 level. The $SPX wedge is still intact and this may also be setting up as a triple top. If the Naz and $SPX break into new highs with an increase in buying pressure, I'm be long with the market. I've covered the rest of my GE short today with a tidy profit and will look to re-enter a short with GE if there is no breakthrough above key resistance levels. No new highs coupled with a lack of buying pressure above the highs means this rally is purely corrective and we'll be going back down soon.