I am looking for QQQQ bounce back up to 39.80. I believe the market is not ready to go down yet. You will see sideway action back and forth between in the high 38s to 41 area.
Well, you may well be correct, but i viewed yesterday as bearish, for the following reason.
I use a system of trading S&P futures that Ilearned from John Mohan.
It works about 70% of the time with about 15% more or less doing nothing.
Yesterday, it set up for a move up to the levels you suggested or a little less. However after a bright beginning it just petered out and I cleared about 3:00 for a very small gain.
So, the market seemed to be saying it doesn't quite have much strength left.
Of course, this morning we're seeing some strength, so might just wait a bit for clearer direction.
I welcomed all opinions, ideas or suggestions. We are have different perspectives. That make so much fun trading in the market. You have the longs and shorts.
In my early years of trading without my model yet, I intended to stay one side. Every times I went long, the market went down. Every times I shorted, the market went up.
To this day, I learned from my past experience. That is why I have this motto. "Take what the market gives you, not what you think".
If you have shorted the market in May, July and August when all the technicals indicators are screaming for the pullback, it shot higher. Lots of investors were saying head and shoulder. During that time, I will saying cup and handle. Guess who was right.
If you've shorted the market, I suggest that you should cover 1/2 of your positions. Like I said, the market is not ready to go down yet. The bulls are still in charge.
That is good, Richard Burkett. I am happy you are making a killing. Who else is making a killing by reading my posts for advice? So far most of my targets and calling for the tops or bottom for that day usually came true. I am not perfect, but at least you will know where you are going instead of random walk.
Richard Burkett, can I ask you how do make big profit on Tuesday? Did you just short QQQQ or buy puts?
Matt, uh, I remember you. Why would you go against me? You can go against Cramer guy or Fast Money on CNBC. I am here to assist you and everyone else for free.
Here we go. QQQQ is on its way to retest 39.80. It will probably test it tomorrow. Earlier today, I warned the shorts to cover their positions. The market is not ready to go down yet.
Well, you may well be correct, but i viewed yesterday as bearish, for the following reason.
ReplyDeleteI use a system of trading S&P futures that Ilearned from John Mohan.
It works about 70% of the time with about 15% more or less doing nothing.
Yesterday, it set up for a move up to the levels you suggested or a little less. However after a bright beginning it just petered out and I cleared about 3:00 for a very small gain.
So, the market seemed to be saying it doesn't quite have much strength left.
Of course, this morning we're seeing some strength, so might just wait a bit for clearer direction.
Thanks for all your help.
I welcomed all opinions, ideas or suggestions. We are have different perspectives. That make so much fun trading in the market. You have the longs and shorts.
ReplyDeleteIn my early years of trading without my model yet, I intended to stay one side. Every times I went long, the market went down. Every times I shorted, the market went up.
To this day, I learned from my past experience.
That is why I have this motto.
"Take what the market gives you, not what you think".
If you have shorted the market in May, July and August when all the technicals indicators are screaming for the pullback, it shot higher. Lots of investors were saying head and shoulder. During that time, I will saying cup and handle. Guess who was right.
Rich, yesterday was a 'stand aside day' because of FOMC.
ReplyDeleteI played it too, in SPY 99.6x, out 100.21... just figured to scalp something quick and not risk anymore.
If you've shorted the market, I suggest that you should cover 1/2 of your positions. Like I said, the market is not ready to go down yet. The bulls are still in charge.
ReplyDeleteAre you going long this afternoon gcl?
ReplyDeleteProbably be wiser to wait for tomorrow morning and then decide.
ReplyDeleteI think all the waiting around is for that.
volume is atrocious today.
The volume is light today.
ReplyDeleteToday low and high were tested yesterday low and high. It is better to be safe than sorry.
I have to see how it closes today.
Regardless of "how it closes," here is my take.
ReplyDeleteFollowing your idea on Tuesday made out BIG time. I covered my short before the close, leaving a little on the table, but still pretty good.
Wednesday, your idea and mine both said up and what little action there was went that way.
Today, we are both a little timid and I have no signal from my 'system'. So, no play today.
To recap: Tuesday BIG profit, Wednesday little profit, today, no play.
I'll accept those results anytime.
That is good, Richard Burkett. I am happy you are making a killing. Who else is making a killing by reading my posts for advice? So far most of my targets and calling for the tops or bottom for that day usually came true. I am not perfect, but at least you will know where you are going instead of random walk.
ReplyDeleteRichard Burkett, can I ask you how do make big profit on Tuesday? Did you just short QQQQ or buy puts?
i've been going against you and getting killed.
ReplyDeleteMatt, uh, I remember you. Why would you go against me? You can go against Cramer guy or Fast Money on CNBC. I am here to assist you and everyone else for free.
ReplyDeletei'm not going against you on purpose.....i went for the blow off top and now i'm lost.
ReplyDeleteNeither (short QQQQ or buy puts), I merely went long SDS.
ReplyDeleteI wouldn't say I made a "killing," but I did okay.
Here we go. QQQQ is on its way to retest 39.80. It will probably test it tomorrow. Earlier today, I warned the shorts to cover their positions. The market is not ready to go down yet.
ReplyDeleteall cash over night.
ReplyDeleteno trades today. was tempted to go long at the stop take out early in the morning. upro under $108 on the dip and $111 at close..mmmmmmmmmm
i'm leaning to be a buyer early on any down swings tomorrow on the jobs #