Monday, November 02, 2009

sold one unit at 1039.75

16 comments:

andi said...

carl, lately you are not showing any conviction on you position..if a bull like you is nervous, it is not a good sign for longs

DL said...

Something going on with the financials. C has been weak all day and BAC just fell off a cliff. Market followed.

Kishore said...

Carl, the trend line on the daily charts has been broken. If one wants to trade the trend, it is now safer only to short the rallies. Of course, one can still make money buying the dips but only with less profit at high risk. To make 1120, the market will have to first undo the damage done in the past week.

F&H Painting said...

Carl,

It seems that this decline is fooling you more than the previous declines. Me too. Do you know why?

Bill said...

The main concern is the Nasdaq. Although the S&P 500 is above the October 2 lows, the Nasdaq broke below this morning.

The Nasdaq has been the leader of the market, so if it broke the October lows this morning, won't the S&P do the same shortly? The Nasdaq seems to be leading this market down and until it gets its footing it looks like the market will remain weak.

boris said...

Dear Carl,
At around SPX 1085 or so we stated here that.

"Next First 100 from SPX at 1100 points is likely to come on the downside"
I just would like to rephrase.
It meant that 1000 was more likely forst than 1200

We now have covered close to 80 pts of those 100 pts, I would like to update my forecast.

13th November may prove to be a low (cycle inversion), with initial low , probably coming by this Wednsday +-1 trading days.

Good Trading all

P said...

Seems like the market did what Carl had suggested it'd do the past couple of days -- establish a low near 1025 area and then bounce off.

TradingNuggets said...

Carl,

Your Long trades lately have been like my short trades were a month ago...Not working!

Hang in there... it is a YoYo market currently.

I think we may test your "line in the sand" before heading higher.

You'll get your Mojo back!

Jack

andi said...

bought some ES 1028...i think where carl is going wrong is he is buying too late into rally as market is now much weaker and doesn't have strong follow thru//even w/long bias, you have to much lower on a dip...good luck to everyone

jeff said...

so much for my ABC relief rally. I'll have to go back and re-count my wave structures.

What I do know is there is a definite change in market landscape. Over the past 7 months or so, all dips were bought. Over the past week, all 'rips' are being sold into.

MaverickUK said...

Carl - it is interesting that several major investment banks also had the 1120 area on the S&P as the top. What is also more interesting is that they all now believe the top is in at 1101.

truyenh said...

I think the s&p will be volatile for whole week bouncing back and forth between 1030 - 1055 range and all the reveral at the top and bottom of the range will be quick. Until it make about 3 to four bounces, I think it will make a strong break down to 1012 area and build the bottom for the this entire 3 week down move. And I would expect another fast and huge run up from there to 1200 level.

Wags94596 said...

As I indicated in a previous post, it's ALL ABOUT THE EURO!!! As soon as the Euro (FXE) backed-off, the market go weak. A monkey could make money trading off of this relationship!

DL said...

Big swings within a range bound trading environment. Still not convinced that Carl is wrong. Technically it looks like we're breaking down but you can still make a bull case. Interesting times.

Kishore said...

For day traders, obsession with far away support and resistance levels may be confusing. It may be easier to play the shorter-term charts when they are in line with the longer term trend. The trend on the daly charts is down, within a downward channel. We are currently right in the middle of the channel and rising. The price will meet the channel at about 1050-1055 on daily charts which will be safe short unless there are signs of the price breaking out of that channel.

Wags94596 said...

"Daytraders" using far away support and resistance levels??? You must be mistaken my friend.