Friday, December 04, 2009

covered at 1098.75 but will get short again

4 comments:

P said...

Refreshing to see you going short -- I know you just did it when you saw its time to go short -- but to me your long view was worrying me out of my short :)

Thanks for the updated views..

pimaCanyon said...

Great trade, Carl. You nailed that one!

me said...

It needs to close at 1106 or above today to continue to stay as uptrend.

jeff said...

Right on Carl. A sign of a good trader is to recognize a trend change. We just completed another classical mini 5 wave down and are in the process of an ABC retracement up to your mid-point line. The only difference I see is there is I believe we are in the midst of a larger A-E triangle formation. If I draw a line from 11/19 and 11/27 bottoms, I think the E wave bottom will be in the ~1077 on the eminis. . A break below that takes us back to 1040 or so.

As much as I want to be a bull, this meddling around these levels in excess of 2 months sure feels like a topping process. When I add declining volume and fewer and fewer stocks participating to the upside, I sense something 'evil' is lurking.

However, before we fall big, I still sense we will have one more attempt at the highs, but don't believe we will acheive it.

I guess that's what make it fun to hear your and other perspectives. For now, all we can do is trade in the present. And the short-term says we are going down.