Monday, August 30, 2010
Update
From Thursday's high at 1061.75 to Friday's low at 1037.25 the ES dropped 24.50 points. A drop of the same size from this morning's early high at 1072.75 would stop at 1048.25, vs. today's low thus far of 1046. If this market is about to rally as I expect we should see strength above the 1050 level early tomorrow. Failing that I think a further drop at least to 1025 and probably to 1010 will be the next development.
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6 comments:
Carl, Your always right. I think we may even go lower.
Most do not understand the difference between a cyclic bear market and a secular bear market that we are in.
This market may define what a final K wave entropic market looks like in its final stages. Uncle Ben Shalom Bernarke could be running out of Ammo but never count the Fed out until the lights are out.
Good trading and good luck to all.
The market topped on 4-26-10. You have been bullish and predicting a move to 1270 and higher during this entire down move. Here is a quote I follow in my trading, "The only thing worse than being wrong is staying wrong". What do you need to see before you realize you have been wrong?
mike f,
i think you need to read his book to understand where he is coming from. he is following a strategy and right now that strategy is telling him to remain bullish. after all, isn't trading all about following a trading plan?
Mike F.
I take it that you mean the only thing worse than knowing you are wrong (when in a trade) is staying in that (wrong) trade. Good.
Have you seen any evidence that Carl stays in a trade when he knows he is wrong? I have followed hundreds of trades on this blog over the past 3 years, and I haven't seen it.
i am still confused about being bullish on the market and bearish on crude oil although carl never states they are to happen at the same time!
does anybody here agree with his oil forecast????
Carl, no disrespect, but I think this statement applies to you as well since the April high, "Markets can remain irrational a lot longer than you and I can remain solvent."
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