Tuesday, August 31, 2010

sold long at 1048.50 - but still bullish


tempo said...

Like your nimble yet risk adverse trading style. Next week after the big money return from their extended summer vacations, the market will likely breakout above 1070 triggered by a new QE measures. The lack of any meaningful news doesn't mean that a big new stimulus program isn't pending

Unknown said...

Personally, I don't know what's so bullish about the charts on a 5-min, 15-min, 60-min, DAILY, WEEKLY. There seems to be more pressure to the downside.

To me, until the charts show me otherwise, I'm leaning bearish with maybe a short-term pop due to the CBOE put-to-call ratio being overly puts.

But that's just me. Seems safer (less risk) to short the advances at resistance levels.

Adsense said...

still looks to me like point 7 was complete on aug 9 2010 we still need to see points 8 9 and 10
before becoming bullish .
i admire your bullish posture carl
but i am begining to think you have become much to short term in you veiws and have forgotten or just dismiss many of lindsays work
good luck

raven said...

Great Defensive Trading Carl but...

I am still trying to figure out why your trading in this market at all?

extrader said...

10am gap filled time to go long!

http://www.marketspath.com/ said...

Carl-I guess you have to be defensive trying to get long here. But at what point do you scream uncle. The last 15 trades have been losers or break even trades, even with the consistent bullish outlook.

Maybe Wednesday we rally until week’s end, but buy puts or short until you see a minimum target of 945. It will be here much faster than 1150 I believe. Each rally has been perfectly timed with bad news.

Why? In 2 words, no buyers out there. So they have to create buyers and that would be the shorts. Once the short finished covering, we head back down to where they forced them to cover in the first place.

Bulls are now in HOPE mode. The HOPE Ben will come out with another round of useless throw money in the toilet qe2, which will have the same results as qe1. It will pop the market (maybe this time) banks will heard the free money and once the qe2 dries..they will tank the markets again..why? So they can force him into qe3.

This market goes nowhere without real buyers. Real buyers are exiting the markets. They will not think about jumping back in until we see lower levels.

The small guy has to get that feeling that he got one over on the big guys by getting out of the markets 200 points higher..If they can ease their way down to 945 without major panic..the little guy will consider putting money to work again..as he is 200 points ahead of the market.

So they can try and keep the smoke and mirrors act going-but the curtain has been raised already and the audience already saw this was nothing more than a puppet show.

945 i will be 1/2 way bullish and 880ish I will be even more bullish..but I will never have pie in the sky numbers as targets. 100-200 es points and you get out if swing trading.

But I day trade and we did another 20 points today. So each day we take in 10-20 points and trade the markets as the perma bear waits for es 400and the perma bull waits for 1300 es..we make as many points in 2 months. Good luck..