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S&P 500 index down 9.2% off its intermediate bull market peak
I believe i should be able to rightfully take credit for calling the market top. Either im one lucky swing trader or ive got some 6th sense with markets. I have been successful in shorting gold at 1210, shorting crude from its recent 83.50 high (but covered a bit too soon at 74).
Check my old posts and you will see that SPX could peak at 1150, i was saying this back in May/June/July and have only started shorting now. Traders were showing charts of the 1929-32 bear market and i responded by saying that the FED was being much more aggressive now than it was back then.
Heres my post from Dec 3, 2009 saying that the market had topped or was very near topping. Ive been adding short positions since then. At the time SPX was at 1103, dipped a bit and then hit its peak at 1150.
Anyways enough with patting myself on the shoulder (those who pat themselves get the rug pulled out under them very quickly). Expect to see a relief rally early next week as most ADD minute term traders see a nice opportunity in a relief rally. Bull market tops dont go down without a fight as studing old market tops show that they fight and scream on their way down. This is where the battle of bull vs bear really heats up and volatility goes wild.
Nevertheless, wave 2 of the bear is back and who knows how low we can go. Of course, the SPX should fall to roughly 500 but with a determined money printer this wont happen. End of March is key with QE. Until then, i expect pressure to the downside to continue.
Love,
Bearmarkettrader, esq
PS: still looking for work. Cant find squat.
PSS: ive applied to the FDIC, SEC for staff attorney positions. Will let u know what transpires
Print
I work for the family business, havent found a law related job yet.
If you don't have a job, how do you have any money to play the markets?
Ask any day trader.
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.~ Morpheus
Located in Ft. Lauderdale, FL. PM me.
Yo morpheus you are the man! One of my favorite posters on this blog.
Hey, you gotta love that intraday reversal. That was way too easy to call LOL
Yo morpheus you are the man! One of my favorite posters on this blog.
Hey, you gotta love that intraday reversal. That was way too easy to call LOL
Gratzi. *Curtsies for Bear^
What? A 1% move in a matter of minutes? Odd, wasn't it? I watched it unfold in real time and my stomach sank. I'd ridden SKF, TWN, and SDS all day, got out after lunch, and decided to get cute...
Me got too greedy. The scuttlebutt was that the Consumer Credit Index for 12/09 was down y/o/y, again.
So, I played TWM again @ around 2:40 pm. It's sliding a bit...OK, shorts are covering... but the 3pm announcement.
Consumer Credit down .75% in December, but less than expected. It's LESS BAD
Poof, half my days profits gone before I could liquidate my position. It was too fast.
I smell BS. Nothing reverses that fast on that kind of news. Maybe a little mini-short squeeze. I dunno. But I'd never witnessed live anything like it since last July.
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.~ Morpheus
Located in Ft. Lauderdale, FL. PM me.
Come to think of it, it's Friday, it's been a long trip down, and the shorts had to cover. The CCI was likely the trigger for a massive pre-weekend cover.
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.~ Morpheus
Located in Ft. Lauderdale, FL. PM me.
Also think of all the speculators that bought in looking for a couple percentage points! Also, the permabulls buying on the dips LOL
Also think of all the speculators that bought in looking for a couple percentage points! Also, the permabulls buying on the dips LOL
Bullish hammer formation is setting up in the SPX and COMPQ.
I have no idea how Monday is going to play out. Perhaps a retracement? Thoughts anyone?
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.~ Morpheus
Located in Ft. Lauderdale, FL. PM me.
"It is better to remain silent and be thought a fool than to open one's mouth and remove all doubt."
-Abraham Lincoln
Captain Sheeple
"It is better to remain silent and be thought a fool than to open one's mouth and remove all doubt."
-Abraham Lincoln
What's your point Jeff? Please grace me with your wisdom.
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.~ Morpheus
Located in Ft. Lauderdale, FL. PM me.
If you don't have a job, how do you have any money to play the markets?
Captain Sheeple