iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,219 Blog Posts

Reminder: We’re Still in an Uptrend in the Longer Term Downward Channel

Even though I’ve taken on positions in SOXS, FAZ, and DRIP — the trend is higher. I know, what could possibly cause stocks to go up?

STFU.

Stocks trade up for all sorts of reasons. If I was to give you my best advice, I’d say to eat a sandwich and to chill the fuck out. My shorts are anticipatory trade, unconfirmed. While the markets look tired and we might be topping, price action hasn’t confirmed these theories. Ergo, one must remain open to the idea of even more upside, in spite of how annoying it all is — given the news.

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9 comments

  1. tjnyt

    We’ll go down after a bang, hang in there.

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  2. edge

    Including the leverage on the 3x ETFs I’m 50% cash.
    IEF TQQQ SOXL. I think we will head down eventually. But- PPT actions are a wildcard. They seemed determined a few weeks ago. Very dicey.

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  3. ferd

    Our collective prayers for our kindly banker-benefactors bearing fruit. C doing well. DB hanging in. And BCS continuing higher today.

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  4. the hungry dog

    MJ stocks moving higher. Look what TLRY has done.

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  5. bronze28

    Mike Wiilson;” top of S&P between 2600 – 2650; then we test bottom again.”

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  6. og

    2600 SPX wall.

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  7. dollargoal

    Boring. Still in the 6.6K pause after the expected retracement up in the mid-term pattern. Watching a possible short-term bull flag forming right on that 6.6K area though. https://www.tradingview.com/x/mnianlWq/ Who knows, maybe best odds for a b/o coming. In the meantime, sideline until confirmed move up or down.

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  8. chumpdaddy

    That does look like a bullish flag. The longer it stays in the consolidation pattern, the less bullish it is.

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