When I fall asleep, I dream of stocks and shit. Last night I had a dream about FTK. It’s all very vague to me now. But if I remember correctly, I Molotov cocktail’d their fucking HQ. Here we are, another day passing by, with the market doing all sorts of wondrous things. If I was a seal, I’d clap. But, since I am not a seal, I only plan to take profits.
I am down quite handsomely on my initial purchase of VXX. However, as always, intend to buy more around these prices, so that I might profit from the correction that is scheduled to commence.
When will it commence, you ask?
Answer: Soon.
With my money, I intend to bulk up on cash. And in my personal accounts, I will avoid riding stocks through earnings, like homeless people entering my subway car.
All in all, I’m doing well, with long positions in EMN, EWZ, CIEN, SHLD, GLW, TSO, BAC, IBN, just to name a few. As the market approaches 10,500, I will exercise caution.
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This market feels like it is going to go straight up. That either means its going to go straight up, or its going to rape and pilllage. It probably means by wednesday I will be convinced that it is indeed going straight up, whence i will sell my VXX and TZA at abominably low prices.
And then on Friday we will plunge 3%, while I am holding EWZ and QQQQ naked.
cocksuckers.
We are all waiting for your market call.
This feels different, like there is a global agreement now that the Int. Bankers have the bill they wanted signed off and the “stress test” results “passed” on European Banks.
With elections coming up and Biden stating that the Dems would hold (what???) something is up – unless he is just a blow hard (???).
We might be in an uptrend with a higher low, but the ppt is telling me to beware.
of all indexes, TF_F (IWM) and YM_F (DIA) are the most over-extended above Volume market profile support.Dow is almost 150 points above,Russell 2000 is 35 above.
At the very least, id wait for those 2 indexes to pullback, before chasing anything long. Any other market profile traders want to confirm, or deny, what Im seeing?
But, the main reason to be cautious— We’ve reached the top of the “bullish expanding megaphone pattern” I posted at the start of July
http://i659.photobucket.com/albums/uu317/panamaorange/2points.jpg
confirmed. Raising cash today and tomorrow. Rebuy near MP support.
I am tired of being early. Early to take profits, early to hedge, and early to short.
I need some sort of technique to maintain patience.
Try yoga.
HB, I know I don’t need to say this but I will. Why don’t you just reduce you position size? Remember patience varies inversely with position size.
Yeah, probably true. I just need to start scaling over a few days….i think that will help.
if i may be so bold as to suggest a chart of the stock you are trading complete with support and resistance lines..i have mine all pimped out
“I had a cream about FTK” – I hope that was a typo bro…
Some guys get more excited about stocks than others.
He set up the line and delivered the punch line in the same sentence.
Take the sand out of your eyes, son
attendez de la creme
Thank you Dr. It’s quite an interesting market.
New PPT mascot:
http://www.youtube.com/watch?v=GabMEHfCjT0
I suppose this means that Fly believes in the double dip.
The “growth” we have had till now has all been linked to government spending. This will not continue forever.
China, Canada, and Australia all have high flying housing markets that are due to implode this fall. This should cause a similar dip to 2008, and will firmly place every country’s economy into depression.
The question is when this all happens. There needs to be a major catalyst for the market to break down.
Fly, can you comment on what you believe will be the catalyst to the future downturn you are predicting?
im spooked and clearing out of fas @ 22.90