I take some offense to your saying we have been wrong in our predictions. This is mainly a short term trading thread. I think we have done fairly well in getting people out before each dip in the market and clearing the air when it is time to go up. Most everyone here trades what ever they want to go long on, we post when the market is about to back off so we can lock in profits. Of course I am biased as an intermittant contributor.<g>
You have stated that you feel next week will be strongly up. Care to put a number on the SPX, DOW, OEX, or NASDAQ for the target? We have pretty much stated that we feel the upside can continue here but some have said that Tuesday will be the high before the next pullback and I really "don't know" but feel the market has an upward bias but with all the earnings releases Tuesday, the rounding top on the OEX and CPI/PPI numbers that the risk to reward if you are not already long is not worth opening a new position on Monday until all those numbers are out. The only way I feel I will be wrong in this outlook is if the DOW rallies 500 points and the stocks that most people trade go up 5% or more before Wednesday's open and the rally continues on. If we have a fairly flat market through Wednesday, then you didn't miss anything except the nervousness of waiting for the numbers, if we drop, you will be rewarded for waiting. If we do rally hard before a chance to get in Wednesday morning, then you missed out on the potential to make money but still did not lose any money. You will also still be a trader not a Gambler. If you are already in long trades and have some profits, then a minor dip won't matter and stops will take care of any large pull backs within reason so my position does not affect you. If you are planning on buying up the market Monday morning, then my advice IMO is sound, and ignoring it is a gamble, not a trade.
Good Luck,
Lee |
