Ground Zero,
>>>>>>>>>> I don't know if we'll ever see 7400 again, we could see 5600 again as well. So far, I've been holding long positions now for about 2-3 weeks and see no reason to sell out here, yet. <<<<<<<
By now I have made it very clear that I do not see any convincing technical evidence that the 7400 support will not hold if it gets that low, but at the same time I do not see any evidence that the market is going back to an uptrend in the short-mid term (1-30 days).
So I have to agree with you that right now there is no technical reason to sell out right now, but on the other hand wheres the technical evidence to BUY, ESPECIALLY BUY WITH 2 HANDS! Please understand that I am a technician, and try not to discuss fundamentals since that is far from my expertise.
Also, my time period is short(1-10 days), so my investment position should not be mistaken for longer-term outlooks, since I only do dervivatives. I dont have a single stock in my trading account, nor do I do stock options, except for every once in a blue moon.
There is some evidence that the market could be turning to the upside, but there is just as much saying the opposite right now. In other words there just simply is no convincing arguement on a technical basis for LOWER LOWS or HIGHER HIGHs, at least not just yet.
As I have said earlier, I really wonder is those who are exuberant are trading in the direction they are talking. If some are still holding onto longs and are exuberant - in my book I presume THEY ARE BUYING, not just holing onto their long positions, since they are so sure the market is going up, and the same for the exuberant BEARS.
If someone feels that we are heading up to 9000 right now and made a case, whether or not it is sensible - thats fine, that is ones own opinion. But to be overly exuberant without substance or even comments - that may not be the best advice.
Seeya |
