Scott,
Hopefully you took that long signal. We're up 11 points off the S&P futures low now. 1151.40 was the low, versus my target of 1050.50. I know, I know, missed again! <g> But if i can keep within 1 S&P point of the turns, i doubt i'll go broke anytime soon!!
With wave 1 of this move being 38 S&P points (not the 35 i mentioned earlier), i expect wave 5 to be roughly the same size...so 38 + 1151.40= 1189.40. This wave 5 could be tricky, but it HAS to move at least 19 points off the low (1/2 the size of wave 1), and could move as many as 45 points, back up to the 1195 or 6 area. But the SPX cash should continue to hold the 1192 area if that is the case.
I'll hold longs and wait for 1187-1190 on the futures now to close positions, and then will prepare for the MegaShort opportunity of all time.
OPEN QUESTION TO THE THREAD: If you knew this was the day that the market made the high that may never be topped, what would be the best way to profit from this knowledge? Which instruments would be best to use in reaping the greatest rewards? Assume you don't know how large the upcoming drop will be, or how fast it will occur.
Regards,
David |
