StockOperator,
>>>> As far as a downturn this week. I think today's close above 10,000 will cause an emotional reaction on the street. I am sure there will be many that will view this as the train leaving the station. <<<<<
I agree that most feel that way. I already got my investor friends calling me taunting me with 10,000, since Im the only one who is bearish. Hey I told them that we would not hit 10,000 - I just go with my stupid technicals which has been quite accurate since Nov, and they are calling for some sort of pullback by latest WED's highs.
Tomorrow can still move up some tomorrow, but if it does move up, the upside is limited. Remember, per my short-term technicals the minimum requirement is 75 DOw points, but seldom is it that small with average minimum requirement of 150-250 points. Just making it clear what I am expecting. No big deal if thats all it pulls back, but more importantly is the timing which should be either tomorrow or WED.
Stock, actually I curious to see if my short-term signals work in light of the strong upward emotions as you mentioned.
I also have to state that my trading style is based on my system, so timing is the most important issue to me, since I am now only playing options, not stocks. A 200 point move may only produce a 2-5 point move but with options timed just right, could mean a 20%-40% return in a few days(normally 1-5 days), and then Im out.
On a more negative view, I strongly feel that the start of the bigger decline is right around the corner.
Seeya |
