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Strategies & Market Trends : Longer-Term Market Trends -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (1599)8/7/2008 10:05:26 PM
From: skinowski  Respond to of 3209
 
I don't think the B low, 2, and 4 are required to be collinear.

Agree. If it happens - OK, but it doesn't have to. If the indices will rally tomorrow without testing the support line, the structure may still evolve into a legit ED.

It does look like the advance is nearing the shorting territory. I'd like to see a lengthier correction, with more bullishness - but it doesn't have to happen.



To: Perspective who wrote (1599)8/8/2008 11:49:26 AM
From: skinowski  Respond to of 3209
 
Started shorting a little, mostly via SPY and Q Dec OOM puts. If I'm right, the move is likely to be substantial, and OOM should do well. If I'm wrong, the risk is limited.

Did quite well on the long side since mid-July. Still unwinding the positions... tightening stops.

Giving up most of my gains on several LTBH energy positions... no fun. Had them partially hedged by long DUG and short OIH and UGA.


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