Bold predictions.

Tomorrow im targeting a close at to below 1355. 1355 is where we would need to close for the uptrend that started on 6/4 to still be intact.. I doubt it holds.. 

Im targeting 1325 on the SPX by Wednesday or Thurday give or take 5 points. (its a whole thing how i come to that number and time). If we start to trade below 1325 it can ugly very quick.

For EUR/USD the next level is obviously 1.19ish (june 2010 low). But i will note that it has room to run up before it hits the closest resistance line to bounce down off of (6/29 - 7/19 downtrend). It dosent have to go touch that line to keep going down though.

There doesn't appear to be any major economic news until Thursday. So we will start to trade off of European things I don't understand. Also don't be confused when we start to trade lower on earnings of the same quality we were trading up on last week. That's just how it works here.

and all of a sudden 1325 doesn't seem like a stretch.. hope all of my fellow investors were hedged.. any trader worth their salt was short, so we are having a real good morning.. Everyone remain cautious and trade hard..

selling is slowing down here

I am re-shorting at the top of the bounce. I booked some profits for now

Took off 75% of my short position at around 134.10 (THANK GOD)
Going to hold the remaining 25% over night. Still holding a double on it. Nothing compared to the quadruple i was selling em at earlier.

By some miraculous way the market manages to hold the up trend on the SPY its a little off on the SPX. Very impressive showing today for the bulls. Either way pretty close to my initial target of 1355. Hope everyone made it out ok.

My target of 1325 by wednesday is now on hold because all the trading that has now taken place from 1337 - 1350 is going to provide many levels of support along the way. And the fact that we are closing on the uptrend make me far to nervous to be positioned overly bearish. You cant win them all. You know what they say bulls make money, bears make money, and the pigs.... well pigs are just pigs.

I'm glad I didn't get in yet, Too many supports to cut thru. It's not giving up easy. I'll wait at least until it goes below the 50 SMA.

incubus said: Dog + bell = drool

ok i see where you're going with this now, but when does the dog stop responding that is the question......

incubus said:

sky02316 said:

incubus said: Dog + bell = drool

ok i see where you're going with this now, but when does the dog stop responding that is the question......

 It was strictly for chuckles, I seldom talk resistance/support, chart patterns or indicators in short term trades for this reason.

I've seen a pattern repeatedly, one month everyone is talking how the market can't stop rallying & fundamentals/technicls are incredible...three months later, with the exact same economic variables, everyone's talking how there's no way the market can go up.

The pivot usually comes when almost everyone agree's.

Best Indicator I know, go against this -  http://www.aaii.com/sentimentsurvey

One of the best indicators I know is that if a company starts reporting it is losing more money its stock price goes down.

IM SO CLINT EASTWOOD I KEEP MY FIST FULL OF DOLLARS..

closed all short positions.
Im done. Made enough to justify not trading for the rest of the week. I love it.
It got close enough to my target to not be stubborn and wait for it to hit 1325.
Seems like it was a good move the market is exploding up at the close hahahaha the market cant catch me. 

It was good short week.. God bless.. yall take care.

Go ahead, make my day.