ThorAss Posted August 8, 2003 Report Share Posted August 8, 2003 Thursday action or inaction if you will seems to support my current plan or lack of one. One possibility I'm thinking about is scaling into shorts day by day and waiting for some kind of low on the PMS or buying individual miners at support prices, with the inevitabull plan of setting up 50-75% short the broads and 50-75% dong the mooners. Currently I'm fooly in cash. My brief flurry on the dong broadside lasted a few hours and netted me $22 after $22 commission. I'm not so good there. Got schtopped out. The cubes gave within 1 cent of my ST downside target put seemed to lack any mo at all on the upside. See what kind of action the criminals bring to the floor Fryday. Link to comment Share on other sites More sharing options...
PileDriver Posted August 8, 2003 Report Share Posted August 8, 2003 my plan is real simple. Everytime the hourly stochastic hits overbought on our descent to hell I short another load of QQQs Now here's the real hard part: I set my pager/alert then sit back, don't incessently watch every damn tick of the tape during the day, and try to be patient and wait for the position to grow until the next major bottom (Sept or Nov?). We're in a confirmed IT downtrend and the top is confirmed and in place. Link to comment Share on other sites More sharing options...
Slothrop Posted August 8, 2003 Report Share Posted August 8, 2003 Morning Mr. Thor. Evening Mr. Pile. Looks to me like we get some kind of rally. Whether it tests or exceeds spx 1015 is the question. What's clear is that this is the rally to short. COF. Looks like it wants to rally back up above the 50-dma and fill that gap. Then, it's a look out below situation as far as I can tell. Link to comment Share on other sites More sharing options...
Slothrop Posted August 8, 2003 Report Share Posted August 8, 2003 QQQ. Three consecutive closes below the 50-dma. The bubblemania 2 move up from the March lows is definitely over. But look: volume shrinks each day we're below that ma. It would be unusual if we DIDN'T see a rally here. Link to comment Share on other sites More sharing options...
Slothrop Posted August 8, 2003 Report Share Posted August 8, 2003 Three black crows with the last bird taking a dip below the 50-dma. Guess we'll see that "half way back" rally that often follows the crows -- and then the large gap at 5 and a half gets filled. Just guessing though. Link to comment Share on other sites More sharing options...
ThorAss Posted August 8, 2003 Author Report Share Posted August 8, 2003 Thanks guys, good to here some wise words here. Piles, If you have a moment could you illustrate your "plan" with an annotated chart? Just to get a feel for it. Thank You. Sloth, Thanks for all the charts and work. A combination of my days reading, yesterday's market inaction, my own lethargy and your advice has me wanting to sit out at least one more day. Gives me the weekend to construct a strategy. Then their will be my usual reticence to trade heavily during Scam week. Now if I could only sort out the PMS. Link to comment Share on other sites More sharing options...
Darktrader Posted August 8, 2003 Report Share Posted August 8, 2003 Good oppotunity for ES to break down here....people expecting further push up like last two days....I guess we will know by end of the day....expecting 955 by first hour monday morning..... Link to comment Share on other sites More sharing options...
Slothrop Posted August 8, 2003 Report Share Posted August 8, 2003 I don't know. Looks like a bullhorn pattern on the Dow Jokes intraday thus far. Coming after a sell-off, I would guess it indicates an "end of trend" situation and that a rally is imminent. As far as the miners go, I'm surprised by the rally this am. The CALVF breakout indicates that stupid, speculative money is now afoot. Thor: have a good weekend. I'm leaving early today to hike up Mt. Elbert with my 12 year old son. We're camping out at the base camp area tonight, Half Moon Bay west of Leadville. Sometimes when I'm up in the mountains all of the peaks and valleys seem to take on an Elliott Wave pattern and I start counting them "A-B-C..." Too much chartwork. Link to comment Share on other sites More sharing options...
Slothrop Posted August 8, 2003 Report Share Posted August 8, 2003 Buy-stop at 60. imho. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.