FetteredChinos
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mark, with all due respect,
whilst in some ways it is good to have an opinion as it helps you pull the trigger, for your sake, I really hope the trend reverses soon.
we are in an incredibly bullish period, the trend is up in almost all time frames.. buying dips is more beneficial than trying to sell tops..
to paraphrase jesse livermore, the best time to buy stocks is when you need to get a new piece of paper for the chart.. having hit an all-time high in the Dow (S&P and FTSE will follow before january) I would think we need another piece of paper.
just trying to be constructive here,
FC
whilst in some ways it is good to have an opinion as it helps you pull the trigger, for your sake, I really hope the trend reverses soon.
we are in an incredibly bullish period, the trend is up in almost all time frames.. buying dips is more beneficial than trying to sell tops..
to paraphrase jesse livermore, the best time to buy stocks is when you need to get a new piece of paper for the chart.. having hit an all-time high in the Dow (S&P and FTSE will follow before january) I would think we need another piece of paper.
just trying to be constructive here,
FC
mark twain uk
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FetteredChinos said:
I could not agree more, I am currently short but will get out sharpish tomorrow if it carries on North. And as of now, I will buy the dips as well as selling the tops. You know the saying, better to lose your conviction than your money, I did just the opposite. In a bullish trend the best strategy is to buy the dips, for the last few weeks I've been selling the tops, with some success, but missed out shedloads by not going long on reversals.
I truly appreciate your advice, thank you.
FetteredChinos
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no worries mate, i was hoping that you didnt take it the wrong way.
anyway, fingers crossed the market goes somewhere other than sideways for the next few years
'night all.
fc
anyway, fingers crossed the market goes somewhere other than sideways for the next few years
'night all.
fc
mark twain uk
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mark twain uk
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dc2000 said:
I've read somewhere that you are a real pro when trading becomes boring, I like your stile, I am still getting excited, way to go.
A comment last night from Michael Nystrom - worth keeping in mind !
"The Dow closed at a new, all time high today (12,218) so the economy must be doing great, right? Guess how many Dow stocks made a new high today, along with the index.
Answer: Zero.
In fact, only 7 of the Dow's 30 stocks have made new highs in this year: American Express (AXP), Boeing (BA), Caterpillar (CAT), Altria (MO), Proctor & Gamble (PG), United Tech (UTX), and Exxon/Mobil (XOM). Of these, American Express (AXP) is a financial services company that uses money to make more money; Boeing and United Tech have been beneficiaries from the Federal government's war spending; Exxon is raking it in thanks to high oil prices (which are a drag on the rest of the economy); and Altria and Procter & Gamble are both defensive stocks. While Caterpillar (CAT) hit an all time high of 82 this May, today it closed at about 60 - a decline of over 20% in six months, victim of the housing slowdown.
The stocks that got the credit for today's big Dow move were Wal-Mart (up 2.9%), Intel (up 4.2%) and Home Depot (up 4.3%). Of these, Wal-Mart made its all time high in 1999 near 70 and today closed near 47 - still down 33%. Home Depot made its all time high in 2000, also near 70, and closed today around 38 - still down 46%. Intel made its all time high in 2000 near 76 and closed today near 22 - still down a whopping 71%, the worst performer in the Dow.
The majority of Dow stocks are still down over 20%. A quick glance shows that this market is far from healthy. But in spite of the fact that this advance has, and continues to be extremely narrow, bullish sentiment continues to rise. Regardless of what is or is not going on in the economy, the Dow made a new high today and that high must be respected. And not only the Dow, but the S&P 500 and the Nasdaq are all moving higher.For the time being, bears must be patient in the knowledge that their turn is coming. The trick for bears is not getting in too early, and not getting wiped out before the top is in. "
"The Dow closed at a new, all time high today (12,218) so the economy must be doing great, right? Guess how many Dow stocks made a new high today, along with the index.
Answer: Zero.
In fact, only 7 of the Dow's 30 stocks have made new highs in this year: American Express (AXP), Boeing (BA), Caterpillar (CAT), Altria (MO), Proctor & Gamble (PG), United Tech (UTX), and Exxon/Mobil (XOM). Of these, American Express (AXP) is a financial services company that uses money to make more money; Boeing and United Tech have been beneficiaries from the Federal government's war spending; Exxon is raking it in thanks to high oil prices (which are a drag on the rest of the economy); and Altria and Procter & Gamble are both defensive stocks. While Caterpillar (CAT) hit an all time high of 82 this May, today it closed at about 60 - a decline of over 20% in six months, victim of the housing slowdown.
The stocks that got the credit for today's big Dow move were Wal-Mart (up 2.9%), Intel (up 4.2%) and Home Depot (up 4.3%). Of these, Wal-Mart made its all time high in 1999 near 70 and today closed near 47 - still down 33%. Home Depot made its all time high in 2000, also near 70, and closed today around 38 - still down 46%. Intel made its all time high in 2000 near 76 and closed today near 22 - still down a whopping 71%, the worst performer in the Dow.
The majority of Dow stocks are still down over 20%. A quick glance shows that this market is far from healthy. But in spite of the fact that this advance has, and continues to be extremely narrow, bullish sentiment continues to rise. Regardless of what is or is not going on in the economy, the Dow made a new high today and that high must be respected. And not only the Dow, but the S&P 500 and the Nasdaq are all moving higher.For the time being, bears must be patient in the knowledge that their turn is coming. The trick for bears is not getting in too early, and not getting wiped out before the top is in. "
FetteredChinos
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yes, and while the a/d line is a good guide to the markets health,
who is to say that the other Dow stocks are not going to make up that remaining 20% that he mentions? if so, we could be looking at 15,000 in the dow sooner rather than later..
who is to say that the other Dow stocks are not going to make up that remaining 20% that he mentions? if so, we could be looking at 15,000 in the dow sooner rather than later..
Well FC, of course it is possible - if at least another 7 or 8 component stocks moved up to their ATH over the next few months then 15000 could well be on the cards ! We can only wait and see !FetteredChinos said:
Have to say though that I think we are overdue a retracement ! :cheesy:
FetteredChinos
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agreed.. but the market is still going up, and until it stops doing that, then I am going to be buying dips..
mark twain uk
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I am still short from last night and will need to be nimble or lucky or both to avoid a major loss in case of another push up on the same scale as yesterday, however. I think that it will go down today, but what do I know?
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dc2000 said:
dc,
please send me a PM if you plan to go long at 12,240, I do have some rope and soap at hand
mark twain uk
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rav700 said:
25 points is too tight, even if it goes down you are likely to be taken out on a stop gunning excercise
mark twain uk
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it's turning