I just did some looking around and it is sooooo hard to resist some of these stocks right now. To think I sold UYG over 12, BAC over 24, and AKS at 15 a few weeks ago is crazy.
SKF was wild as hell today. 
Yea, I’m thinking UYG might be a decent short term pick (baseless) @ sub $4 like it is now…
Srsly, I’m so pissed I waivered when I missed my entry point a little bit back :banghead:
Well as far as support we are cruising right through 2002 lows hahah. This is saying one of two things basically. Great depression or an oversold market. I want to start buying stuff right now so bad lol.
$270 SKF… that thing is nuts. My prediction skills are no good when shit is at all time highs or lows. This market continues to defy logic. and my UYG is well on its way to 0, basically saying all US financial insitutions are worthless.
I can’t believe it climbed like that. This is nuts.
Right before close I bough back in some lol. I suck
lol you do. just give me your money instead, then you’ll know it went to a good cause ( bullets and bitches )
should have bought mid day when it was back around 220, but who the eff knew it wasn’t going back to 120, ahhh hindsight.
next rally I’m going all in to ultra shorts and calling it a day :mamoru:
should have bought mid day when it was back around 220, but who the eff knew it wasn’t going back to 120, ahhh hindsight.
Burnouts!
Here are my thoughts right now. One thing that we know from the history of the stock market is that the market retests bottoms two or three times and today we went to new lows yet again but might go lower. But this opens up at least one really easy trade. There will be a SHARP erversal at some point as people are milking shorts right now and investors are going crazy. On the first sight of a bull run everyone is going to cover shorts and send the market up in a frenzy of people trying to ride a wave and cover shorts. Now this isnt the trade as its hard to tell where and when this will take place. But when this market shoots up 10%+ it is going to be a almost locked in short opportunity assuming we follow history and retest whatever new “bottom” has been put in. I dont like to advocate “trades” and prefer people stick to investing I just though i would share my thoughts mostly for the sake of good discussion not saying anyone should do this. Thoughts?
You guys seem to know a lot more about the market than I do but I don’t see any good economic indicators anytime soon so I think the market will continue to drop.
:gotme:
The key indicators are pretty bunk and they have been for years. What I would watch at this point is new construction. Once construction starts to pick back up the economy will begin to follow. This is not going to happen tomorrow, but a good local indicator is the Seneca casino downtown. Once that project kicks back off, a turn around locally at least should follow.
HAHA Im not saying an actual reversal im talking about a simple market rally at whatever the next possible “bottom” could be its a simple trade based on how the market almost always retests a newish “bottom” This action might not be anytime soon it could keep going straight down for all i know. Im not calling any numbers only the trade. Personally my best GUESS!!! would be we see a reversal within the next 6 trading days and it will be sharp and fast. Then back down(this is the trade) to “test” where it just was. Usually a ton of people have sooo much faith in these new support levels it will spring another test rally and come back once again. This is where it gets very hard to call as to weather it will hold up or come marching right back down. I plan to attempt the first two trades assuming something like this happens then im taking what I have and buying a damn corvette and waiting for a stable economy before i really start to put my money back in. At least I have a plan LOL
yeah, the market tends to bounce off its lows and have record breaking gains before falling lower…
If you look at a chart of the 20 highest % yielding days in the markets history, you will see that about 17 of them were during the great depression sell-off and 3 of them have been in the last 2 months.
Simply, once price rebounds off an alltime low, don’t go in long then, instead wait for price to retest that low- that’s when to get in. I’d be looking for price action, but after the retest of support, any strong bullish bar would be my indication to get in and make some money.
SKF’s charts are just too predictable for me; I’m having a hard time restraining myself from getting in. If you guys want a clue to what I’m looking at when reviewing these charts, pickup Martin Pring’s “Price Patterns”
Can you rehost it on something else? Its blocked at work, attach it to the message?
Thanks, I’ll check that out, I’ve been wanting to learn about reading the charts… any other starting points would be great :tup: