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Ok, that was interesting...Why?
Read my weekend post to find your answer...specifically paragraphs 3 and 4. It's only a temporary respite in cash. I plan to get short again soon.
Gotcha, sold at 16...Lets see how the rest of the day goes...
J, does this mean there is a big chance the JT comp will signal to go to cash at the close?
Too early to tell. I was anticipating a JTS short signal today to push the JT Comp to 100% short, but both the CCI and the JTS look like they might both go long. That kinda flips the script on me. I may be going partially long on the close, but again it's a bit early to say for sure.
Schaeffer's has some interesting statistics regarding electionweek: http://www.schaeffersresearch.com/commentary/content/ezines/why+bulls+should+stay+in+the+game/mondaymorningoutlook.aspx?id=113557&obspage=2
Thanks, interesting data.
A very nimble exit, J. Congratulations.
Thanks! A little bit of luck there, too. :) But why bet against 18 for 18 odds. No thank you.
Take those odds w/a grain of salt... I remember when they were touting how "the last day of the year has NEVER been a down day"... and it wasn't... until some time around 2000... and it's been a downer quite often since then. It's called "mean reversion". And that is what happens to any of these stats that get too closely followed and/or to stats that are done poorly (e.g., insufficient back-testing).
I hear you JKH, things work until they don't. Here were the details for the trade. SPY formed a bearish engulfing candle at a 5-day high. Buy the close (Friday) and sell the following close (Monday). Now 19 for 19... not bad. I did take the odds with a grain of salt, and I kinda wish I hadn't. Could've made decent money on the long side instead of sitting in cash all day. I suppose that's how it goes sometimes. Take care.