Thursday, September 22, 2011

Hold signal.

There will be no new signal today. The lack of a buy signal probably means there is more downside to follow, although on the other hand the market is oversold to the point where it's probably not a good level from which to be shorting. Anything is possible, as early August showed us, but I believe there are too many people expecting a repeat performance. Like many of you, I believe the Aug lows will be broken. I just have no clue when it will happen. Could be tomorrow, could be next week. I also believe soon after the lows have been broken, there could be an absolute massive rally which takes us back to ~1300 before the year ends. These are both just guesses though. I'm doing my best to remain impartial and flexible while also following my system.

I'll leave you with 1 more guess before departing... we will get a buy signal tomorrow. :)
Posted by at

10 comments:

  1. Wu Di Capital, LLCSeptember 22, 2011 at 1:46 PM

    I hear this a lot and I don't know how true this is, but when markets get extremely oversold like this, we either bounce hard or break hard, like a rubber band.

    Best of luck to all and honestly, cash rules everything around me at this point. More than price action, this market needs time.

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  2. RealMoneyIssuesSeptember 22, 2011 at 3:30 PM

    J, did you go short at all today???

    It's ugly out there... When would be a good time to pick up some TNA for this... buy signal??

    :D

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  3. MicheleSeptember 22, 2011 at 3:41 PM

    Very risky right now. This market is not for the faint of heart. That said, there's a number of gaps that have opened that will be wanting to be filled, but for me anyway they'll have to show me the money first. Not trading today (again).

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  4. JamesSeptember 22, 2011 at 3:49 PM

    RMI, a buy signal tomorrow is a long shot. Best to wait for confirmation before playing this nasty market.

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  5. JamesSeptember 22, 2011 at 3:53 PM

    BTW, I'm also all cash today. Just a casual observer watching all the "fun" from a distance. Plus 100% F fund.

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  6. RealMoneyIssuesSeptember 22, 2011 at 3:55 PM

    So holding a short overnight is risky???

    :D

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  7. MicheleSeptember 22, 2011 at 3:58 PM

    Very very risky indeed.

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  8. law87September 22, 2011 at 4:06 PM

    1100 first before long please :) i like to make up most of what i lost in august.

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  9. MicheleSeptember 22, 2011 at 4:13 PM

    That's gonna be a tough one. The August lows held today and took us under the lower BB.

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  10. law87September 22, 2011 at 4:25 PM

    yea man i thought we touch it today. i'm fine with 1110 tomorrow.

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