The kamikaze mission hit every short target we had available, except for 46.5 which really wasn’t on our radar today until the Primary target (60) was hit.
We suggested aggressive shorts wait five minutes at the open and use the 77/78 as resistance.
[09:10] E: so the 77.75 magnet is true
[09:32] E: magnet is 77 area
[09:33] E: conservative traders wait 5 mins
[09:33] E: agg only in the 77/78 area
When the market is violently plunging, we do not fade it.
We made no calls for long side today, other than describing small rotations as the market churned lower.
Our resident bear Zeek is back in all his glory, and suggested the market would get into the 50’s today.
[07:53] Zeek411: 65.5 is lw angel, expect a test later today and even a break to the 1350?s
[07:53] Zeek411: SAR…sell all rallies is my battle cry
Using 68/69 as resistance, and allow trailers to work was the plan.
Let the Gurus with 50,000 followers tell their sheep they are renting spy at 82.
Lots of luck with that idea.
He was wrong at “1450/1390 is my range and I am re-iterating it” and he is still wrong.
Sway explains that phenomenon… We make a prediction and then try to defend it.
Averaging in the wrong direction is the way to the poorhouse, a kamikaze mission.
I am not knocking his “insights”; I am making a point that no one knows. We make our best guess. If we are wrong, GET OUT. Go to the sidelines, think about both points of view… and try again.
When the market broke 60, 58.5 to 56.5 were our next targets on the way to the gap fill at 54.75, and no support identified until well into the 40’s.
Trade logic had us recommend all out EOD at 51.25
Making up for those August days with less than 10 point range days.
Why all these talks of secession?
We had a vote, the population decided, now time to move on.
Kloutt with some clout and evidently he is an elliot wave chartist.
Make enough money so a higher tax doesn’t matter, no matter how high.
Optimists find ways to make it happen, no matter what the economy.
I hope you had a great day.
Keeping my dreams alive, I hope you will too…