Punishing day for losers who don’t believe in stops and average in…
Dangerous markets indeed.
The 1.61 extension not yet achieved, but nearer.
“The gap at 1438 is still intact… and “shorts will be squeezed until that gap is undone.”
Many moons ago.
Line of least resistance is still up.
Ironically, Stops are for winners.
I wanted test into the 70’s, but I did not expect test into the 80’s.
Momentum is a curious beast.
Who expected Lady Huskies to blow out Louie?
I will address MARKETwizardz.com in a separate post.
There is a need for it.
Too many traders and investors who fight the tape.
They argue all day long about how unfair things are…
…and miss opportunity to go with the flow.
“Who cares which way it is going, as long as it is moving and we are going the right way”.
How quickly we forget.
LOL. Actually I am so insignificant those indignant high profile traders wont even acknowledge my posts.
One of the benefits of being older is to speak our mind and most people just assume we are senile.
Direction went green, then any day high available in MBO day.
Faders for all logical trades south side ignoring the blue line were dragged out in body bags.
When the 79 target was hit early in the day, it was uh-oh any day high available.
Rabid dog days have no respect for anyone’s system of measured moves.
Assumed pivot then became the 82 for chop.
Note how after 11 am we were boxed into a five point range the rest of the day.
Find one good trade a day and get out of the way unless we are playing position.
63 was our aggressive support, doubtful we would break 65/66 premarket I told the troops.
Intuition helps, but I had a factual basis for that idea.
Step by Step we are climbing the wall of worry, and often the fastest and most powerful drives come from parabolic moves near the end of cycles.
Some call them Blow off tops.
We never know until hindsight.
We are now more than two hundred points higher than the last significant low near the end of 2012.
Cramer said not worth the effort a few weeks ago for the remaining upside.
1531.25/ 1532 support intact.
Thanks to all for posts on #EMWS today.
In case you haven’t noticed, I am a technical trader. Over and over I will look at a gazillion charts to re-inforce patterns in my mind.
Above the blue line…