Trading Houston 2

Hey DaveJ,

The only good news is that XJO missed my 2-nd level today (6258) by 5 points

Are you still in ZFX ?

 

I may be mistaken, but there seems to be some resistance at 6700

 

6685 & 6717/20.

 

No ZFX Taught me a big Lesson... teehee But do have a lot of juicy tax credits now.

Am Short ANZ, CBA, SGB, LGL, BNB, NWS.

Caught caught out on OXR (was long)... But it is in January so trying to 'repair' it.

Probably a bounce tomorrow if the US has any strength(even flat)... But i am just going with the trends...

I sold out of all my managed funds about 3wks ago... Seems a good guess

How are you trading this market Tropo?

DaveJ

 

Yeh....ZFX is a big disappointment. Not to worry. I know this feeling !!.
In the past I hedged my back pocket couple of times. I managed to square my position.
But as long as you do have bullets to fight another day that is what matters.

"I sold out of all my managed funds about 3wks ago... Seems a good guess"

Hey .... That is good news !!!!

I do not trade Stock Market for the last few years. Market I trade (FX) is always bullish (IMHO), but I do get headache from time to time...
Watch DOW /SP&500 tonight...As you know nothing is impossible in the market.
Happy shorting !

 

KABOOM!! !

 

Yeh....sfwyhf

XJO broke my 3-rd level down by 13 points and pushed back up again.
If it closes today at/above my level (6119) it may go up back tomorrow (IMHO).

 

People are so used to it bouncing back up after these things, it is almost just expected now, people dont even think otherwise! When it eventually doesnt get over it's hangover from the night before, I think it is going to be very nasty

 

Yep....Any bounce back up from now may be another bull trap.

 

The drama is - are company earnings down significantly due to any changes? Are P/Es at highs that are similar to bull market reversals? Granted there are some casualties (CNP), and probably will be more, but they dont exactly make up a significant portion of our market do they? On the other hand people may have had these arguments just before every bear market

 

Well....I can not comment on fundamentals at all.
I am a TA person, so my main concern is who is in charge bulls or bears.
You may consider few social indicators below which I found in cyber space.

- Involvement of the general public in speculating.
- Rising number of prospectuses for companies involved in software development, search for rare materials such as platinum or involved in bio-technology.
- Increasing stockbroking firms, particularly those created by banks or insurance companies who see broking as an easy source of money.
- A growth in the number of economic commentators who say the boom will last forever.
- A high level of new magazines and so called fool proof trading system dealing with the stockmarket.
- Low level of short-sold positions – kind of contrary indicator since the crowd is wrong most of the time.
- Easy credit for speculation.

 

It seems that DOW is on the move down to 11991 (possibly 11250) and XJO may hit 5730/34 (possibly 5360).

 

Is the clever money on shorting stocks at the moment then?

(I'm not as clever.. and will be saving the next house deposit via ing direct)

 

I think so. That is what I would do.
In the coming months you can make more money on the short side than on the long side (IMHO).


PS - "....and will be saving the next house deposit ..."

It may well be a good idea.

 

Wow. another 300 point drop....

nearly at the lowest point in 12 months.... so another bad day for the asx...

 

Few more to come...
Do not leave your home without helmet and umbrella.
Enjoy the ride....

 

Tropo , thats spooky - as I look at Marketmaker right now at 9pm - its at 5730/5734 and 21 points down in "pre-trading".

 

Haven't you seen "The Truman Show"?

We are all living in a virtual world, "The Tropo Show".