Thread: FogSailing's Account Talk

Finally seeing the turn around.
On the sideline until we get to 2666...
Then i think it will be time to play..
Just one caution...2598 is also in play as we head under 2730 which is likely.

FS

We dipped lower today than expected. Oil is in more than a retreat...more like everyone's jumped ship...
Until it stabilizes i see more down ..
Some folks thinking bounce tomorrow...not me...not yet.
I see the momentum as bearish with another push down to perhaps as low as 2598..
I'll recalculate once it hits 2666...
It could decide to rally from there...
When Will It RALLY....ONLY THE SHADOW KNOWS..

As we head into tomorrow,,
I see resistance at 2685, 2671, and 2653...
If it rallies here, could expect a rally headed north to 2770 or thereabouts.. IF it turns around..
If it goes lower than 2653, Look out below to 2598 and...
If that is the trend, I'm staying out of it until it bottoms..

Worst prediction I've seen regarding this correction is 2300..
I have no idea if any of the worst prediction info is correct or not..

Earlier in the year I saw market guys saying 3500 by year end..
When it turns around, maybe 3000 tops is my guess.

All the best in your trading..

FS

Originally Posted by FogSailing

As we head into tomorrow,,
I see resistance at 2685, 2671, and 2653...
If it rallies here, could expect a rally headed north to 2770 or thereabouts.. IF it turns around..
If it goes lower than 2653, Look out below to 2598 and...
If that is the trend, I'm staying out of it until it bottoms..

Worst prediction I've seen regarding this correction is 2300..
I have no idea if any of the worst prediction info is correct or not..

Earlier in the year I saw market guys saying 3500 by year end..
When it turns around, maybe 3000 tops is my guess.

All the best in your trading..

FS

The problem the last two days is that we started off in the green but by the end of the day investors were selling the rally. Lets hope we can maintain something positive by the end of the day.

Just a few tidbits of info I'm sharing from an investor:

Several prior November sell offs found support and began rallies around Thanksgiving. Perhaps due to Santa Claus rally sentiment?

2011 – Bottomed Nov 25, day after Thanksgiving. S&P hit 1159. Rallied 9% to 1267 by Dec 5.
2010 – Bottomed November 29 (2nd trading day after Thanksgiving). S&P hit 1174. Straight up through mid-February.
2008 – Bottomed Nov 21 (4 trading days before T-Giving). S&P hit 741. Rallied 27% to 943 in early January.
2007 – Bottomed Nov 26 (2 trading days after T-Giving). S&P hit 1406. Rallied 8% to 1523 by December 11.

Things appear to have gone positive today but NASA has it right. That pattern has been in place a few days with selloffs in the afternoon.
If we stay north of SPX 2700 today, I plan to jump in for a bit.
Just FYI.

FS

Just watching the SPX....the trend has not turned around...
I'm staying put until I see it headed north of 2725....

FS

The big boys pulled a fast one on us.
Not to mention the added talk of a new rate hike...and down we go.
I got in partially on Friday thinking we were headed to 2815..WRONG
Right now, we're on the road to 2598..
So the question is right it down or not.
I'm hoping for a small bounce tomorrow so i can sell with a smaller loss.
I'll probably make my IFT back to G and wait till Dec to do anything.
Bear markets are tough for TSPers...

FS

Ok..I missed completing my IFT by 2 minutes on Friday...
So...sticky pants time..
The way i see it, we bounce at 2538 and head north OR, we don't and head to the next pivot 2617.
Other support levels on the way down include 2598 and then 2550.
While i think we have more downside facing us, I don't see the market going there yet..maybe January.
If I'm wrong (which happens more often than not), it will likely be because liquidity is drying up and perhaps that impacts things more quickly than i anticipate.
So, I'm in for the ride down to 2550 if needed.
Below that, I'll take the loss and IFT to G to wait for things to settle out because I would have been 100% WRONG.
All the best in your trading.
FS

Ok, I wasn't feeling it so took 90% off the table on Friday.
A bounce from here would likely mean a ride to 2770 or better.
A decline from here means pivots\support 2617 up next and then 2598.
I'll have to reassess what to do next week.
FS

My instincts are saying Stay Out. We're not THRU heading down yet. Fibs say 2652, 2632, and 2598 are support.
So given that and my poor timing this year, everyone feel free to buy today..
You'll probably make a mint.

FS

I'm 100% G, not inclined to jump in yet but still have over an hour to think about it.