Getting close to 1140
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Hay, hold on there scooter, todays movement was impressive. Move up resistance at 1140 and build a high base, move up to 1150 and build a high base and continue up to 1157. 1157 is a strong resistance point and may be hard to break, but the market didn't head back down. I think this is a stronger build than a gap up that can break down. There will be a lot of people worried about todays action!
Bears will think " should I cover my shorts?" and Bulls will think " I should of got in the day before and now I will miss the train".
Well one day doesn't tell us anything, so we look for confirmation and I don't know if I want to take a chance yet.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
I feel a little lucky I got some action on the last two days (well, was yesterday really any action at all)?
Happy with my gain and keeping some in to see where this takes us.
Wouldn't want to completely miss out on some more gains this week. Still not sure what Benny boy is going to do for us, but we can wait and see.
Well, I'm glad you are doing well. Hopefully the market will be a little more stable for you now that is broke 1257 at the last minuite. I think there may be a chance to go up some more. I think we are still range bound between 1100 and 1208, but the chances of going back down seams a little more than the chances of going up. Here's my take, since I'm retired already and I second guess a lot for capitol preservation. I have no money going in so I can't DCA my way to future gains and since I'm already withdrawing, I want to maintain 6% annual gain to make up for my monthly withdrawls and a little more to replace the lump sum I took out at retirement. If I continue to build my account I can increase my withdrawl rate after 4 more years. I retired at 58. Plus I am extreamly happy about missing the 14% drop and can wait for a confirmed trend. But everyone thinks about gettig back in and I have to be mindful about my trigger finger.
Afer todays nice build, I was thinking may be jump, but 1257 was where I thought we entered the bear market and this may be just a short term correction before we go down again. With 400 point swings in the recent past I'm careful.
Hope I haven't confused you.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
You mean 1157, right?
Well, to be fair, considering all my happiness at the moment, remember that I am two years out of college with plenty of risk to play with. Just remember that if I start talking about these gains I make. I doubt I will be as vocal about my losses. As I mentioned in another thread, today gets me even for the year again. Be happy that you avoided so much loss!
Wait for the stabilization.
And no confusion. Each day here gets me that much more knowledgeable.
1157 right and here's some links for you since your new.
http://freeonlinetradingeducation.com/
http://www.thestockmentor.com/market-videos
http://www.alphatrends.net/
http://www.livewithoscar.com/
Some of them don't post everyday and with Oscar you select his video link and when you lissen to him you lissen for hints for mid or long term because he's a day trader. Sometimes in his post for the weekend he talks longer term.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Thanks for the info!
Are you guys nervious by the short term?
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
The S&P is still forming a low base (Bearish) and now forming a triangle with lower highs and higher lows. No one really gaining here if they were in before 8 Aug 11 and there's more of a chance of a loss (especially with 1190 or 1208 not being broke by Fed news). There is normally a good size breakout either way and I feel there is a 60/40 chance of breaking to the down side. JMHO
Just giving a heads up, I could be wrong and I'm still in the pond.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Wow Uptrend drew it up nicer while I was doing this. I type slow and use the two finger technique.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
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