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November 14th, 2008 at 10:49 pm
junglegirl,
I use fan lines on all time frames. One thing I have noticed about them is that they seem to work best in low-volatility conditions. For example, a few weeks ago, I drew fan lines on the IWM daily chart from both the top and the bottom, and the damn thing was violating the rule in both directions! The IWM has been too volatile over the last year.
Matt
November 14th, 2008 at 11:03 pm
Thanks Matt.
November 15th, 2008 at 9:26 am
As tribute to David I preempt him - here’s the link to his new posting:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3095409&cmd=shows150028436&disp=O
November 15th, 2008 at 1:08 pm
all i’d like to say this weekend is thanks to this board evn though it’s not thanksgiving yet. I just tallied up the gains and losses on my parents account for the year (the one i trade for them) -$672 aka -3.68%
2 worst trades have been:
AAPL at -357
BLUD at -408
in the month of october and november (when i was participating more here) I have managed to be +$18 or +0.2% AWESOME thanks for the advice i read on here.
Of course my account am down -2.5k but that was due to me being more reckless with my own money. let’s see what we get out of this weekend.
November 16th, 2008 at 6:10 am
Hello All,
I need some advice. I’m extremely beaten down in the markets and am somewhat desperate to make my money back or at least some. Is it too late to short the markets?
Thank you kindly,
John
November 16th, 2008 at 1:23 pm
My advice: Get out of the stock market if you don’t have the stomach and/or brains for it.
November 16th, 2008 at 1:26 pm
Yerk, thanks for the tribute, but I am confused about how to feel about it since you preempted me. LOL
November 16th, 2008 at 2:35 pm
Japan today: I hope not here tomorrow!
More senior citizens are picking pockets and shoplifting in Japan to cope with cuts in government welfare spending and rising health-care costs in a fast-ageing society.
Criminal offences by people 65 or older doubled to 48,605 in the five years to 2008, the most since police began compiling national statistics in 1978, a Ministry of Justice report said.
November 16th, 2008 at 2:54 pm
Very interesting! Yawn…
November 16th, 2008 at 3:01 pm
too late to short the market? haha. well depends. id say you pick up some books. trend following and what not and stop listening to analysts or cramer.
like dressguard id say stay out of the market until you find a way that works for you. unless you want to lose all your money. you saw my post above where I have lost 1/4 of my portfolio this year. if I go with your mentality I could lose way more.
sorry didn’t want to bash you just trying to save whatever money you got
November 16th, 2008 at 4:35 pm
No problem. I’ve been trying to play the short side and it has worked well for me recently though I keep going back to my old ways, hope, and go long. Aside from one day wonders, shorting is the way to go at this point, I think. I shorted gold stocks at the open on Friday then backed out to my detriment. My problem is that I watch the screen too much and get shaken by the hyper volatility in these markets. Matt has been very clear in his views and I read him everyday now. He’s teaching me a lot.
It seem to me that the markets will continue to grind downwards, perhaps further than people think. I still don’t believe last Thursday’s intra day low was it. I think we grind lower towards the end of November. The Bear ETFs look to me like they will break out to the upside:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID530404&cmd=show%5Bs135882415%5D&disp=O
Friday morning or late afternoon would have been the best to enter short positions. Since I chickened out of mine, I’m just wondering if I should attempt to get back in on Monday….possibly at a premium.
JJ
November 16th, 2008 at 5:22 pm
JJ,
SPY’s 60-minute stochastic is still overbought, and the McClellan Oscillator isn’t very oversold, so I think the odds are pretty good for being short at this level. We have a potential max-pain rally coming for options expiration Friday, but the max-pain targets were not hit in October, so who knows?
Matt
November 16th, 2008 at 5:49 pm
Thank you, Matt. I’ll be looking for an entry tomorrow.
John
November 16th, 2008 at 6:27 pm
i am closing up forex shop for the night. down 50% LOL
November 16th, 2008 at 7:50 pm
na na na na na. i see a red market!
November 16th, 2008 at 8:44 pm
aww man.. am watching king of the hill.
they show cramer recommending a stock and then the week after it falls 20%. hehe
ok you need to watch it to laugh but funny