Intraday update: like clockwork, once NQ broke 1594.75, we went down and tested weekly S2 at 1583 with a little overthrow to 1581.25 and have now bounce back and never looked back. QQQQ should close above 39, setting up a nice tail below us on the daily candle and groundwork for a rally. DOW found support at 11,100. Banking, retail and semis are up, so there is a base. Yes, it's risky, but if you don't buy here, you are in the wrong business. We only get one of these once a year, if that, so whether or not it will last, it is of no consequence. You move up your stops to even and let the market tell you what it will do. Long NQ in the monitor at 1583.25, stop raised to even.
Right now, you look at the chart and see that the past two days of selling mean nothing as we are right back where we were and above. That is called "the last days when you make the herd sell their stocks to us cheap after we get Maria Bartimoro to start them all selling". I know, I am being cynical, but if the market is efficient, then in knows all along that it will go right back up anyway. "You" just don't know it until it happens and then you struggle buying over-priced stocks while Cramer pounds the table again. You look back and take chart classes and see that, hey, that is why they bought here. But you didn't, because it is rigged to not make you take that decision when it is the right time to take it. Never fish for a bottom? Hogwash. Just take small losses as you work your way in. That is what stops are for.
Right now, you look at the chart and see that the past two days of selling mean nothing as we are right back where we were and above. That is called "the last days when you make the herd sell their stocks to us cheap after we get Maria Bartimoro to start them all selling". I know, I am being cynical, but if the market is efficient, then in knows all along that it will go right back up anyway. "You" just don't know it until it happens and then you struggle buying over-priced stocks while Cramer pounds the table again. You look back and take chart classes and see that, hey, that is why they bought here. But you didn't, because it is rigged to not make you take that decision when it is the right time to take it. Never fish for a bottom? Hogwash. Just take small losses as you work your way in. That is what stops are for.
This entry was posted
on Friday, May 19, 2006 at 9:59 AM.
