Markets Topping Out?

[carter 10]

Been wanting to establish a short for a swing on the indexes for quite some time now.

 

Are the markets ready for a crumble?

[ezduzzit 10]

Hmm.. interesting question and no doubt one that has been asked since trading began. However, I am not sure there has ever been a satisfactory answer given.

 

I won't venture any guesses at this juncture for at least two reasons:

 

1) Because I would fret that there's still the tiniest chance that you might just foolisly pay attention to it in a weak moment and lose a precious portion of your valuable trading capital;and

 

2) Because I am a trader and thus not in the guessing business. I trade what I see, not what I think I "might" soon see.

 

I empathize with your quandry but to me it seems you already have a trade bias so I have to wonder if perhaps you are not almost half beaten before you start.

 

Additionally, I am a day trader not a swing trader so I have to take my lumps here and admit to you that you play in a venue somewhat unlike my own. That having been said, I would still advise someone like yourself to forget about forecasting tops and bottoms and trade only what is obvious to you from your viewing of the market at any given point in time. Some gurus will tell you that won't work as you would get into the move much too late. To that I say "poppycock". You would be amazed how little most traders see when they look at the action. Most of them are far too busy forecasting where it s "going to go" to pay any serious attention to where it actually is from moment to moment.

 

However, if someone does just happen to have the proverbial crystal ball and shares something with you that is truly revelatory, do please keep it a secret from the rest of us lest we all once again get caught up in the unholy search for the holy grail

 

Happy Trading

[carter 10]

2) Because I am a trader and thus not in the guessing business. I trade what I see, not what I think I "might" soon see.

 

You are definitely right about that. There is alot of wisdom in your comments ez. Thank you. Always treasure reading them.

[drk1t 10]

My two cents, at this moment and subject to change every 10 minutes.....

The democrats will take the election and this will spook the markets. I look for the democrats to start investigating excessive profits of corporations and excessive pay of excutives. I also look for something to be done about the way the USA has accumulated such a massive debt, basically using the national debt to balance the deficit. But I trade and don't really care what the market does as long as it does something, and it will. All in all as long as we can rob Peter to pay Paul the USA economy will look good, but someday the piper will be paid one way or the other, I'm guessing with inflated US dollars..... Bureau of the Public Debt : The Debt To the Penny

[protrader 10]

looks like we may be set up for a retracement to the 11,600 area.

[Soultrader 12]

looks like we may be set up for a retracement to the 11,600 area.

 

yea im definitely seeing liquidation by the longs now. Should start seeing some decent downtrends after the nasty consolidation we been having.

[torero 10]

Market has been going up full steam without much retracement (greed setting in?). I see a rising wedge so it's sign of unhealthy run-up. BUT... cannot call it that either until market proves itself that it's doing what it's doing first before committing money to counter-trend trading.