Tuesday, July 15, 2008

Some People Saw Today As The Beginning Of a Bounce But

I am not totally convinced. I still think we are headed lower short term to medium term. Any strong open tomorrow and I will likely be looking to get short, not long.

6 comments:

upsidetrader said...

we could be near a "tradeable" bottom but not "THE" bottom- i still think 10000, bear market rallies are so vicious, i agree with you though, i love shorting strong opens

Stewie said...

"THE" bottom is nowhere in sight right now. Too much uncertainty, no capitulation, no real raw panic. A short squeeze maybe, if the bulls are lucky but there's no way i am going to trade long until i see it happening and today definitely gave me no proof to expect a huge rally. could be wrong and i have been many many times before. taking it one day at a time. i am in 100% cash going into tmrw so i am not a cheerleader. A neutral observer here.

Bluedog said...

I also think Dow 10000 is on our horizen.

anarco said...

Hey Stewie~
I have a ? for you. Wanted to send you an email but did not see the email link :-(
Anyway, it is regarding holding positions overnight. What are your guidelines? I gather: 1)Strong close at the low/high of the day. 2)Volume increase at the end of session and peaking at the close. Are there other factors?
Let me know if you have a post describing this (I could not find it).
Thanks in advance!
anarco

Stewie said...

hi anarco. it's funny that you ask that. i am going to do a huge post on overnight holds tmrw. all the above are the criteria is exactly what i look for. i also talk about it in my trader interview.
by the way: my email is: traderstewie@yahoo.com

cheers mate!

John said...

Stewie, what's your outlook on the market now? Has it shifted or do you still view any market rally as a short-term short squeeze and we are headed lower? Curious. Thanks.

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