View Full Version : Time to go Short?
08-17-2009, 11:08 AM
Timing this is hard. I went short the S&P about 3 weeks ago and got my ass handed to me so I pulled out. I told myself I'd wait until the masses wake up. Today looks like it may be that day.
08-17-2009, 11:40 AM
My crystal ball isn't worth $#!+. But they have to wake up some time. Usually, there's volatility first, but all bets may be off since I think this is one huge dead cat bounce...
08-17-2009, 12:10 PM
I view the S&P as still long until there is a daily lower high. A possible scenario is a pull back to the daily 60 ema and then a bounce up to a lower high or double top.
Alternatively one could wait for the daily trendline break and short on the first retrace after the break.
08-17-2009, 12:17 PM
Be careful as there might be a double top. Also, these markets are so manipulated. For all we know the bailed out banks are pumping the market with tax payer money. There is no telling how long they could keep this going.
08-17-2009, 12:29 PM
I'd wait until the end of September to go short, were I so inclined.
I'm not. This market is supported by printed "money". I don't think there will be many more nominal losses, at least not until something happens that drives the banks out of the market, with their unlimited supply of 0 interest money from Uncle Sam.
If I had any money in (non-mining) stocks, or anywhere else in the US market, I'd sell while it's up and GTFO. Indeed, like the guy from Total Recall, I'd say "get ya ass to Mars", if that were possible. Asia is about as close as we can get right now, though.
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