sniper's Account Talk

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S&P looks ready to pullback (but who the hell knows, it's a news driven market right now)

12-3-SPX.jpg
 
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I'm sure somewhere out there, there's stocks that are up 400% for the day, but I'm talking about major indexes. The S fund should have made a decent return though.

also when I posted that, The dow was up +.15% and the S&P was near +.04%, it's moved up since (albiet a little)

of course I'm waiting for the thunderous clang of thousands of bull hooves in unison as they drop bull manure on the bears below, as the S&P moves to all-time highs of 1600 or something like that you would say lol
 
Oh man, I just noticed your sig. You missed this nice 6+% run up? I feel your pain, I ate -7% last May like an idiot praying it would come back.

I'm no expert by far, but you may be on the lookout for the ole "sell the news" on any cliff deal if you're looking for an entry right now.
 
I'm sure he can feel the rumble and hears the thunderous clang of thousands of bull hooves sending the Dow to 14,000. Eat the casing and get in now.
 
JamesE said:
Oh man, I just noticed your sig. You missed this nice 6+% run up? I feel your pain, I ate -7% last May like an idiot praying it would come back.

I'm no expert by far, but you may be on the lookout for the ole "sell the news" on any cliff deal if you're looking for an entry right now.
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yes and no, I've been playing SPXL and TNA during the run-up (tna stopped out but holding spxl), I missed my chance to buy in when I really wanted to (ran into the IFT limit last month), and I don't like to chase a rally. though this sideways movement sometimes can be equivalent to a pullback.

i haven't figured out an effective way to trade within the TSP's limitations, or maybe I have already, I just get a little too eager to make a move and get in too early (happened last 2 moves)
 
+1 on your thoughts.

I personally think the stagnant trading of late has unwound the overbought and a nice surge is coming. The last four years straight the "sell in May and go away" has kicked me in nads. You watch, I'll be looking for it next year and it won't happen!
 
JamesE said:
+1 on your thoughts.

I personally think the stagnant trading of late has unwound the overbought and a nice surge is coming. The last four years straight the "sell in May and go away" has kicked me in nads. You watch, I'll be looking for it next year and it won't happen!
Click to expand...

After some thought, I decided to jump back in, how long I'll stay who knows. One of the most bullish signs though, is all the major indexes have taken out previous highs, which leads me to believe that the recent downtrend has reversed.

I was waiting for the next pullback to jump in, but last week's consolidation could have been that opportunity to get back in (bought SPXL yesterday), but was a little gunshy to burn my IFT. Because of the consolidation, I don't believe I'm chasing in this scenario.

I also feel a deal on the fiscal cliff will be reached soon, just a hunch. going off the cliff would look bad for both parties, and i don't think they'll let it happen.
 
sniper said:
After some thought, I decided to jump back in, how long I'll stay who knows. One of the most bullish signs though, is all the major indexes have taken out previous highs, which leads me to believe that the recent downtrend has reversed.

I was waiting for the next pullback to jump in, but last week's consolidation could have been that opportunity to get back in (bought SPXL yesterday), but was a little gunshy to burn my IFT. Because of the consolidation, I don't believe I'm chasing in this scenario.

I also feel a deal on the fiscal cliff will be reached soon, just a hunch. going off the cliff would look bad for both parties, and i don't think they'll let it happen.
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You should see a big up move in the moving averages as the dip numbers fall out in the next few days. Especially the 20 day.
 
Bquat said:
You should see a big up move in the moving averages as the dip numbers fall out in the next few days. Especially the 20 day.
Click to expand...
A little late for me to move in but with the 50 day moving average passed upwards, I too am getting in for the charging bulls. Xmas season too. It's going to rock and roll.
 
bollinger bands on the major indexes are tightening up, fed announcement in 15 mins. probable we see a big move in either direction soon, news rules the market atm.

place your bets fellas :)

QE, "why don't they just call it the printing money?" lol

 
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raising SPXL stop to lock in profits, all it will take is anything negative about fiscal cliff talks to send it back in the other direction.
 
sniper said:
raising SPXL stop to lock in profits, all it will take is anything negative about fiscal cliff talks to send it back in the other direction.
Click to expand...

I'm still long EDC, up almost 11%; GILD up 2.3%; JVA down almost .5%; TECL up 1.11%, and GASL up 2.75%. Sticking with my trailing stops on all of those. Nice trade on SPXL.
 
Thanks haha, SPXL is up about 4% since my entry, hopefully more upside to run :)

technicals are solid, but you never know now, until the fiscall cliff is resolved, news will dominate the market. with that said, i'm always going to trade based on technicals, it's what works for me and prevents my emotions from making any decisions
 
sniper said:
Thanks haha, SPXL is up about 4% since my entry, hopefully more upside to run :)

technicals are solid, but you never know now, until the fiscall cliff is resolved, news will dominate the market. with that said, i'm always going to trade based on technicals, it's what works for me and prevents my emotions from making any decisions
Click to expand...

I agree. The market/washington can definitely mess with emotions.
 
I havent had access to any news today, but the chart had a nice run after 12/1230 today. Was something said that sparked that?
 
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