Whipsaw's Account Talk

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MY sticky pants are still on, clean and dry! Can't speak to the condition of anyone else's... At any rate, futures are mixed, we could be at a double bottom and go up from here, hopefully not looking to fill that gap from January McDuck pointed out. Either way, holding position, heck, maybe until the Santa Rally! :nuts:
 
This seems to be just more reactive response to the Charlotte violence and in Spain. Besides being due for a correction..what was the big motivation for yesterday's drop?

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There was talk of a Mr. Cohen in the Administration, seen as instrumental to getting tax cuts passed, as being offended by the Charlottesville situation and threatening to leave, and Barcelona.
 
Hi WS:

Here's what Tony Caldaro had to say yesterday with respect to SPX. He is a respected Elliott Wave guy.

The market gapped down at the open today for the first time since last Wednesday, and the third time in the past 7-trading days. This gap down sequence started the day after the all-time high at SPX 2491, 8-trading days ago. Last week’s concerns were N. Korea, this week’s protesting CEO’s. Last Wednesday, the SPX lost the 2456/2444 pivots both in the same day. Monday’s gap up opening jumped over both to start the week. Today’s gap down lost those same two pivots again. They definitely appear to be the pendulum of positive/negative trader sentiment. The potential for a slight extension, DOW to higher high, broke down today when the SPX opened below Tuesday’s low. Then when Monday’s low was lost the market continued lower and closed that upside gap and more. It does appear the worse-case scenario posted this past weekend is underway. An Int. iv correction in a bull market. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2456 pivots. Short term momentum is about as oversold as it ever gets.

FS
 
When I put in 50% the other week at the low, I was expecting a bounce and further lows; but then KJU backed off and the rally occurred seemingly obviating another drop, and then BOOM, there we are. Good news is its not much lower than where I bought in the first time, its quite a bit lower than my second bite. We're at the bottom of both ascending and descending channels, oversold, etc. If we get back up to the top of either channel, I may take 50% out... we shall see. :suspicious:
 
At the close the C and S funds eeek out a positive day (0% for the S). This gives us 'hammer' formations on the daily charts, which is bullish! :banana:
 
Whipsaw said:
When I put in 50% the other week at the low, I was expecting a bounce and further lows; but then KJU backed off and the rally occurred seemingly obviating another drop, and then BOOM, there we are. Good news is its not much lower than where I bought in the first time, its quite a bit lower than my second bite. We're at the bottom of both ascending and descending channels, oversold, etc. If we get back up to the top of either channel, I may take 50% out... we shall see. :suspicious:
Click to expand...

I feel your pain! :sick: Futures are up this morning :banana:so perhaps an opportunity to reduce exposure presents itself. :rolleyes:
 
So far the C and I funds are back in positive territory for me, but I need a close of 1215.63 out of DWCPF to break even on that part of the trade. So yes, lots of ground to make up.

BTW I was looking at LT's wave chart for August. He is pointing to a high point (rebound high) for the S&P on 23 August, plus or minus a day...Just food for thought.

Nice rally taking place today. Just hope it continues.:D:D
 
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