I haven't broken out my proprietary Elliot Wave Imternational RJI, Ramp Job Indicator.
I hate being short the market over the weekend and they EWI releases an EWT of EFF......but probably more bears willl jump into the fray Monday, and then they will be fried by a massive ramp job. Damn I hate that.
I also don't want to "get cute" with this market and try to play every up and down, just stay down, however I will study over this weekend and see if justifiable to close shorts Mnoday AM, and then re-enter during an expected ramp.
Out for the weekend, may post on Sunday.
I like your thinking. I don't get EWI anymore.
ReplyDeleteYou're saying they went all out tonight?
And of course they are many times a good contrary indicator.
Holding short over the weekend also. Can we all be right?
Thanks, Yes the Deadly Bearish Picture continues.....
ReplyDeleteI think their direction is correct, we are going down until QE 2 (which big Ben is already setting the stage to start pimping for it)
But I think that HBB games EWI and it's emboldened followers. I expect a pop on Monday or Tuesday, and we could even open down Monday to get more bears the time to "get in short"
Who's the HBB?
ReplyDeleteIf EWI or even bears are less certain of a decline, then more likely to get a decline.
I was so busy at work this week, I did not even pay attention to the hit to my short position earlier this week. Now I'm solidly in the black. Sometimes it pays to be a turtle.
Humongous Bank and Banker = HBB.
ReplyDeleteThe great evil money changers, Goldman, Morgan, Ameritrade, name the big boyz getting free government money, and then buying Gov debt to get interest....all on the backs of the taxpayer.
I never actually considered that HBB tracked EWI to play us poor SOBs, but it makes sense. I agree with you, it's an evil omen, but I'll take the down open, step aside, and see what happens. Thanks, Steve.
ReplyDeleteIndeed, you can always go to cash. The market will be there the next day, it will still be going up and down, and you can still make money on it.
ReplyDelete