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Abe,
SELL the ES next week and get your money back, GUARANTEED |
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If you traded your plan then who cares of the outcome.
One trade won't define your net profitability over time...though I'm sure you know this already. 
Get ready to take some money from Cramer viewers, I guess he said it's time to go "all in" on the market. 
The short side has an appeal to me, I don't believe they could have V bottomed that sharp a drop and stopped the fear regardless of how much the big boys threw in to support the market. We need a W bottom at least IMO. 13,000-13,300 range could prove formidable and need some more basing to break that also...assuming somehow we don't break down to test the lows. I'd love to see some divergence down low to back my overall mid term bullish view.
Good luck fellas |
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Thanks guys. I also don't see much strength in this market. I don't mean to sound like I know it all. After all, I have only been trading for some months. But for what it's worth, that is still my view. But for now I'm staying away from trading. Or rather, taking a more conservative approach. Need some time to sit on the sidelines and do what a trader from Market Wizards said: just sit around until there is money just sitting there waiting to pick up.
So that is my plan right now. Don't see much strenth in the market, but I'm not confident enough to make any moves right now or short at the next resistence, on a swing trade. I may do some day trades if I see a good opportunity.