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Still not betting on a correction anytime soon

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This market is acting like 2008 never happened, and we are still inching up bit by bit - no real big winner days, just steady, sustained buying with sellers hanging on. Big Resources still haven't really gotten out of the starting blocks yet, and neither has the financial sector really, so with the exception of a few rapidfiring stocks (like Naspers), I think there is still quite a bit of upside. I am adding up on Aspen today, which has pulled back into my buyzone, with massive volumes lately. Currently holding Anglo, BHP & Clicks - and cursing like a banshee that I sold Naspers after the div payout - grrrrr!!!
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Super Contributor
Big corrections start just like a day like today on the ALSI.
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Valued Contributor
as do 100% rallies to all time highs ??
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Super Contributor
Hey Skaap, go smell your "longs" elsewhere, we are going down!
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Yip I'm on the fence at the moment, I'll wait for some direction and let my cash rest a bit.
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Super Contributor
Hey, Skaap, last week you told me to go smell my shorts elsewhere! How does it feel!
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Some direction provided by China raising interest rates. Resources could be going down.
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Super Contributor
The 5 hour ALSI chart has broken support with a clear sell divergence.
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I have absolutely no idea, i am not short
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If you want to go short, short the resi stocks - i agree fully. Looks like we could be in for a rough ride.
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Regular Contributor
correction or not I get out when my trailing stop loss id hit I wish i had a black and white method for taking profits though if any one has any theary's please share
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Super Contributor
maddog it depends what youre trading i use fib retracement to exit trades on Forex.
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probably the hardest question in trading. Getting stopped out is fine, it is a function of risk, but the ol' gotta be innit to winnit tagline always rings true - getting out in the middle of a rally, only to find that you don't get your entry point again, is a difficult one. I work on the following key points 1) I trail in multiples of the risk that I take - this offers me some profit protection 2) If the market is moving up, and continually closing above previous swinglows, i don't sell, period (unless closing below my trailing loss). 3) if stock is still showing relative strength after a market correction, I don't sell 4) I always take note of price action - i.e. I look for typical candlestick formations that signal the end of a rally. these are to be treated with respect (dark cloud cover, hanging doji's, etc - all the classic candlestick formations that to me signify a 'violent' reaction to a price level). Best to take profit in these circumstances.
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Super Contributor
Shooting reported near the pentagon!
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ahem, sorry, just clearing my throat.
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Super Contributor
hahaha, im enjoying them UP days :-)
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This is when things get tricky. So many appeared to be convinced that we are heading down, that you might find this rally is just the short stoplosses being triggered. if we have a big down move today, then I will be singing a different tune
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Skaap i am expecting a correction on the dow to the 10700 level before going up again.This level is the fib 161.8 retracement of the previuos wave up (1 hr chart dow).This will be a wave e down in acending triangle that started on 13 october.(1 hr chart dow).This will also be wave 4 down on the daily graph dow.If we see a new high again today on the dow i am wrong.
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Still don't see anything to suggest a pullback is about to happen. A close below 26400 on the TOPI might give me cause for concern, but otherwise i still see consolidation only, winding up reserves for another upleg.
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Regular Contributor
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