Today it began to look like an accelerating blowoff to me
Yes, Higg, I agree but might continue through next week, and thereafter? There's an unfilled gap at around 2900 on S&P 500 and that could be first correction level.
The saying "The market can remain irrational for longer than you can remain solvent" is a serious reality
John wrote:** 27-Nov-2019 World View: Hong Kong bill
jcsok wrote:
> I believe we are seeing the blow off top. Every time I strongly
> want to short, I read the Gann article which is from ZeroHedge
> 12/27/17, which I previously posted, in order to control my
> bearishness. We are in the time zone cited in the
> article.
Higgenbotham wrote:
> I believe so too. Today it began to look like an accelerating
> blowoff to me. I covered all shorts on this dip tonight on the
> news that Trump signed the bill supporting the Hong Kong
> protesters.
We'll see, but I wouldn't expect the signing of the HK bill to cause
the outcome you're suggesting. The bill has passed, but it hasn't
been implemented, and that's a long way off.
In fact, expectations are so high that signing this bill will cause
a correction that it may have the opposite effect.
I was short the S&P futures. "Covered all shorts" and saying that I expect "an accelerating blowoff" means I expect the market to go much, much higher before it comes down.
While the periphery breaks down rather slowly at first, the capital cities of the hegemon should collapse suddenly and violently.
Higgenbotham wrote:It was obvious Trump was going to sign the bill.
The dip that occurred when the bill was signed was a gift to the shorts to find a decent area to get out.
This looks like capitulation to anybody lurking to see where I give up.
But the problem they will have doing that is that now that the market has rebounded ~5 points, I have gone back in with a partial short. It is the lurkers who are going to have to give up. I've become like a chameleon.
While the periphery breaks down rather slowly at first, the capital cities of the hegemon should collapse suddenly and violently.
Higgenbotham wrote:It was obvious Trump was going to sign the bill.
The dip that occurred when the bill was signed was a gift to the shorts to find a decent area to get out.
This looks like capitulation to anybody lurking to see where I give up.
But the problem they will have doing that is that now that the market has rebounded ~5 points, I have gone back in with a partial short. It is the lurkers who are going to have to give up. I've become like a chameleon.