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Im not a permabear or anything like that, my pattern recognizing algo on the ES sent a short signal. For a moment I thought I might ignore it, but Navarro and Kudlow's tour of trying to calm the panic increased my bearishness a bit more. I might reconsider taking the short in tomorrow AM open. Any thoughts anybody?
I hear ya MtZimmer my algo thats right 51% of the time on the short side agrees with you. The problem for me and the reason i chose to ignore the signal is that the Put/Call ratio in nearly all instruments indicates to me that if the market moves down further the "public" would be right. I make most of my money letting the public be wrong. Also, if you take a look at the COT report, Commercials are now net long the ES. Having said that im plenty wrong too.
something tells me long is the way to go too. I was just telling Mt zimmer how I think the put call ratio favors the long side. I also noticed that the COT report now has commercials net long the ES. So honestly, for my taste at this point Im flat because I dont have enough conviction on either side of the market.
i don't have any positions open but after the trump comments about the trade war I wouldn't be surprised if we got a pop up.. will it last I don't know. I am personally looking at 2900 and 2922 as area's that bulls need to hold
-P
"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
