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tim and pete (not the one in france)
yesterday, like always, i was flat on the s&p opening. the opening
was normal enough, but i could sense unbelievable tension on the
floor. i went short anyway, following my methods and instincts, with
only a 5 lot instead of my usual 10 or 20. contrary to popular
belief, pros generally cut back on size if they suspect a very
volatile day. i figured i could add on later.
i knew the market would crater (but not to the extent that it did)
because good ole bob prechter gave a huge sell signal the previous
night on his short term advisory. i don't normally follow 95% of his
forecasts, but nevertheless he does have an incredible institutional
following, and i follow the institutional money. his forecast of a
third of a third hard down off the opening was enough to scare the
shit out of the institutional traders. plus add in russia and wild
rumors.
the rest, as they say, is history.
TJ
now sweating out another short, but ya gotta go with the flow!
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