Market Chasers

We’re back…sort of: April 13th, 2009

April 13, 2009 – 11:56 pm

Let me give you guys a quick rundown of what has gone down so far. As many of you know by now, my beloved laptop that contained all my charting and image editing software (primarily photoshop) crashed. Consequently, the site has experienced a lack of activity, which has been almost embarassing. It seems as though I will need to buy a new laptop because the replacement parts would cost a few hundred bucks.

For those of you who saw my tradestation setup a while back and are asking yourselves “Why doesn’t he use his OTHER computer”, it is because the other computer is  P.O.S. I use that computer for news and internet browsing. It’s that slow and that old.

I have redownloaded the software, but the Prophet charts software is not working for some odd reason. I will make this post quick but to the point. We have experienced an almost 200 point move on the S&P in the past few weeks. This type of move usually takes 5 years or so to accumulate. With this in Mind, I have sold off many of my long positions and converted into cash for the time being. We are in a huge chop zone of overhead resistance as well as a Fibonacci retracement line, so we are very prone to some softness you might say. As far as short selling the market is concerned, I have found that the market has become way to unpredictable as of late and I want to save my eggs for the big omelette.