farsight - stuffed if i know. :)true story...i was partially...

farsight - stuffed if i know. :)

true story...i was partially long late last year (including a small possie on anz). it wasn't much, so i decided to leave it be when i took my motely crew off to the u.s. for a couple of months. when we got back, i realised that the market had rallied and started dropping without me. i decided to hold and take some decent long positions at the next low. in march, anz did a double bottom and that was my signal to go in long.

at the moment, i have no signal. i'm lost and currently, mostly just watching and waiting. :)

if my pitchfork is still working, the top was made on thursday and we should now see a decline similar to what was triggered at the may 08 high.

trolling various trading forums, the bearish sentiment seems to be extreme and those daring to be bullish being ridiculed. every man and his dog is calling this the 4th wave correction with a 5th down still to come. what if the majority are wrong. makes my 1974/75 scenario look pretty good - placing the spx within the range of about 1200-1280.

currently, i'm not brave enough to continue being a committed bull. i've been selling down for about 2-3 weeks and am only holding a couple of possies at the moment.

i'm not sure if it's significant or what it really means. below is the link to the current commiment of traders. perhaps collective minds can help me understand how this may play out in the market - ie commercials have continued to hold large short positions since november 08.

http://snalaska.net/cot/current/charts/SP.png