2012 is the Chinese Year of the Dragon (the Water Dragon, to be more specific). These two links to Wikipedia provide a bit of information about this zodiac sign:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
So there was little bit of juice left in the market after all. The day started poorly but ended OK. I however closed all my long positions in the morning, for two reasons. You can view the trading results here; http://bbfinance.blogspot.com/p/portfolio-update.html
Reason one is that I think this cycle has reached its top. It does not mean we will start down drift tomorrow. On the contrary, tomorrow we may see another attempt to breach 1284 in SPX. But I am no longer comfortable on the long side even if the SPX goes up few more points. The risk reward calculation does not justify it. So I would rather take the profit on the table and run. Leave something for the next guy.
On my recent trip to New York, I met with a friend of mine whom I’ve known for thirty years. I mentioned to him that I had taken my daughter to the American Girl store in Manhattan. “American what?”, he asked. I was every bit as surprised as if I’d said “I hear Obama is in town” and he had replied, “Who??”