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The S&P 500 Upleg Is Getting Underway

  
By Monica KingsleyJul 31, 2020 10:20AM ET
www.investing.com/analysis/the-sp-500-upleg-is-getting-underway-200532599?comment=21124862
The S&P 500 Upleg Is Getting Underway
By Monica Kingsley   |  Jul 31, 2020 10:20AM ET

Irvin commented on this article:

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Irvin Mermelstein
Irvin Mermelstein Jul 31, 2020 11:14PM ET
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There Russell 2000 and the Midcap 400 both down today. Shorted both, made money. Futures all opened down. The late afternoon pop was FOMO buyers and short covering for positions traders wouldn't hold over the weekend. Most charitable interpretation is that this was a quick relief rally before stocks continue their downtrend.
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Semih Unalan
Semih Unalan Jul 31, 2020 11:14PM ET
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No panic lasts forever. In every crisis, there are some traders that consistently loose money by holding on to their short positions when the market rallies. It is perfectly natural to go short if you believe the market will fall in the short term, but in the medium to long term market almost always goes up. Therefore to all my bear buddies out there; do not forget to place rigid stop losses and do not try to fight the market.
Monica Kingsley
Monica Kingsley Jul 31, 2020 11:14PM ET
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Semih Unalan  Yes, neither the long- or short-term one. I opined that Friday's opening panic isn't likely to reach far, and it didn't. Swimming against the tide and being stubborn without a pretty good reason, is... pretty dangerous. As for bears these latest weeks and tight stop-losses, cashing a consistent string of small losses regularly, is also a dangerous proposition... the trend is your friend - until it isn't.
Timothy Morrison
buzzer55 Jul 31, 2020 11:14PM ET
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Monica Kingsley  I'm hoping for a big gap up this week so I can get some UVXY cheapies:-) Just loving the volatility and play it both ways...with a bias towards the short side with this pandemic and the economic consequences that don't seem to matter to the market...yet, anyway. Bottom line is, money can be made in both directions, if played right
Robert Flores
Robert Flores Jul 31, 2020 11:14PM ET
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Monica Kingsley but it did get very close to that 3210 retest! Didn’t it?
Monica Kingsley
Monica Kingsley Jul 31, 2020 11:14PM ET
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Robert Flores  But you said that after 3225, there is no fomo for you this weekend. I considered a break below 3200 as not likely, and it didn't materialize - my long position is intact and riding the move as we speak. I can't stress enough this: it's not merely our outlook, but what we do about it in terms of trading decisions: intraday, swing, trade parameters, RRR....
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