I was trading in the bond pits during that 1987 market and I am hoping we don't continue to mirror that pattern. The scary thing is 1987 very closely mirrored the 1929 pattern and at least one supertrader I know of made many millions of dollars trading with the presumption the pattern was going to repeat.
Thursday, August 30, 2007
A very scary stock chart.
I was trading in the bond pits during that 1987 market and I am hoping we don't continue to mirror that pattern. The scary thing is 1987 very closely mirrored the 1929 pattern and at least one supertrader I know of made many millions of dollars trading with the presumption the pattern was going to repeat.
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3 comments:
Time to get short? Love your blog. Keep up the good work!
I've been loving the recent volatility, can't wait for the next few short trades, been making more long trades of late because of the rally we've been seeing, though noticed the low volumes and doubt it would last. I also remember seeing an article which stated a bit over a month or two ago that the largest short position in the last 76 years had formed over the S&P 500, and counting back 76 years we go to... *drumroll*.. 1931, sourced out data from then and noticed how similar it was to 1987, looking forward to the next down swing ^^
Sorry for the second comment, but I'd like to ask if it was okay with you if I linked to the picture of that chart you have in this post on my blog? I'll obviously mention the source and link to you. Thanks :)
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