Saturday, October 25, 2008

转贴:老瞎以瞎问瞎说和新手们谈心

知道很多朋友这阵子有点不爽。也有朋友误以为老瞎是所谓高手。其实老瞎所说的就像是老瞎说卦,都是看帖道听途说,来大千瞎说娱乐的。不过老瞎经历过几次几乎彻底被洗出局,加上一把岁数的生活经历又喜欢活到老学到老,瞎说起来有时候勉强能蒙人就是了。好了,今夜继续瞎问瞎说。

先从所谓高手说起。所谓高手,都是相对而言。老瞎在这里玩了好一阵了,结识了很多朋友。这些众多的朋友相对老瞎来说,都是高手,数目众多,就算老瞎码字不算慢,码上两个小时的字恐怕也列不完他们的大千ID。对老瞎来说,他们亦师亦友。老瞎这些年无论重大失手还是偶然有些进步,总是得到他们的鼓励和帮助。老瞎从心里感激不尽。

不过,经过了这些年,老瞎也明白了这么一个大家早就明白了的简单事实:高手们是老瞎学习的榜样,是老瞎的朋友,但是老瞎跟不上他们的风,要操作也不能直接模仿高手们的模式,更不能指望高手们手把手的待自己操作。为什么呢?请和老瞎一样的低手们自己回答下面的瞎问。

你自己对自己在股市里的摸爬滚打的水平和擅长到底了解多少?有多少得到了比较肯定的验证?
你对你所喜爱和崇拜的高手到底了解多少?他们的擅长和你擅长的套路有多少是互补的?
你了解你关注的高手们的套路和时间段吗?你了解他们擅长的套路的局限条件吗?
你了解他们所用的工具和信号吗?这些和你所擅长的时间段和套路有多大程度的吻合?
你觉得高手们对你比你自己了解吗?他们知道你的能力,目标和风险承受能力吗?

假如上述的问题,你回答的多数都是否定的话,看见高手的建议和范例,您还敢跟风和简单模仿吗?

向高手学习要先了解自己,看自己近来不成功的操作主要的瓶颈在哪里。然后看哪个高手的路数最接近自己的模式。然后揣摩人家和自己想法见解的不同。看看能否借鉴一些。如果有心得,先别动真钱,不妨纸交验证,不断调整。觉得很有戏了还不算,要用很小的钱再验证、、、、最后才能动真家伙。假如发现结果不好,说明还有重大问题,要再学习调整。

很多和老瞎类似的低手刚进场的时候,喜欢走捷径,想用最短的时间掌握点石成金的本领。要么误信市场上卖的各种急功近利的昂贵培训和工具。要么盲目跟风某个高手。除了极个别太聪明的,或者太幸运的,多数人很快会发现此路不通,并且代价不小。

过去老瞎不信高手们的劝告,总觉得有捷径可循。找发财捷径的结果通常以损失金钱浪费时间告终。这个世界非常公平,假如不是极端聪明或者极端幸运的话,大多数人的任何成功,都是要付出巨大的努力,不断学习,耐心地花时间一步一步地走。好高骛远,拼死一搏,最后通常总要见外婆。

每个人的个性不同,背景不同,悟性不同,比较好地掌握的手段也很不同,加上市场变幻莫测,可能的选择无穷多,怎么可能在极端的时间内就能通晓全套市场武功秘籍,在任何市场条件下不停杀进杀出并且稳定盈利呢?

其实老天很公平,笨人低手新手也有自己在市场里存活的空间。就像老瞎过去说过无数次的,市场如战场,想活下去的基本条件就是知己知彼。知己就要知道自己到底什么水平,现在的能力在什么市场条件下有比较大的成功概率。在确认有能力上的新的突破之前,只要发现市场条件不在自己的能力范围之内了,立即清仓出场,死等!不服气硬干的结果一定是损!

原谅老瞎直言,凡是最近是受损失较大的朋友,用上述的办法冷静反思的话,一定能找到某种吻合。这样的反思老瞎进行了很多次,非常有帮助,至少是亡羊补牢。

再老瞎常谈一些操作。很多朋友觉得指数波动不够大,不过瘾。非要找黑马股,或者所谓的长期看好的个股炒作,或者学巴肥特长期持有。其实学巴肥特和学大千高手你都要回答同样的问题。你有类似的资源可用吗?你有足够的知识和经验判定你选的个股的价值吗?你有足够的资金和时间让你等吗?长期持有的话,遇到现在的波动你拿得住吗?在遇到像1929年那样的暴跌,在等到全回来之前,你能承受多大的损失?你准备让你的生活质量下降多少,准备让家人和你一起熬过多久的煎熬?

假如您觉得受不了那样的损失和煎熬,没办法很稳定地找到黑马长期持有盈利的话,其实不妨看看指数的ETF。选择很多,被操纵的可能性相对没那么明显,容易掌握,进出容易。等真的有了高手们的金刚钻,再去揽找黑马的瓷器活儿也不完。市场机会无限,仅仅留给有本事抓的人们。

太多人喜欢测顶和底,这活计对高手们来说都是高难度。俺们低手是不是不该跟着玩命?就算一段时间过去了,你可能会说:看看,我说那是底(或者顶)了吧?但是,你知道有多少人猜到了底或者顶,因为没有金刚钻,最后并没有得到任何好处,反而在底或者顶形成过程时的大波动中先见了外婆?原因很简单,市场条件超出了自己能把握的情形的时候,风险承受能力一定会让你拿不住。没有马紧靠也没用!多数人看对了一样赔钱。

再有就是为什么大震荡的情况下为什么一定要没仓或者轻仓。我们都是凡人,无论水平高低都不可能彻底摆脱贪婪和恐惧的困扰。真的不受其扰了,或者成仙出世了,或者心理素质太出色了。轻仓通常会相当大程度的减轻困扰。大损失通常都是在过于自信,或者拼死一博的重仓情况下出现的。轻到什么程度算清?和自己的各种条件相关,能力,资金水平,自信心,风险承受能力都很有分量。简单说,如果在波动的时候,你真的能像处理别人的钱或者纸交一样的冷静客观处理,估计就算仓位够轻了。

最后就是,我们是凡人,不管你觉得自己多了不起,恐怕很难脱出凡人范畴。是凡人就会不断犯错误,只要我们不断学习,不断修正,勇于承认并改正错误,每次操作没计划不下手,现实和预期相反或者一切顺利都根据计划操作。这样风险一定在能承受的范围,就算你不幸和老瞎一样水平低,老瞎也相信你能找到自己在市场中立足的一小方地。不过等的时间恐怕不少!

下周会咋走?老瞎听了wavePlayer的劝告,把很轻的QQQQ OTM Put仓位还是清掉了。因为觉得真的很难判断。大趋势仍然在下降通道中。Qs下破了重要长期支撑。但是波动系数太高,老瞎手里的OTM Put太遥远,稍微盘一盘就被盘死掉了。轻吊也许耽误挣钱了,但是也没有了不必要损失的风险。不见兔子不撒鹰,不看见老瞎关注时间段的趋势改变,老瞎观望死等或者做空。

写得又臭又长,其实还有很多想说,太晚了。希望对一部分朋友有点帮助。祝福大家,将来一定更好。

2008-10-25 Market Watch: weekly analysis

Here is the last weekly analysis.  Now new impulsive wave has started, no betting on long, short on any rally until SPX reaches a new low.

Market Overview


Volatility is still high:  daily chart and hourly chart of $VIX (CBOE Volatility Index)

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TED spread looks fine but this doesn't mean it is time to go long.

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The following chart shows the MSCI World index, MSCI EAFE index, MSCI Emerging Market, Shanghai Stock Exchange Composite Index, Hang Seng Index, and Nikkei 225 index. The entire world is tanking while the emerging market is the worst.  But mainland China looks slightly better.

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Major indices, commodities, and US dollar are shown in the following chart.  We got new lows, terrible.

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Sector overview chart: triangles everywhere, all sectors are about to crash?

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Glance of major indices and bullish percent: faked up signal in the last week has gone away.

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Wave Counting


SPX: [left] counting on the daily chart; [right] detailed counting on the subwave of subwave iii of wave 3.  Oct 10th low might be taken out in the next week.  I am not expecting dramatic movement at the time being.

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XLF: I don't closely watch on XLF any longer because it's easier to trade SKF.  The chart only shows that XLF will have a new low, and might go under $10.

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SKF is a short but it will likely go higher before turning down.  The downside target is 120-145.

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QQQQ: approaching the target.

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Currencies


USD/CAD: bounced back up from Fib 61.8% and headed down.  This is the last support, if it goes further the wave counting will be invalid and it will go to 1.4 as a minimum target.

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USD/SGD: the chart explains everything.

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USD/JPY: very scary.  It's now back testing the breakout point.

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USD/EUR: due for a pullback?

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Currencies


Gold (continuous adjusted): Here is the monthly chart of gold price since 1974.  It's at a key support/resistance level.

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Crude oil (continuous adjusted)

The following chart [left] shows the adjusted crude oil price since 1983.

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$WTIC on stockcharts.com might be unadjusted.  FYI.

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Friday, October 24, 2008

2008-10-23 Market Watch

SPX daily (only the last primary wave): the minute wave (iv) is likely over, and the next wave has started since yesterday.  Today's candle touched Fibonacci expansion 1.618. On futures chart, the wave (v) is more clear.

image (-SPX)  image (-/ES)

SPX hourly: target 807.5.

image (SPX hourly)es (ES intraday chart)

XLF 60-min: retest the broken support line and farewell!

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SKF daily: no long above the upper red line, no short below the lower red line, no trade in between.

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SDS daily: same wave structure, too bad the entry point is missed.

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 image (SPX 60min)

Wednesday, October 22, 2008

2008-10-22 Market Watch

Today the market sold off...AGAIN to prove how wrong the "mid-term bullish outlook" is.  Has the intermediate term bottom been in place firmly on Oct 10th?  Definitely not, today SPX reached a new low close, which is also a multi-year low close of course.  And neither the pattern nor the waves seem showing a capitulation or an end of the trend.  Enough said, let's take a look at the chart.

TED spread looks well although it is not in a "normal" range yet.

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VIX is still very high:

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SPX daily and 60-min chart: the wave structure needs to be clarified.  This wave 3 started in May will be the most violent one in the history.  Based on the Fibonacci expansion analysis, the potential target for this wave 3 could be 600, which is a weak support in 1996 by chance.  However that might not the end of the bear market, because after wave 3 there are 4 and 5.  The entire unfolding process may take many years because of this complicated wave structure.

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SKF daily: note the red line channel.

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Master Chuxue's one prefered scenario and 我等。。

Creekmm's SPX update

Breakpointtrades' video update and charts.

Tuesday, October 21, 2008

2008-10-21 Market Watch

Another consolidation day.  Soon many people will believe that the worst has passed and the market will recover on its own.  Let's see.

SPX daily looks the same as expected, and the corrective wave is so obvious on the chart.

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So the picture hasn't really changed.

SKF has no clear-cut direction, so stay away.

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SPX 30-min chart looks like a breakout and kiss-back:

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XLF 60-min chart has a prolonged consolidation region, but now both momentum and volume are pointing down.  This pattern is quite bearish, especially on SPY and INDU.  Over the very short term the market is bearish, and consolidation may break out at the down side.

image(SPY)   image (INDU)

ES (S&P 500 index futures) looks bearish on the 30-min chart, hopefully Fib 38.2% can hold, otherwise the situation will become ugly.

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TED spread looks much better now.  So is Matthew's VIX chart.

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Monday, October 20, 2008

2008-10-20 Market Watch

The volume is not strong enough, so tomorrow is critical in the short term.

SPX daily and XLF daily no update.

SKF daily: direction undecided.  Stay away for now.

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SPX 60-min: it may go toward either directions.  I guess the trend is still up in the short term after a minor correction.

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XLF 60-min: short term bearish although a correction may come soon.

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TED spread dropped further.  But this drop needs to continue for a few more days.

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Matthew's charts:

VIX looks very promising: wait for concrete confirmation.

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QQQQ:

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