Since I'm making this post my guess is that we'll rally. Holding my short ES from last week at 1435.00. Wide stop for now.
The plot thickens. New highs just yesterday in the SPX....unconfirmed by the March ES. That's 2 days in a row for that particular thing. I regard that as a negative.
New highs unconfirmed by McClellan Summation and other momentum type indicators. New highs in some indices, unconfirmed by other indices. Really a spotty type of market on the upside.
But best of all...the breakout index....NDX, has failed fairly dramatically here.
So I think it's worth hanging in there with the shorts. Wouldn't be too surprising to see a rally. But there's plenty of potential on the downside in my opinion. Let's see what develops on the short side.
IT
Holding Short ES
Started by
IndexTrader
, Jan 18 2007 03:02 PM
1 reply to this topic
#1
Posted 18 January 2007 - 03:02 PM
#2
Posted 18 January 2007 - 03:29 PM
NDX coming down from my pain limit at 1850, maybe it works, maybe it doesn't. Some of my IT type positions are complete that I declared here. The trades didn't develop exactly the same as described above since there was substantial profit toward the Christmas week and I took them. But, I reentered most of the short position all the way back up here...
I just predicted that this would be a final blow off top, it turned out to be so far, however I think we will see a slightly higher high on SPX. The problem is what's going to lead and push it higher from here?!? The commodities are looking weak, I really do not like that biggest downside volume on the OIH this morning, I think it killed quite a bit of the bounce potential. I am getting out of the group near break even.
I wrote about these, the small caps diverged all the way here, the recent strength was just another blow off, imho, and there is a good chance that the IT top might come in earlier this time.
Good luck,
- kisa
I just predicted that this would be a final blow off top, it turned out to be so far, however I think we will see a slightly higher high on SPX. The problem is what's going to lead and push it higher from here?!? The commodities are looking weak, I really do not like that biggest downside volume on the OIH this morning, I think it killed quite a bit of the bounce potential. I am getting out of the group near break even.
I wrote about these, the small caps diverged all the way here, the recent strength was just another blow off, imho, and there is a good chance that the IT top might come in earlier this time.
Good luck,
- kisa