Disbelief
Started by
maineman
, Jan 24 2007 11:09 AM
4 replies to this topic
#1
Posted 24 January 2007 - 11:09 AM
four out of the five stock market related posts I've read here this morning since the opening bell have been bearish, or at least "doubting" of any advance... "Gap and Crap", "Low breadth", etc. etc. Meanwhile, price is king, and "the boys" appear to have a lot of energy to push the market up. I still believe we are skating on thinner ice all the time, too, but short term, the rebound rules.
mm
#2
Posted 24 January 2007 - 11:49 AM
For the short term, with the equity P/C so high again (> 0.7), there is definitely more upside, SPX 1450-1460 is still my ST target over the next few wks...
#3
Posted 24 January 2007 - 11:50 AM
I think time frame is important to remember at this juncture.....I for one have been building an OEX put position over the past 8 trading days but continue to scalp both ways on the futures. It's possible those going short today have a swing trade in mind and not concerned with what is possibly a last gasp move...at least not concerned yet. ggg ie: IndexTrader with a wide stop, I believe that will work out well. I've given my stop based on OEX too many times to mention. lol
#4
Posted 24 January 2007 - 12:01 PM
Agree 100%. But for now I am being a little more "careful" building a short position....
mm
#5
Posted 24 January 2007 - 12:31 PM
four out of the five stock market related posts I've read here this morning since the opening bell have been bearish, or at least "doubting" of any advance... "Gap and Crap", "Low breadth", etc. etc. Meanwhile, price is king, and "the boys" appear to have a lot of energy to push the market up. I still believe we are skating on thinner ice all the time, too, but short term, the rebound rules.
mm
Yep agree!!!!!!... But as you said caution is needed. I want to short thing like everyone else it seems... but hey.... WC
$ No more effort is required to aim high in life, or to demand excellence and success than is required to accept failure and poverty. $ ~ Anonomous