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Going long


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#1 eminimee

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Posted 26 January 2007 - 11:11 AM

this will be mostly a hedge against puts but a bit more so it will turn out to be a small long position. Thought I should make that clear.

#2 dcengr

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Posted 26 January 2007 - 11:30 AM

Critical point here

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#3 IndexTrader

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Posted 26 January 2007 - 11:52 AM

this will be mostly a hedge against puts but a bit more so it will turn out to be a small long position. Thought I should make that clear.


What's the key to 1419.50?

IT

#4 jawndissedi

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Posted 26 January 2007 - 11:53 AM

Look at the bounce in Treasuries -- more than just shorts taking profits -- smart money wants to be long over the weekend. Lots of rumors about Iran, etc. If the ES trade you're contemplating leaves you long over the weekend, 99% chance you'll be fine -- 1% chance your stop gets filled below a gap in fast market conditions caused by an "event." Is the upside that attractive?
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#5 dcengr

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Posted 26 January 2007 - 11:56 AM

Guess we broke that critical point, this could be the next bus stop.

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#6 kc135a

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Posted 26 January 2007 - 12:44 PM

Critical point here

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Do you see the potential broadening top? Is so, one more trip up into early to mid February.

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#7 dcengr

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Posted 26 January 2007 - 12:53 PM

Do you see the potential broadening top? Is so, one more trip up into early to mid February.

KC


Yes I think that's a distinct possibility.

And I also see the possibility that the top is in.

I want to see some fear before I take this current short campaign off.. so far I'm not seeing any fear.. in fact, NDX/SPX relative strength increased today, which implies aggressive dip buying mentality to me.

This is either a show of strength, or its going to reverse rather quickly. My guess is the latter, which is why I shifted to NDX shorts.

Yesterday, the 120 point dow drop didn't even make headlines on marketwatch or thestreet.com... so, no fear yet.
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#8 eminimee

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Posted 26 January 2007 - 01:25 PM

Jaw...it's more to protect put profits than confidence in the long side here... IT. 1419.50 is where it should be when spx hits TL support at 1415ish ..and a close today over 1422 spx would be bullish at least for a few days next week.