Jump to content



Photo

Today's tape action


  • Please log in to reply
9 replies to this topic

#1 traderpaul

traderpaul

    Member

  • Traders-Talk User
  • 6,034 posts

Posted 01 February 2007 - 10:23 AM

Is a carbon copy of yesterday (upside down).....Yesterday gapped down, today gapped up.....Yesterday's low aroung 10 AM, today's high around 10 AM.....
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay

#2 da_cheif

da_cheif

    Member

  • Traders-Talk User
  • 10,960 posts

Posted 01 February 2007 - 10:33 AM

9:48

#3 arbman

arbman

    Quant

  • Traders-Talk User
  • 19,504 posts

Posted 01 February 2007 - 10:35 AM

I am continuing with my selling campaign slowly. I kept the hedged for the sales from the lower levels. So far 30% of the IT short allocation, I am hoping to see higher by the time it breaks so that the market depletes its buying power completely, but a top can come in any day now after the new month inflows, imho...

#4 Vector

Vector

    Member

  • Traders-Talk User
  • 1,828 posts

Posted 01 February 2007 - 10:35 AM

Earnings period chop chop

#5 Gary Smith

Gary Smith

    Member

  • Traders-Talk User
  • 887 posts

Posted 01 February 2007 - 10:41 AM

For the bulls' sake I hope I am wrong but something about this tape during the first hour smells and I have taken money off the table after increasing for the past five days. Select tech stocks just haven't been trading right especially IBM which has been stopped cold the past few days trying to top its down gap opening from a week and a half ago. Hopefully this is much ado about nothing but prudence trumps all in my trading, especially when I get myself overly exposed.

#6 arbman

arbman

    Quant

  • Traders-Talk User
  • 19,504 posts

Posted 01 February 2007 - 10:47 AM

I took a small short in the drillers with the all of the rate talks from the Fed, while the rest of the market was blowing off... I didn't expect it to come down so quick, but worth to mention, something is also broken over there...

#7 dasein

dasein

    Member

  • Traders-Talk User
  • 7,696 posts

Posted 01 February 2007 - 11:09 AM

I like to watch GE as a leading 'economic' indicator, for reasons I mentioned previously. GE has not gotten back to its 2003 hi, unlike the broad market. GE couldnt even get above its 2004 hi, until the vertical liftoff in Dec (EOY shenanigans to me). It paused and has been selling off since midJan, back to the breakout and into the range. It looks like the bottom of the range c. 32 is a minimum, with a pause in decline right here. this is something to watch, not to trade on. klh
best,
klh

#8 dcengr

dcengr

    Member

  • Traders-Talk User
  • 13,391 posts

Posted 01 February 2007 - 11:10 AM

I took a small short in the drillers with the all of the rate talks from the Fed, while the rest of the market was blowing off... I didn't expect it to come down so quick, but worth to mention, something is also broken over there...


As I said yesterday.. stops needed clearing in drillers. XD had it right, but he put his stop at the obvious place.
Qui custodiet ipsos custodes?

#9 maineman

maineman

    maineman

  • Traders-Talk User
  • 1,987 posts

Posted 01 February 2007 - 11:21 AM

Gary Smith said... "especially when I get myself overly exposed." I know that feeling. Tripped over my bundles yesterday as mentioned in a prior post. Great profits, but over exposed led to less clear thinking. mm
He who laughs laughs laughs laughs.

My Blog -Maineman Market Advice

#10 Gary Smith

Gary Smith

    Member

  • Traders-Talk User
  • 887 posts

Posted 01 February 2007 - 11:26 AM

For the bulls' sake I hope I am wrong but something about this tape during the first hour smells and I have taken money off the table after increasing for the past five days. Select tech stocks just haven't been trading right especially IBM which has been stopped cold the past few days trying to top its down gap opening from a week and a half ago. Hopefully this is much ado about nothing but prudence trumps all in my trading, especially when I get myself overly exposed.



The tape is smelling more and more as I continue to lighten up. From a contrary point of view the bears should be scared as this wondrous bull market is getting no respect when hard core bulls like myself suddenly get into a selling mode.