Pathetic bounce

Rejection from 714. Back short at SPX 708 via SDS with stop above today's highs. Looking for 25-30 points. P.S - If we take out today's highs then a VST rally to 735 is in the order. Breadth is pretty good today, which makes it a difficult day to short. But the price action is not that inspiring. We'll see...

Edited by NAV, 04 March 2009 - 01:05 PM.

Rejection from 714. Back short at SPX 708 via SDS with stop above today's highs. Looking for 25-30 points.

P.S - If we take out today's highs then a VST rally to 735 is in the order. Breadth is pretty good today, which makes it a difficult day to short. But the price action is not that inspiring. We'll see...

Negatives of the Bounce...
1) We are still in a bearish trend channel on the 60 minute charts of the indices.
2) Volume is not strong
3) A/D is only 2 to 1, and should be closer to 4 to 1 with a 3% rise.
4) Small caps are still lagging.

Positives of the Bounce...

TRIN is 1.37. Yea!!!
CBOE Put/Call is .99 is it isn't low either.


My conclusion is mixed where this rally is going. We must break out of this bearish trend channels on the 60 minute charts. That could happen tomorrow, but will not likely happen today..

Barry

Rejection from 714. Back short at SPX 708 via SDS with stop above today's highs. Looking for 25-30 points.

P.S - If we take out today's highs then a VST rally to 735 is in the order. Breadth is pretty good today, which makes it a difficult day to short. But the price action is not that inspiring. We'll see...

I like the way you think, I went short at 3:55 on spy/iwm again, but only because of that high volume plunge. Appears that too many people are skittish with this market and are scared to even stay overnight, not a sigh of health or strength.

Are you still short, btw?

Rejection from 714. Back short at SPX 708 via SDS with stop above today's highs. Looking for 25-30 points.

P.S - If we take out today's highs then a VST rally to 735 is in the order. Breadth is pretty good today, which makes it a difficult day to short. But the price action is not that inspiring. We'll see...

I like the way you think, I went short at 3:55 on spy/iwm again, but only because of that high volume plunge. Appears that too many people are skittish with this market and are scared to even stay overnight, not a sigh of health or strength.

Are you still short, btw?

I'm long at the moment. I play medium term and not short term... My intermediate charts are pointing to more upside. Since I have a day job, I can't trade intraday....

I'm long at the moment. I play medium term and not short term... My intermediate charts are pointing to more upside. Since I have a day job, I can't trade intraday.... [/quote] I forget to mention we have 3 waves down, and a variety of positive intermediate signals, so I'm looking for a multi-day bounce and not a one day rally at this time..... Barry

Shorted 1.618 of A at Spy 72.86. Short via SPY March 74 puts at 3.70 So far, so good. If that was just an A( I doubt it) I'm holding through the C anyway.

"Pathetic bounce"



I thought you were describing your accident.

Rejection from 714. Back short at SPX 708 via SDS with stop above today's highs. Looking for 25-30 points.

P.S - If we take out today's highs then a VST rally to 735 is in the order. Breadth is pretty good today, which makes it a difficult day to short. But the price action is not that inspiring. We'll see...

I like the way you think, I went short at 3:55 on spy/iwm again, but only because of that high volume plunge. Appears that too many people are skittish with this market and are scared to even stay overnight, not a sigh of health or strength.

Are you still short, btw?

No, i always honor my stop. What are they for otherwise ?

"Pathetic bounce"



I thought you were describing your accident.