Short again

SPX 1312 - bought some puts. Stop 1320.

Nice set-up, Ill join you on that short (SPX 1309). Think we get SPX 1276-1288. My stop 1315.

Edited by beta, 20 March 2008 - 11:31 AM.

More importantly what is your price target in a Thu afternoon ahead of a 3 day weekend? I guess you will hold the position into next week, that I honestly find it dangerous, Fed put $180B to work today and several days ahead, they will pump it up for the EOQ, a bullish setup UNLESS the plan is to pull the plug at the last minute similar to end of Feb... I am flat, a few scalps, but flat...

More importantly what is your price target in a Thu afternoon ahead of a 3 day weekend? I guess you will hold the position into next week, that I honestly find it dangerous, Fed put $180B to work today and several days ahead, they will pump it up for the EOQ, a bullish setup UNLESS the plan is to pull the plug at the last minute similar to end of Feb... I am flat, a few scalps, but flat...

guys have you noticed JPY against all currencies - major moves (maybe hedge funds buying back jpy)

More importantly what is your price target in a Thu afternoon ahead of a 3 day weekend? I guess you will hold the position into next week, that I honestly find it dangerous, Fed put $180B to work today and several days ahead, they will pump it up for the EOQ, a bullish setup UNLESS the plan is to pull the plug at the last minute similar to end of Feb... I am flat, a few scalps, but flat...

I am a pure TA guy. Really dont' worry about all that. Anyway, target is SPX 1294-96 area.

fwiw...lotsa slosh
http://www.gmtfo.com...ader/OMOps.aspx

guys have you noticed JPY against all currencies - major moves

Yes its been going on for a while and is accelerating. the Fed targeted the yen carry trade as a source of unwelcome leverage last year, and since deleveraging is the theme this week, its been a potent combo. Higher margin reqs in London today is adding to the selling of commods and yield currencies.

this was one reason i have said before to watch the EURJPY correlation with the fincl markets - that correlation will probably diminish as this trade unwinds.

klh

Japan is actually in a deeper hole in terms of mortgage crisis, they hold a lot of the US loans, their stock market overly corrected for the same reason due to the liquidity issues. I think BoJ is probably now doing the same thing the Fed has been doing. Soon, ECB will join as the European manufacturers will start to squawk and the USD will probably bounce...

Lowered stops to 1316.

Closing my short @ 1310, flat. Good Friday and happy Easter weekend, time to enjoy the spring weather !

Edited by beta, 20 March 2008 - 12:21 PM.