Ok. Looks like this run will last for a few days.

bullz win, apparently. For now. The market shouldn've bounced this high to stay in downtrend. Changing my bias to neutral. No interest in longs. Looking for a spot to short. Not covering what I'm short already.

Edited by ogm, 27 August 2008 - 11:25 AM.

bullz win, apparently. For now.

The market shouldn've bounced this high to stay in downtrend.


Changing my bias to neutral. No interest in longs. Looking for a spot to short.

Not covering what I'm short already.

Relax, we will be fine. VST may be bullish, we shorts will be rewarded shortly. I am 150% long SDS now, will go 200% soon.

bullz win, apparently. For now.

The market shouldn've bounced this high to stay in downtrend.


Changing my bias to neutral. No interest in longs. Looking for a spot to short.

Not covering what I'm short already.

Relax, we will be fine. VST may be bullish, we shorts will be rewarded shortly. I am 150% long SDS now, will go 200% soon.

I'm just looking at internals. Too strong here to roll over. MCO turned back up, summations turned back up. I don't like being short against summations. I was short for a while and they looked like they are rolling over, and now they are turning back up.

Even though the price itself didn't turn really, unless the internals break down, this will be grinding up/remaining flat for some time.

I'm not really short any indexes to speak off, and not ccovering the shorts that I have. GOOG, RIMM, etc.

But I see a potential for the market to flatline for longer ithout breaking down.

I'm not really short any indexes to speak off, and not ccovering the shorts that I have. GOOG, RIMM, etc.

But I see a potential for the market to flatline for longer ithout breaking down.

OGM, this is funny. This morning you were the only bears, and then you got a strong alliance Atilla A-Ha. Now it's Atilla who is a lonely bear!!

I said last night be prepared to see 20 or 30 points up....NOW...if we stall between 1285.25 and 1288....that could be quite bearish....

I'm not really short any indexes to speak off, and not ccovering the shorts that I have. GOOG, RIMM, etc.

But I see a potential for the market to flatline for longer ithout breaking down.

OGM, this is funny. This morning you were the only bears, and then you got a strong alliance Atilla A-Ha. Now it's Atilla who is a lonely bear!!

The market isn't doing what I thought it would do, and looking stronger then I thought it should look. I may be wrong, I may be right, but I'm not in the business of losing money. I'm in it for the money, and nothing else.

And rule number one is .. DON'T lose money.
And rule number two is .. If its not acting like you thought it would ... don't have money on the line.

I can ride out RIMM and GOOG and a couple other shorts, since they are longer term positions. Aside from that internals are looking stronger then I expected. So I'm trimming down and going flat. With this low volume things can chop around for much longer tand much more volatile then anyone expects.


Next trade is to short commodities for a few days. I'm looking for positions already. Financials look to be going up, and once the Gustav hurricane passes, oil will tank again and drag commodities back down. And market will probably pop on it again.

I said last night be prepared to see 20 or 30 points up....NOW...if we stall between 1285.25 and 1288....that could be quite bearish....

Daily chart is still confined to its patterns. What I don't like are the internals. They must fail with the roll over and they are getting stronger. Look at MCO.


Another problem is that we are in the news vaccum period with no catalysts and no volume. Which makes trend forming quite hard.

There is no way I'm interested in taking any long position here. but flat position looks good to me, considering we didn't break down as I expected. We still may, but 60 min moentum has now turned up on good internals, so I'm not betting on it for now. We need a catalyst.

Edited by ogm, 27 August 2008 - 12:18 PM.

On second thought... The real trade, is to fade myself right now ... so the market will probably fall apart by the close Short ES with stop at daily highs.

I only fade you when you start to repeat yourself...over and over and over....

I only fade you when you start to repeat yourself...over and over and over....

Its like Denleo with his "no risk" thing. I always fade him whe he does it