29 replies to this topic

[einscodek]

After some consolidation mid-week, I expect to see S&P in the 1340's These swings will test your manhood

[thespookyone]

I'm not thinking a rally toward the MCO zero line-where it rolled over, again, isn't giving me a we rally hard feeling. The 5% index just hit the zero line yesterday-calling for a bounce to bring the 10% back toward zero. After the 10% gets there or close-I would NOT want to be long. That said, I find the bullish sentiment here telling.

[arbman]

aaaaand the squeeze seems to be over... financials are almost negative for the day!

Edited by arbman, 19 July 2011 - 10:44 AM.

[thespookyone]

Said 'isn't giving me" Meant to say-is giving me a feeling. Bottom line, I feel after this pop is completed-we roll over deeper. Breadth has been rolling steadily South since the top. The interplay of the 5 and 10% indexes here is nothing new-and I sure want none of "it will be different this time". IMHO, the next pop up finishes this rally. I had a rally target on the QQQ of 58.79 on Friday for this move, we hit it-I'm going short in that area.

Edited by thespookyone, 19 July 2011 - 10:54 AM.

[arbman]

I must admit the selling pressure off the top was really surprising to me, I would've expected to have at least a better retracement high last week, especially after some of the momentum measures (from breadth to price metrics) have done so well... There were signs, but the signs were there in the previous rallies, I attribute this swift failure to the end of QE, it was a nice fake out played to the unsuspecting public...

[arbman]

People are buying calls as if QE3.0 is happening now, I guess the expectations about the budget thing is very high...

[arbman]

ES 1320, I guess the moment of truth comes from here... I scalped long mostly just because the breadth held for the day, but RUT slowly underperformed since the open...

[einscodek]

The clowns in washington arent going to allow default.. they've all done their best to inflate away the dollar for nearly 100 years now why in the world would they suddenly reverse course? We will see 1340s sooner that I thought.. consolidation may or may not be in order.. something is happening and we will hear the news of it after the market has already gone up

[orange]

ES 1320, I guess the moment of truth comes from here... I scalped long mostly just because the breadth held for the day, but RUT slowly underperformed since the open...

I hope we can get a 10 point pullback to 1310SPX so I can load up some better longs. I went long at the open, but only with a small position. We should hit 1340 before we reverse, but AAPL throws out earnings tonight. It's just too risky to add long at this point IMO.

AAPL usually sells off the day after earnings anyways.

I wish we had gotten a double bottom with the yesterdays low. The decline was a stop run.

Edited by orange, 19 July 2011 - 12:57 PM.

[arbman]

Yes, I agree the pull back was a stop run, but this is a terminal rally, the way banks perform... BTW, there is no need to default AT ALL. But the debt issue must be addressed carefully, reducing the spending a bit, increasing the taxes on the upper class A BIT, are options. Of course, they have to be very careful, it is a mystery how the debt can grow the way it does and one can expect a long term and sustainable growth...

Edited by arbman, 19 July 2011 - 01:05 PM.