NDX is now testing 1800-1810 level
#1
Posted 14 February 2007 - 10:20 AM
#2
Posted 14 February 2007 - 10:25 AM
#3
Posted 14 February 2007 - 10:33 AM
Well, an one day rally could be explained, but a second day can not. The option market was telling about a bottom two days ago, it gave another chance to the bears yesterday to exit, instead they loaded up more. The equity P/C ratio readings over 0.7 are usually bullish regions, the overall P/C was also quite high. I doubt that it is turning back down immediately, I see this morning's opening numbers getting low though...
- kisa
We need at least 1 1/2 - 2 hours of trading before P/C makes any sense. The market also turns quite a bit around 10:30. What the market does between 10:30 and 11:00 generally helps point to which way the market is going.
Barry
#4
Posted 14 February 2007 - 10:35 AM
Well, an one day rally could be explained, but a second day can not. The option market was telling about a bottom two days ago, it gave another chance to the bears yesterday to exit, instead they loaded up more. The equity P/C ratio readings over 0.7 are usually bullish regions, the overall P/C was also quite high. I doubt that it is turning back down immediately, I see this morning's opening numbers getting low though...
- kisa
I don't expect immediate turn either. But a few hours and vicious reversal wouldn't be out of what I expect. But it can go up too.
Just the sentiment picture doesn't support higher, at least to me.
#5
Posted 14 February 2007 - 11:08 AM
#6
Posted 14 February 2007 - 11:31 AM
I guess you are short again....Dcenger you will turn bullish 1 day
I did turn bullish.. why do you think I pulled some of my shorts off? Just because I remain IT bearish doesn't mean I can't turn ST bullish.
#7
Posted 14 February 2007 - 12:38 PM
#8
Posted 14 February 2007 - 01:05 PM
bullish for you is pulling off some of your shorts....amazing.
I mean 1 day you will be backing up the truck to buy
Maybe. But I don't think that'll be today.
#9
Posted 14 February 2007 - 01:15 PM