27 replies to this topic

[NAV]

I am daytrading ER2 on the shortside - the weakest index. I woudn't be sursprised to see ER2 take out 820 either today or by tommorow the latest.

[arbman]

I added also more at the open... It is so far developing as a fast day, I dumped the hedges earlier in OIH, but I really like the semis' relative strength so far in NDX. If a downside momentum does not develop from here quickly, I will cover them all... BTW, the short positions are again on the small caps. One of my filters is also picking up a bunch of strong short issues in the medium size companies, I might try a few for a few small IT trades. But overall, I expect higher after the 10 wk low in the next day or two. All trading positions...

[NAV]

It is so far developing as a fast day

And the board seems to be pretty quiet today. Not much bearish excitement.

[Darris]

Will add my 2 cents, since I am bullish. I think the NDX expended all of it's energy down based on the Rydex dynamic player going short, and we are going to get a reversal to the highs of the day near the close, and they will squeeze the Rydex money out of the short position. The 11:30am FTSE close was classic near the lows of the day with the program trading TICK selling fairly hard. The consolidating action seems to be setting up a better day to the upside on Tuesday. The day is still young though. Good Luck.

[Cirrus]

I will add that the IWM looks ST bullish. I am IT bearish on the IWM and am waiting for a better entry to short for an IT time period. I'd like to see a BO to the upsided and then take a looksie at R2K NH/NLs to see if it's legit. If it breaks down from this daily consolidation I'll jump on board, too. I'm just not willing to enter yet as the IWM is a tough call here in the current context of these markets. It's also OPEX.....

[NAV]

Darris,

Remember my post "All panics resolve upwards" , when this uptrend begun.

The very same signal is now rolling over on the daily charts. When it does, i pay attention and start a series of probes.



Good luck to you as well.

Edited by NAV, 14 May 2007 - 11:20 AM.

[Darris]

NAV, no issues with the daily stuff, and thanks for taking the time to show your work, very nice. I am just playing the OPEX seasonal strength the next couple of days, and the Rydex short has a nice profit going for him. I just think they will take it away from him by the end of the day. Long NQ 1900.25, and will exit at 1915 ish on the close, but targeting the spike high of 1924 sometime on Tuesday. Expecting 1520 on the ES. FWIW

[arbman]

So far, this leadership among the indices with the fading semis outperformance for the day is not what would turn me bullish...

http://ichart.finance.yahoo.com/z?s=^GSPC&t=1d&q=&l=off&z=s&c=^NYA,^RUT,^NDX,^IXIC,^NDXE,^DJI,^SPXEW,^MID,^SML&.png http://ichart.financ...,^XWH,^IWH&.png

[NAV]

ER2 - 825.5. Not a bad place to take some profits on the morning shorts. Will close the rest below 820 or stop out at breakeven, if an impulse develops here on the intraday charts.

[arbman]

ER2 - 825.5. Not a bad place to take some profits on the morning shorts. Will close the rest below 820 or stop out at breakeven, if an impulse develops here on the intraday charts.

I am waiting for the volume to surge to cover, so far it is a slippery slope of hope (bearish).