4 replies to this topic

[NAV]

Taking 5 points profit on half my ES long from 1517.

[Cirrus]

It's OPEX....we could easily see 1535 ES by Friday. That level on a closing basis and a gap up the following day would easily stop out plenty of bears and new shorts. I believe 'the chief' stated a scenario similar to this. I'll add that we had very similar circumstances WRT the relationship of bond yields to SPX in May of 2006. Yields rose for for about 5 weeks fairly briskly in Apr of 2006. The SPX held up well through APR OPEX and into early May. Finally the 30yr yield hit a new high on May 12 and that was that for the SPX.

Edited by Cirrus, 13 June 2007 - 01:33 PM.

[Russ]

Sold half too.

[denleo]

Nice call as usual, NAV. Do you think we are done with this correction and going to new highs? Or do you view it as a counter-trend rally? If so, how high are we going? My short-term indicators are mixed and I am not doing much, but longer-term indicators are still somewhat bearish. Thanks Denleo

[NAV]

Nice call as usual, NAV.

Do you think we are done with this correction and going to new highs? Or do you view it as a counter-trend rally? If so, how high are we going? My short-term indicators are mixed and I am not doing much, but longer-term indicators are still somewhat bearish.

Thanks

Denleo

Denleo,

At this point, it's a tough call. As i said in my morning post, i am looking for a challenge of the ES Sep 1534-36 resistance. But for that to happen, the 1527 resistance needs to be cleared. If the market falters here, without clearing 1527 today, then we are headed to retest of yesterday's lows. If 1527 is cleared, then 1534-36 is almost a lock. Now that i closed all positions, it's back to tape watching for the next opportunity !

Edited by NAV, 13 June 2007 - 01:58 PM.