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[thespookyone]

I think I, as much as anyone have seen a serious correction coming for some time, and my thoughts on that have not changed. BUT, as a trader, the question I always have to answer is -WHEN. I'm not playing multi month positions like "da chief", I haven't since the smooth trend up ended. Even then I guess about 2 months would have been my limit. My trading the last couple months has had to be much more nimble, so when I look at the market in a trading sense now, I'm much more interested in what is happening the day I'm trading, and maybe the next two or so (out of the corner of my eye). In a general sense, I have always shorted more than most people, and I think that holds true here at traders talk, as well. Trading full time since 1981 has bestowed one true gift on me-patience. Not in the sense that I won't jump in and out of trades short term that I see to my benefit, but when I am looking for larger hits, where I'll hold my position a bit longer. The market simply isn't telling me I need a huge short, "yet". When we hang out making a top (like I think we are) for a couple months, I always see the same things happen. First, people get whipsawed, then, they get impatient. Traders forget overbought can last a while, and that markets can stay crazy-relative to indicators and internals-much longer than we can remain finacially solvent-if we push too hard, too soon. They start trying to pick absolute tops, too soon-no thanks. The market is usually good at punishing early short positions, and many times they end up as mere rocket fuel for the next bump up. With the naz and Q's not having rolled over yet-will the market suddenly roll over without them?-I doubt it. I think "all winds will blow in the same direction" before we get the true swift move dowm. Will that all happen at mach speed-probably, but, it just hasen't happened yet-so I am in no rush, "yet". Teapartys real time post Friday on the Q's about to come to the rescue, and bump the market up (when the dow was down a buck and change) was not just timely, but, turned out to be TRUTH (You can't change the truth, but the truth changes everything around it) -the Q's led the rise up, and in 25 minutes we erased most of the days losses. I hope I'm not the only one that noticed, but the Q's traveled Teapartys chart like it was a predestined roadmap. The count there reads a 5 up, and from my point of view, is very hard to argue with, until "something else" happens. And, until price tells me otherwise, I will remain in my July 48 Q calls, purchased at 45 cents, at the time of Teapartys post. I bought them because it looked like Teapartys call to bottom a B was about to transpire-while I was waiting for the perfect moment. I'm playing puts and calls on every numbered and lettered move, and I have had the same count for a while on the Q's as Tea (It's hard to find a "reasonable" alternative at this point)-he has clearly been "in the zone" the last month-period. I see no reason to post charts of horrid internals here-we all know they abound. Price, as usual will dictate what will happen here-and while others pull the trigger on this market hard short-I'll wait like a vulture, and enjoy an undeserved ride up-until price tells me it's time to make a bigger move. When the Naz and Q's show up with their scuba gear on-I'll be ready to take the plunge too-not before. Spooky

Edited by thespookyone, 01 July 2007 - 10:07 PM.