Edited by NAV, 05 July 2007 - 03:39 AM.
The bounce is getting long in the tooth...
Started by
NAV
, Jul 05 2007 03:30 AM
5 replies to this topic
#1
Posted 05 July 2007 - 03:30 AM
Of course i am talking about the SPX. The new recovery highs in NQ is a good thing IMO. It was itching to make new highs. Now that the mission is complete, it can join the SPX with the same gusto on the downside
The last time i posted a bullish reversal was the exact day, NQ rallied from the 1920 low. I got bearish a bit early around NQ 1968 and got stopped out. Today i will start probing the short side again. Today has a potential for a significant CIT, based on my 120-min indicators and the expansion in sentiment against compression in price. Looking to exploit that inefficiency.
The other market i am bearish and holding puts is the T-notes. Last Friday, i warned about that reversal. I am looking for 5.5-5.6% on $TNX (for the Intermediate term).
P.S. The other market which is gonna get ugly in the coming days is the $BSE (Indian market).
#2
Posted 05 July 2007 - 03:43 AM
The other markets which are looking dangerously toppy are OIL/OIH/XLE on the weekly charts. But they are very difficult to short right now, given their strenght. I will wait for a break before i jump on them.
#3
Posted 05 July 2007 - 03:56 AM
#4
Posted 05 July 2007 - 08:54 AM
ON the same page as you Nav, energy looks toppy - but they are the leaders and defy gravity.
I am looking to enter YM and ES shorts through-out the day starting now...keep us posted on your actions plz.
“be right and sit tight”
#5
Posted 05 July 2007 - 09:18 AM
ON the same page as you Nav, energy looks toppy - but they are the leaders and defy gravity.
I am looking to enter YM and ES shorts through-out the day starting now...keep us posted on your actions plz.
rkd80,
I am a confirmation type trader. I need to see a break before i enter short. So far no break - just waiting and watching.
#6
Posted 05 July 2007 - 12:51 PM
i hear ya nav, i still get tempted to forecast the break and jump ahead prematurely. sometimes it pays off, sometimes it does not. When i see a lot of sell signals confirm each other I am definitely more tempted.
I am short:
ES @ 1536
YM @ 13,650
“be right and sit tight”