12 replies to this topic

[NAV]

Semibizz, Slingshot <> 1/2 Scorch. I made 125 points on my YM longs from yesterday. But the darn YM spurted another 100 points after i closed my longs. Oh Well....can't get it all ! All the bear darlings are rocketing higher today - OIH, REITs, Stock indices, except the Bonds (and why should it, given the daily, weekly and monthly trends are all down). This was one hell of a bear trap. I am wondering how much more pain is in store for the shorts this afternoon. Regardless of what happens, we are still trapped in a trading range as long as we stay below the 6/20 highs. I am scaling into some OEX puts starting here around ES 1547 level. Will add if we move higher. But i will close all, if we take out the 6/20 highs. This is one of the best shorting setups in a while (not based on technical confirmation, but based on risk/reward).

[eminimee]

Oex has made a new high today....posted some charts in XD's thread below....yes...we may be getting a good top here...but there is a possible ED that can complete on internal fumes. Just a heads up....no problem starting a collection of puts though if prepared to take some heat.

Edited by Teaparty, 12 July 2007 - 12:00 PM.

[atlasshrugged]

Semibizz,

Slingshot <> 1/2 Scorch.

I made 125 points on my YM longs from yesterday. But the darn YM spurted another 100 points after i closed my longs. Oh Well....can't get it all ! All the bear darlings are rocketing higher today - OIH, REITs, Stock indices, except the Bonds (and why should it, given the daily, weekly and monthly trends are all down). This was one hell of a bear trap. I am wondering how much more pain is in store for the shorts this afternoon.

Regardless of what happens, we are still trapped in a trading range as long as we stay below the 6/20 highs. I am scaling into some OEX puts starting here around ES 1547 level. Will add if we move higher. But i will close all, if we take out the 6/20 highs. This is one of the best shorting setups in a while (not based on technical confirmation, but based on risk/reward).

AS traders we are never really happy! I should have been 100 long yesterday instead of 30% invested.

oh well better than a losss

[NAV]

Oex has made a new high today....posted some charts in XD's thread below....yes...we may be getting a good top here...but there is a possible ED that can complete on internal fumes. Just a heads up....no problem starting a collection of puts though if prepared to take some heat.

OEX made a new high today, while SPX did not, which is even better. I like that divergence. If you recall OEX made it's high on 6/20 while the SPX made it's high on 6/15. In that sense SPX led this decline and OEX followed and that's most likely gonna be story again. Again this theory has merit only if SPX stays below the 6/20 highs. Above that i am gone. So, willing to take about 8 SPX points of heat. Since i will be scaling up, the average should around 4-5 points.

[eminimee]

Absolutely...I shorted oex via puts that day on that divergence....not stepping in yet...if it's the type of top I'm looking for...plenty of time...but kudo's to you for jumping in....I don't even like swimming in a pool more than 78 degrees. lol...talk about hating heat.

[NAV]

Absolutely...I shorted oex via puts that day on that divergence....not stepping in yet...if it's the type of top I'm looking for...plenty of time...but kudo's to you for jumping in....I don't even like swimming in a pool more than 78 degrees. lol...talk about hating heat.

Connect the 7/3, 7/9 and today's highs on OEX on a 30-min chart. Then the pool actually feels warm and comfy. The boyz may come back from lunch and turn up the heat. But that's a different story.

Edited by NAV, 12 July 2007 - 12:35 PM.

[eminimee]

I did....but on an hourly....that's posted in XD's thread. This is also making me cautious of an early short....I don't mean to be screwing with your head though.
http://stockcharts.com/c-sc/sc?s=$BKX...5548&r=6447

Edited by Teaparty, 12 July 2007 - 12:36 PM.

[greenie]

This is how much REITs bounced today:

http://bigcharts.mar...&rand=2875&.png

Really spectacular !!

[Vector]

I'm satisfied I haven't changed a darn thing in well over 3 years

[NAV]

This is how much REITs bounced today:

http://bigcharts.mar...&rand=2875&.png

Really spectacular !!

That's why i called it a bounce and not a rally, LOL.