My bet is that bears will fail. Indicators right now are far from bullish, but one thing you can count on is short covering. Bought NQ at 2044.
It is a pleasure watching bears cover short positions. Oil is still strong and Dollar is still weak. The best possible combination for indexes.
Denleo
Bears will fail
Started by
denleo
, Jul 20 2007 12:14 PM
21 replies to this topic
#2
hiker
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Posted 20 July 2007 - 12:21 PM
GOOG good example of that...tested and held 504 horizontal and t/l in the premkt early session...and now it is 520
bears fail this time, and for now
buy dips usually works
AAPL now testing 141.84 day high
Edited by hiker, 20 July 2007 - 12:24 PM.
#4
eminimee
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I don't care who's fur is flying...
Posted 20 July 2007 - 12:23 PM
Denleo...how's that other position of yours...didn't you need 1570?
Edited by Teaparty, 20 July 2007 - 12:25 PM.
#5
NAV
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Posted 20 July 2007 - 12:25 PM
There is a possibility of another intraday low on both ES and NQ, but not necessary. But ER2 looks like it has bottomed for the day.
#6
denleo
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Posted 20 July 2007 - 12:27 PM
Tea, I am still struggling with the other position. I either need SPX to go below 1525 (well, this is not going to happen) or to go to 1565 -- 1570 (should be next week).
Denleo
#7
ogm
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Posted 20 July 2007 - 12:30 PM
There is a possibility of another intraday low on both ES and NQ, but not necessary. But ER2 looks like it has bottomed for the day.
I think we'll stabilize here for a few hours, as hourly ES got a bit oversold, but....
Brokers broke through previous lows with a vengeance on heavy volume. The charts are playing out as expected. Financials are weak weak weak. They are our new leader.
CAT implosion isn't helping industrials much either.
BRCM, XLNX and MSFT mediocre earnings aren't helping Nasdaq much.
Overall earnings this season are MEDIOCRE. 5-6% profit growth ? Gimme a break. the dollar fell almost as much this quarter. Excpectations were waay too high. And with Financials and smallcaps leading the way there is not much potential for any rally.
#8
youmast
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Posted 20 July 2007 - 12:35 PM
I either need SPX to go below 1525 (well, this is not going to happen)....
Denleo
You may get it on Monday, Denis...
But I think the market is designed just for the guys with the same positions. I mean just to screw them up...
#9
rkd80
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Posted 20 July 2007 - 12:36 PM
ogm, i am waiting for the oversold conditions to work off a bit and plan to add shorts somewhere around 2:30ish (unless it looks bad) as I think this slide will continue into Monday.
There is a possibility of another intraday low on both ES and NQ, but not necessary. But ER2 looks like it has bottomed for the day.
I think we'll stabilize here for a few hours, as hourly ES got a bit oversold, but....
Brokers broke through previous lows with a vengeance on heavy volume. The charts are playing out as expected. Financials are weak weak weak. They are our new leader.
CAT implosion isn't helping industrials much either.
BRCM, XLNX and MSFT mediocre earnings aren't helping Nasdaq much.
Overall earnings this season are MEDIOCRE. 5-6% profit growth ? Gimme a break. the dollar fell almost as much this quarter. Excpectations were waay too high. And with Financials and smallcaps leading the way there is not much potential for any rally.
“be right and sit tight”
#10
denleo
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Posted 20 July 2007 - 12:36 PM
Financials are not leaders. They have been declining for weeks and the stock market ignored them. Leaders are the ones who lead on the upside. The rest I prefer to ignore.
Denleo
