Got one of those, too, last night.
Again, the catch is that we've got up to 4 days to get our move. One more shellacking today would have me nibbling long. If we rally and run today, well, I miss it. I'm not chasing a rally in this market, no matter how good the signal.
I want more pessimism or I want some better targets hit.
Mark
Single Best Buy Signal
Started by
OEXCHAOS
, Jul 25 2007 06:51 AM
10 replies to this topic
#1
OEXCHAOS
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Mark S. Young
Posted 25 July 2007 - 06:51 AM
Mark S Young
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#2
hiker
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Posted 25 July 2007 - 06:58 AM
why not short 1525 SPX cash horizontal R now...or 1530-33 if seen?
I realize sentiment is your strategy here, but this other idea may be the high odds play right now...yes, being concerned about a bear trap is valid...tight stop on a short may work though.
#3
Tor
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Posted 25 July 2007 - 07:01 AM
Personally, my ST (short term only), bias has shifted to corrective action into early August.
Then I will start to think about going long.
If I saw a bounce of some kind, I may use this to enter said ST short.
Will see and trade well.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#5
OEXCHAOS
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Mark S. Young
Posted 25 July 2007 - 07:39 AM
I'm just passing on the signals, guys. An early rally is a short. I see nothing in the sentiment that says, "good low".
Rydex is giving me schpilkes. Up, then down.
Mark
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#6
LarryT
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Posted 25 July 2007 - 07:47 AM
why not short 1525 SPX cash horizontal R now...or 1530-33 if seen?
I realize sentiment is your strategy here, but this other idea may be the high odds play right now...yes, being concerned about a bear trap is valid...tight stop on a short may work though.
Got an order in to sell 1533 today, good for 20 pts down if seen.
#7
qqqqtrdr
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Posted 25 July 2007 - 08:24 AM
It looks like most here think we are are short term oversold and will bounce and then head lower. I don't think this is the case. Let's see how we bounce and see how many people short this bounce before making decisions. CBOE Put/Call average is still relatively high. If it continues to be high on this bounce I would not recommend shorting.......
Barry
#8
arbman
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Posted 25 July 2007 - 09:05 AM
Opening equity P/C is 0.49, overall 0.84, 250k calls passed, I am thinking more flushing will be needed, but SPX is at the trendline support from the March lows, so perhaps not much lower?
#9
peregrine
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Posted 25 July 2007 - 09:09 AM
Index P/C at 10 AM = 2.31, still 36 % more bearish than the norm.
Ratio of Index/Equity = 4.71...bearish vst
#10
qqqqtrdr
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Posted 25 July 2007 - 09:12 AM
Opening equity P/C is 0.49, overall 0.84, 250k calls passed, I am thinking more flushing will be needed, but SPX is at the trendline support from the March lows, so perhaps not much lower?
Yep.... From Put/Call it appears more flushing is needed. Do you know where we can look at the OEX Put/Call Ratio during the day. If this is high while Equity is low, it is much more of a solidified statement that the market will go down.
