7 replies to this topic

[OEXCHAOS]

I just got this from MarketWatch Alerts

"U.S. stocks gain in early trades Monday, extending Friday's big advances"

That's a Sell. Whenever they breathlessly alert you to some trivial move, you can pretty much fade it.

Looks like NAV will make out on his puts. We don't have a turn yet, so I'm not shorting this piglet yet. That's just our discipline.

Mark

[risktaker]

Quotes in the article contradicts the title and say it is time to take profits though: "While there still may be some upside left to this 'relief' rally, we are more like to move money to the sidelines than buy equities," said Paul Nolte, director of Investments at Hinsdale Associates. "The book is a long way from being closed to the debt issues in the U.S.," he wrote in a note.

[dcengr]

Blogger poll isn't too healthy either. But I think it just means intraday volatility...

[OEXCHAOS]

I never read the articles. Usually a waste of time. The headline betrays the most sentiment, I think.

Quotes in the article contradicts the title and say it is time to take profits though:

"While there still may be some upside left to this 'relief' rally, we are more like to move money to the sidelines than buy equities," said Paul Nolte, director of Investments at Hinsdale Associates.

"The book is a long way from being closed to the debt issues in the U.S.," he wrote in a note.

[risktaker]

Thanks for the headsup!

[eminimee]

so far a lower high....

http://stockcharts.com/c-sc/sc?s=$SPX&p=5&yr=0&mn=0&dy=4&i=p83797310860&a=93322579&r=7636.png

[NAV]

Watch XLF. Not looking very pretty.

[blustar]

Yeah, I'm inclined to agree with you. I think we gap up Tuesday and I will short it into Wednesday (with a retest Monday near 45.10?). What I'm looking at NOW (and thinking to be true) is a running correction. That means whatever we gain Tuesday on the expected gap will be retouched next Wed. at best and that is near 47 4Q. What I'm saying is "I really don't think we are doing much more than treading water here before it tanks in earnest even perhaps into early Sept. and that perhaps on the 7th".