It's also month end, so expect this chop all day, and then later, they'll press the button, the market will flush a bit. I'm guessing 1460-65 SPX for a close. I'm wrapping it here. Taking my clown longs off, closing out flat, gassing up the boat, and go out to catch some bigger fish. Happy long weekend to all.
When TRIN is so low and TICK is struggling
Started by
phineas_gage
, Aug 31 2007 10:03 AM
6 replies to this topic
#2
ogm
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Posted 31 August 2007 - 10:19 AM
I'm guessing just about evberyone and his brother shorted into the Bernanke and Bush's speaches in expectations of the news being sold.
At the same time the set up on 60 min charts is suggesting a very strong positive momentum. We're hitting our head on resistance, but it may be far from over, if the internals hold so strongly positive untill about 2-3 PM. Then the shorts will be forced to cover into the long weekend, and we have a breakout.
I'm seeing a lot of breakouts on individual charts already.
Keep an eye on GS today. Its not getting weaker. Quite the opposite.
#3
Cirrus
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Posted 31 August 2007 - 10:31 AM
Feels like distribution with one caveat. IF, (big IF), we get a breakout in tick today will be a major update and washout some shorts.
Watch for JPM to trade above 45 and C to trade above 47 for a bullish second half of the session...otherwise I think distribution.
Edited by Cirrus, 31 August 2007 - 10:34 AM.
#4
ogm
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Posted 31 August 2007 - 10:36 AM
Feels like distribution with one caveat. IF, (big IF), we get a breakout in tick today will be a major update and washout some shorts.
Look at $WPCVE (CBOE equity put call) at 0.9 .... This isn't bearish by any stretch. Mistrust, disbeleif, put buying... looks pretty good to me. Everyone being cautious. Squeeze into the close isn't a remote possibility.
As for TICK, TRIN, Volume.... there is always some caveeat in every rally coming of a bottom. Always. Bank on it. Something always doesn't line up, that keeps people out.
#5
Cirrus
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Posted 31 August 2007 - 10:47 AM
oqm...again, I'm long GS, JPM and C for a swing trade and have been for about a day. As soon as the daily charts 'look pretty' I'm out.
IMHO, the JPM, C and GS are major tells for today's direction--especially JPM and C.
#6
ogm
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Posted 31 August 2007 - 10:50 AM
oqm...again, I'm long GS, JPM and C for a swing trade and have been for about a day. As soon as the daily charts 'look pretty' I'm out.
IMHO, the JPM, C and GS are major tells for today's direction--especially JPM and C.
I have 110 positions in my portfolio and only 4 of them are red.. thats a major tell to me
