8 replies to this topic

[NAV]

DOW is a whopping 60 points above the Oct 1 level. But if one is short, these flagpole one day wonder rallies can make one's head spin, only to fall back into the consolidation channel. Today is the third breakout attempt. Among the three amigos, DOW and GOLD have broken out today. EURO is still struggling. Now if we have a strong close and prices are parked near the breakout area, then maybe there's a potential for a followthru to the breakout tommorow in reaction to the PPI (although the numbers themselves don't matter). If we have a weak close and fall back into the channel, forget about the breakout attempt and the much desired rest for the market will come over the next few days. Again i am expecting only a VST selloff of 30-40 SPX points. VST means Very Short Term i.e based on hourly charts and these moves typically last 2-3 days. If any of you guys think i am making a outrageous projection for a drop of 30-40 SPX points, i apologize in advance. With that i will take break from posting for a few days. I need some rest Good trading folks !

[denleo]

Dude, please don't take any breaks. We all love your posts. Denleo

[eminimee]

allow me to be a real bear...

http://stockcharts.com/c-sc/sc?s=$SPX&p=M&st=1980-06-01&i=p23527181071&a=60339873&r=4015.png

[dasein]

thanks, NAV, with opex next week, and a weekend to kill prem fast, a quick look at index and index component max pain points suggest we will expire lower. option experts like denleo, yuri et al, please correct me if i am off on this klh

[NAV]

allow me to be a real bear...

Bought a crapload of OEX Oct 730 puts around the OEX 728-730 level.

Edited by NAV, 11 October 2007 - 01:31 PM.

[eminimee]

I added a crap load of nov's 730s to the crap load of oct 730s right at the top today...I am smiling! Plus a swing es position at 83.25 this morning....

Edited by Teaparty, 11 October 2007 - 01:42 PM.

[eminimee]

If we stall at 77.50 es I'll be adding to short.

[NAV]

Ok call me a sucker for profits. Closed half of the OEX puts near OEX 724 area for nearly 80% gain in an hour. Will let the rest half ride it's way to it's destiny.

[MacRo]

Ok call me a sucker for profits. Closed half of the OEX puts near OEX 724 area for nearly 80% gain in an hour. Will let the rest half ride it's way to it's destiny.

Point well taken on the OEX's. I got only 45% in the last 60 mins on qqqq puts. I'll be keeping an eye out on the OEX calls next week. Thanks.