If we get a 5-6 ES points gap-up on Monday, then i will have to conclude that the low is behind us and the next leg up has begun.
Have a good weekend everyone.
Edited by NAV, 12 October 2007 - 03:08 PM.
Correction may be over
Started by
NAV
, Oct 12 2007 03:06 PM
11 replies to this topic
#1
NAV
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Posted 12 October 2007 - 03:06 PM
http://www.traders-t...?...;blogid=11
If we get a 5-6 ES points gap-up on Monday, then i will have to conclude that the low is behind us and the next leg up has begun.
Have a good weekend everyone.
If we get a 5-6 ES points gap-up on Monday, then i will have to conclude that the low is behind us and the next leg up has begun.
Have a good weekend everyone.
#2
skyymaster
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Posted 12 October 2007 - 03:08 PM
I am showing a closing tic +1000, becareful to any shorts.
Edited by skyymaster, 12 October 2007 - 03:08 PM.
People should not be afraid of their governments. Governments should be afraid of their people.
Remember this day, men, for it will be yours for all time.
Remember this day, men, for it will be yours for all time.
#3
denleo
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Posted 12 October 2007 - 03:21 PM
Regardless of a gap up or down (well, Monday is just about always a gap up) it is time to sell naked puts. I will be selling naked NDX puts in size. I should have done it today, but I wanted to make sure bears would run away. And they did as always.
Denleo
#4
NAV
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Posted 12 October 2007 - 03:28 PM
Regardless of a gap up or down (well, Monday is just about always a gap up) it is time to sell naked puts. I will be selling naked NDX puts in size. I should have done it today, but I wanted to make sure bears would run away. And they did as always.
Denleo
Denleo,
The problem was, despite that scary selloff they could not create any technical damage on the charts. If there was any follow thru selling today morning, then there would have been a solid bearish case. But it didn't. I think this whole selloff was staged. There were too many anxious bulls crowding into a wedge, who had to be unloaded. Job done. Now back to business. Just my 5 cents....
#5
Laoya
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Posted 12 October 2007 - 03:35 PM
Nav,
Thanks for the update. Not forgetting a good number of eager bears who probably jumped in on the selloff.
Nice to see how it closed at the very high! Short-covering?
I hope you're right tho... as I said previously... I don't think the "real" top is in yet and I actually went long a tiny position today before PPI lol. First "punt" ever for me! I don't normally have the balls to trade the news but that nutty selloff was too tempting!
Market breadth and sentiment implies we will see a little more upside before the "real top". JMHO! 
#6
NAV
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Posted 12 October 2007 - 03:40 PM
Nav,
Thanks for the update. Not forgetting a good number of eager bears who probably jumped in on the selloff.
Nice to see how it closed at the very high! Short-covering?
I hope you're right tho... as I said previously... I don't think the "real" top is in yet and I actually went long a tiny position today before PPI lol. First "punt" ever for me! I don't normally have the balls to trade the news but that nutty selloff was too tempting!
Market breadth and sentiment implies we will see a little more upside before the "real top". JMHO!
I don't know what you mean by real top. For me every top i make money is a "Real top"
The really real thee top may be years away - who knows ?
#7
Laoya
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Posted 12 October 2007 - 03:47 PM
I don't know what you mean by real top. For me every top i make money is a "Real top"
My apologies... I meant an upcoming intermediate top I'm expecting probably incoming mid-to-late October.
Only more "real" in that I didn't think this selloff just yesterday was "it". 
Nice work, Nav. I must confess I tend to open those threads started by you! I'm your fanboy!
#8
sglasson
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Posted 12 October 2007 - 04:24 PM
I am showing a closing tic +1000, becareful to any shorts.
isn't tic unreliable now that there's no uptic rule?
#9
securelstmile
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Posted 12 October 2007 - 04:32 PM
Regardless of a gap up or down (well, Monday is just about always a gap up) it is time to sell naked puts. I will be selling naked NDX puts in size. I should have done it today, but I wanted to make sure bears would run away. And they did as always.
Denleo
Denleo,
The problem was, despite that scary selloff they could not create any technical damage on the charts. If there was any follow thru selling today morning, then there would have been a solid bearish case. But it didn't. I think this whole selloff was staged. There were too many anxious bulls crowding into a wedge, who had to be unloaded. Job done. Now back to business. Just my 5 cents....
It was the pre good earnings grab for shares. Absolutely, seems familiar to other pre earnings dips.
The harder I work, the luckier I get.
#10
youmast
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Posted 12 October 2007 - 04:43 PM
it is time to sell naked puts. I will be selling naked NDX puts in size.
Denleo
I wouldn't be so sure about naked. To be naked is always good in bed when she pulls back in front of you.
But if she climbs on the wall... then naked stuff is not so easy to do. She may fall on your neck. It hurts... 
Same with the market. Sell nakeds on potential mid-week pullbacks. I would say below 53 on Qs. Be careful if the market jumps on the wall. Especially above 54 next week.
Luck,
