13 replies to this topic

[ogm]

Everything I posted this morning is still intact.

Even despite dow Recovering a whooping 30 points of yesterdays 360 point dump, and SPX recovering almost 2 whole points out of 40.....

Everything in these charts is still intact. And the market has a lot of work to do to make anything look even remotely bullish.

Silly NDX stuff aside.

Momentum setup is not favoring any rallies here. At best the market will jerk up and down in a flatline pattern.


http://www.traders-t...showtopic=78521

[dcengr]

I think the markets need to flush out all the AAPL, GOOG, and RIMM shorts that piled on last few days.. they've already started with RIMM, GOOG is probably next, then AAPL. It was getting pretty bearish p/c wise a bit back. I unloaded some, will wait to see if Qs 55.25 is hit.

[thespookyone]

OGM-Have to agree. Breadth still negative. With all the liquidity considered, this dead cat bounce amounted to little. Also, AAPL had some real weak moments this morning-probably frontrunning more downage. News and earnings seem nothing but bad here, and you get a huge surprixe in the jobs report-that would have sent this market into orbit a month ago-and instead you need a late day pump to even stay green. As far as the Q's go, they failed to reach premaket pump highs all day long, but when they were weak-the bottom was falling out. Good work on your part through these changes, I think you've maintained a very realistic take.

Edited by thespookyone, 02 November 2007 - 03:23 PM.

[JAP]

Everything I posted this morning is still intact.

Even despite dow Recovering a whooping 30 points of yesterdays 360 point dump, and SPX recovering almost 2 whole points out of 40.....

Everything in these charts is still intact. And the market has a lot of work to do to make anything look even remotely bullish.

Silly NDX stuff aside.

Momentum setup is not favoring any rallies here. At best the market will jerk up and down in a flatline pattern.

http://www.traders-t...showtopic=78521

OGM, I have to say, I always thought you were a permabull, but you're not. You've made some very good calls here... Nice job.

BTW, I agree with all of this. Financials are weaker than ever, even with the extra $41 billion injection. Seems like the BKX makes new lows everyday. I know halloween is over, but there are many more skeletons need to come out of the closet before the financials start to firm up.

There are 3-4 stocks holding up the entire NDX.

I feel a very violent move to the downside is on the horizon... just a feeling.

[relax]

You always have that feeling, JAPermaBear ;-) I feel a very violent move to the downside is on the horizon... just a feeling. [/quote]

Edited by relax, 02 November 2007 - 05:24 PM.

[da_cheif]

[quote name='relax' date='Nov 2 2007, 06:23 PM' post='326221']
You always have that feeling, JAPermaBear ;-)

I feel a very violent move to the downside is on the horizon... just a feeling.
[/quote]
[/quote]

[JAP]

[quote name='relax' date='Nov 2 2007, 03:23 PM' post='326221']
You always have that feeling, JAPermaBear ;-)

I feel a very violent move to the downside is on the horizon... just a feeling.
[/quote]
[/quote]

Yup I'm permabear... and proud of it!



When the SPX hits 1370 again, I'll turn into a bull.

[denleo]

OGM, you are right. We will bounce a bit more short-term, which will allow me to take profit on SPX calls and GOOG and other crap, which in turn make my IT bearish position free + some profit. The next victim is NASDAQ. I am 75% short. I will complete the shorting process early next week into strength, which will be concentrated on NASDAQ. Bulls will pay for my short strategy investment by bringing the market a bit higher and giving me the profit on the hedge. Denleo

[ogm]

Why Nasdaq ? What was the strongest will be the weakest ? SPX and RUT look the weakest to me here with the best setups. I'm mostly in SPX and DOW shorts, with a little Naz and RUT. Dec puts mostly, and ultra shoirt funds. and individual stocks. Still have a few longs hanging in the too, but I tightened the stops.

Edited by ogm, 02 November 2007 - 10:06 PM.

[dcengr]

Why Nasdaq ? What was the strongest will be the weakest ?

What was the strongest in march 2000? Strength is not price alone. Theres 3-4 stocks holding up NDX and any one of those cratering will drop the NDX.

Recall how fast NDX dropped at march 2000 peak. Doubt it'll drop that fast here, but it may catch up with SPX and Dow in a hurry.

Still, specters of 1998 haunt me.. there's indications it could be a repeat of post correction 1998.. breadth and sentiment does match for nasdaq.. ofcourse there's no mania like before.