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.
Posted 12 October 2007 - 03:06 PM
Edited by NAV, 12 October 2007 - 03:08 PM.
Posted 12 October 2007 - 03:08 PM
Edited by skyymaster, 12 October 2007 - 03:08 PM.
Posted 12 October 2007 - 03:21 PM
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
Posted 12 October 2007 - 03:35 PM
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!
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" The really real thee top may be years away - who knows ?
Posted 12 October 2007 - 04:24 PM
I am showing a closing tic +1000, becareful to any shorts.
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....
Posted 12 October 2007 - 04:43 PM
it is time to sell naked puts. I will be selling naked NDX puts in size.
Denleo