A second bite at the cherry

Discussion in 'Trading' started by Cutten, Oct 15, 2008.

  1. Cutten

    Cutten

    Yeah I'd say below 895-890, get out (except calls). Above 920 and especially 932, get bullish.
     
    #21     Oct 16, 2008
  2. ehhhh not so sure just yet
     
    #22     Oct 16, 2008
  3. Thanks for the ideas Cutten, it's very helpful to me.

    I'm long from 1050 (yeah I know). I think exiting at 895 is not a bad idea.

    It just hit 887 as I write this. If I was confident that 837 would hold then I'd prefer to just keep holding. But I'm afraid we'll go to 750 and I'll be wiped out..
     
    #23     Oct 16, 2008
  4. Cutten

    Cutten

    Well it broke down pretty convincingly there. I still like Nov calls but there's no denying the market is still acting more bearish than bullish. If we go below the 887 low, a retest of 837 from last Friday is on the cards. I'm stepping aside here on outright longs until it breaks 920/932 to the upside.

    To the last poster - don't risk a wipeout, get down to a comfortable size and if necessary get totally flat.
     
    #24     Oct 16, 2008
  5. 918.61 SPX was the 61.8% fib retracement.

    884.46 SPX is the .786% fib retracement.

    FYI: This most recent push down in the SPX after 9:50am was due to crude falling $2.00 and taking the energy and oil service sector with it. For example, CVX fell 5% off the first half-hour highs.

    Oil inventories out at 11am today.
     
    #25     Oct 16, 2008
  6. Cutten

    Cutten

    Yep Landis, however this market had the perfect opportunity to hold yesterdays lows and rally today, and it couldn't do it. In these markets I prefer to put discipline above opinion.

    The retracement is now 77% of the rally from the lows, that's too far for comfort. If anything it looks like it could be a short rather than a long here, but I'd rather just stand aside.

    If 875 breaks then it's in trouble.
     
    #26     Oct 16, 2008
  7. Just traded 881 SPX handle.
    Tried to bounce a bit; 7 handles to 888.

    VIX back up to 77.70
    Stay tuned.
     
    #27     Oct 16, 2008
  8. Didn't oil inventories come out yesterday at 10:30 EDT?
     
    #28     Oct 16, 2008
  9. No, they did not.
    Nat-Gas came out this morning at 10:35am. Crude will come out at 11am.

    Columbus Day was a Federal Holiday on Monday. Holidays always post-pone the release.
     
    #29     Oct 16, 2008
  10. OK, thanks....then my Econoday news schedule is wrong....lists it as yesterday at 10:35 ET.
     
    #30     Oct 16, 2008