Looking for further bounces here to add to my short position build. I would have been a little disappointed at an extended downward move right here as I don't have the size on yet that I prefer to have.
Shorts or longs can get hurt when overextended. Those of us who don't overextend, are the ones who are successful. My short position build is in it's infancy at the moment.
Guys, be careful! We're just 2 days in a very volatile week: half of the S&P 500 reports, options expire, oil is at all time high, CPI, PPI and other major reports will be released, international tension is very high, etc.. I know that'd be nice to hit the jackpot, but don't bet your farm ...
Option interests indicates a close of ~1300 by expiration but you will not catch me shorting this week.
Truer words were never spoken. Yesterday shows that the market is still going to react the most to fedhead-speak. If appl does indeed guide up for next quarter the bears will be killed. IBM, YHOO, and TI have all reported well, and had some positive surprises in their press releases.