BlueStreek Hey ... I know the feeling of getting caught dry of ammo knowing the deer was near!!! i had the look of the headkighted quarry. Hurrrrrrrrrrrttttttssssssssssss for days lol Meant to mention earlier, another strategy i do employ is to cull a position of left behind profit. If the market adds to the bottom line of a left in play trade from a profitable win i will take additional contracts off the table... i usually do have a handful expire worthless from winning trades but always have something in the trades and will always have taken something from the trades that lead to the expired contracts. In this current environment the fear is leaning to the short side. I sold a vertical call credit spread and used the potential gains from the trade and purchased the short side 15 points from strike on the spx on friday for 10.25 luck be as it sometimes is smiled on me yesterday and i sold all but five of the fifteen contracts at 21.50. Just sold the spread to minimize the cost of the short side purchase lol Sometimes this is soooooooo fun,,,,, other times ....sheesh shoulda stayed in bed lol. Cheers
Going to bed now. When I wake up, Im sure Bob Pisani is going to be handing us a nice disappointing GDP report. Then we will see all these people scurrying around the screen and things going off in the background as the futures tank. The hanging man on the chart does not lie. Dow is going to tank down. The GDP report will be awful.
We will see what happens soon but from a tecnical perspective todays strong end of day market activity following the yesterdays selloff is very bullish though. The buyers arent going to let this markt selloff without a fight (unlike Spring/Summer of 2006 when rebounds were short lived and the markets melted like a hot knife through butter) GDP numbers are expected to be flat or lower. It is highly unlikely the markets will selloff on them. News already priced in.
News already priced in???? HA, if the GDP comes in at 1.5% or less there should be some profit taking something below 1% and forget it...look for a 1% drop or more....
Futures looking good so far...I dunno though. If durable goods orders are down, then the GDP cant be that good. Oil prices up... There are many reports scheduled for today. If the next 30 days is up up up, Im going to have to say that after January were going to melt down a little bit. Too much short interest in the market still and suggests that either there will be a great short covering rally at some point or the shorts are correct in that the market will dump at some point. I want the market to rally, I do. However, the signals are clear. If the market is going to dump, I would prefer it dump right now. I think the money men want to make the year end ticket look good for bonuses and such. These stocks are going to be bid up come hell or high water. Im resistant on shorting stocks because its inherently riskier then going long. However, if thats the way I need to make my loot in 2007 then thats how it will be. I guess its time for me to make the Santa Claus short list. JCrew might be one of them. Mastercard another. DIVX yet another. I'll go over it tonight, check it twice. ...
Wrong again bluestreak I guess this will be the end of these threads Nasdaq up .88% and everythign else up as well