waggie... are you only focused on those items which would support a bullish scenario or do you have an open mind that anything can happen in the markets?! Only asking since you have opposed others as "perma bears", so wonder if you are allowing yourself to get into the mode of a so-called "perma bull" which isn't exactly healthy from a trading perspective. best regards, Ice
How many times have I already said that 1142 SPX is a very key level for me, a level by which if broken on a closing basis I will abandon my bullish bias . . . I posted this level late last week, as well as yesterday. Meanwhile, I have been trading the ZB today. A lotta bang for the buck, I must say! And very liquid too!
Did the 38's b/c it was trading high 37's at the time. Seemed like the best cost effective way to play it. I put out a score of GE at .5 today. That secondary really looks like it's dripping all over the market. I will probably cover this MOC though. Covered my NVLS on the opening dip. Stock was one of the strongest semis. Silver keeps going. I bought a few more.... but am really swimming in them. Gut feel is that SMH is fairly valued at $5 a share based on my own calcs. 30% is just a short term guess at a bottom from about 42 where I started shorting I think we'll see 30ish. Then of course, it's anyone's guess from there.
As for the Nasdaq NDX, yesterday was the first time since March 2003 that the NDX-100 broke its 89-Day moving average. If 1420 breaks, that would be pretty darn bearish. Hope this helps.
I have been playing the long side on Homebuilders, Brokers, and the Defense sector ever since INTEL broke one of my favorite MA's back around the week of Jan. 20th. That break, signalled a change in the "tone" of the market and a shift away from the NDX-100 names. I am continuing to sense that there is an "asset-allocator" that has been in the market the last couple of days, initiating a long US/ short SP position. The first time I noticed this was two Friday's ago, on 2/27.
Guys, I covered all my shorts except ge, stop at .5 Gonna let my puts do my talking. Things just can't seem to get rolling on the downside yet.