It's not mine, it's Pabst idea. I'm hoping he reads this, and let's us know if he still thinks it will be a big down day.
Pabst, were are you? What is your "Oct 3rd Stone Cold Lock" for the $$$ BTW, I am sitting in SHORTS overnight for the same type of play.
I'll have to see if to-morrow I'm able to set up shorts with a lead going into the close. Ideally I'll come in short Friday small and then either sell strength or sell weakness at 7:31. Either way I'll be maxing out my day trade margin.
Look at the economic data...its just horrible, earnings cant keep going up with bad employment forever....get short now
when you see your hard won profits flying off the screen. If it hadn't been for my Euro trade performing and my gold trade coming back a bit yesterday I would have probably pulled the plug on the NQ short today. One thing that was encouraging is that the NQ didn't close above yesterdays high, and also that the $ doesn't seem to be confirming the rally. Also, and I know this is anecdotal, I was at a meeting with my local alderman and Mayor last evening and they said that tax revenues were down mainly because Home Depot and Lowes were not contributing as much to the city pot as they have done in recent years (and yet the housing sector was one of the major beneficiaries of today rally). Anecdotes like that along with the $'s move, the move in Gold, the rise in treasuries, jobless recovery, the fact that Sun and HP are not seeing huge server sales, and the fact that this market is priced for very good economic conditions which so far are not materializing just makes me think that short is right and that this rally today while strong will fail. Another thing that caught my attention was that the stocks that got the big boost today tended to be the higher quality stocks rather than the fantasy stocks. For example, IBM was up $2 vs. only .69c for amzn. What that says to me is that while people want to buy they are getting more cautious and are buying higher quality names rather than the usual high fliers which they don't trust quite as much. Eventually confidence will erode across the board and we will see a real correction that will at least test the 960 level on the SP. That is my story and for now I am sticking to it May you be right about Oct 3rd Pabst