Is S&P forming intermediate term double top?

Today ais another opportunity for the longs to unload their inventory....watch out for mid day sellers.... and sell off later in the day into closing

 

Adding to Shorts - another 30%

 

Are you looking for downside just this afternoon, or are you holding shorts into next week?

To me, it will be hard to take the market down until the holiday week passes.

 

I am keepint it to 60% short with a few strong stock call option
and i am staying that way through the holidays. I keem myself flexible. Next few days will determine if i need to add anothe 10-15% to shorts.
Hint - check volume in major futures.

 

I was short a couple of weeks ago but the tide has turned quickly this market's going up. Wrong time to be shorting wait until January, UNLESS you are making a careful play on commodities.

We won't hit 950 on the S&P as you predicted for at least a year ( maybe much, much longer; maybe dare I say never ? ). I see a downside base of 1100 next few months ( worst case ) and don't expect it to hit before year end.

 

Thanks Nine,


I understand what you are saying. Tha ts hwy I do not have any bottom in mind. Personally I feel this push and pull in Bears and Bulls is a sign of weak Bull momentum as we were in a bull market. Dow 11000 could be the inflection point but I would not read too much into a day like today.
I am waiting to see the action around the close today and next few days. I was 30% short earlier and added today as for me it was a decent pull back. which means stops are in for me. I have and edge and plan to ride it until i am run over.

 

Pupil: Master Yoda, why did the market produce a false leg up today?

Yoda: Much gap to fill, my youngling...

 

Agreed, it could be next week, or even later. If the Bush tax cuts are allowed to expire, then the longs who have capital gains locked in at 15% have until the end of the year to cash out.

The bulls have it today, yet the volume on SPY is pathetic.

 

Another hint: US Airforce carrier will reach South korea soon !!

 

Here's a reminder of how people have commented on volume in the recent past on this site :

This was one of dozens of posts by at least a dozen people literally scrapping for any reason to suggest the market would do a complete about face immediately.

The mere mention of low volume on ET makes me bullish on the market .