Nasdaq not breaking 2700, payroll report tomorrow. Anyone going long overnight?

Discussion in 'Trading' started by dtrader30, Dec 6, 2007.

  1. I decided to cut in half my position in the QLD. There is a strong resistance at 2700 and the payroll report coming out tomorrow could turn this market very fast.

    What do you guys think? Will the Nasdaq go higher or you would take some profits up here?
  2. ron2368


    I just don't see the market being able to drop much into the fed decision next week. Look at the overnight futures runs the last days.
  3. Too many bears out there now.
  4. S2007S


    I think no matter what the job numbers are tomorrow wallstreet will find a way to push stocks higher.

    A really bad job report, bulls will cheer due to the fact they know the federal reserve will cut 50BP.

    A really good report and the bulls will cheer that a recession is not happening anytime soon and that the economy can handle any worries thrown at it.
  5. S2007S


    Im bearish,I added new positions on the short side.

    Also bought some proshare inverse funds.

    DUG being my last buy under 40 earlier today.

    Looking to go long FXP maybe as early as tomorrow.
  6. If we are up again tomorrow this market will go higher, at least until the fed meeting. I tend to favor longs over shorts for now. If the trend was down we would not have had 2 strong days in a row.
  7. S2007S


    the trend can be anything at this moment, weeks ago when the dow was falling 300 points a day everyone thought it was going to be a really bad december, fast foward 2 weeks and everyone is screaming new highs. We may touch new highs, but this market is heading back down.

    Im buying small short positions right now and inverse etfs. Getting ready for the next few hundred point drop off the dow. Was long XHB and XLF, sold them off and now going short again.
  8. piezoe


    The market is experiencing the traditional Santa Rally, but in a bearish backdrop of woe. If you have profits, watch them like a hawk and book them at the first sign of trouble. It is likely we can go to the old highs by Christmas, as we are within easy striking distance. Anything can happen. We are all certain the Fed will cut 50 bp -- anything less: look out below.

    After the first full trading week in January, it's a whole new world. If you want to be short, make certain your constitution and pockets can sustain you until well into the new year. Personally i would use puts, deep and far out, if i was trying to short here. Almost all the economic indicators are pointing to neutral or down, but serious inflation may help hold the market up. (Oh, my god! This is sounding like Fed governor speak.) Bottom line, the markets may go up, but on the other hand they may go down. Intraday traders have the advantage here.