If you think there's a double top how could going long puts be a loser's game? I've given up on timing it and just find way overbloated stocks like AMZN, and just buying deep in the money leap Puts...the premiums become rather small and a $3-5 drop in AMZNs price from here will be a 30-40% gain. Not bad for a January 08 Puts.
ok CNBC says the old high is 1527. It's been 7 years so I didn't remember the exact number ! When the S&P hits 1527, the end is near. Oviously the first sign of trouble will be increased volatility so the upper end may get stretched abit. And you can also say that at that point the risk/reward will strongly favor lower prices over the next 6 months. Take it to the bank.
Once we clear resistance its wide open up up up and away, get with the program, get yourself some of this free money.
Yes, my projection of 1523 SPX made back on May 2nd ( see thread ) has been reached today. I'm seeing a decent amount of selling across the board this afternoon. I'm selling out of HALF of my positions and/or hedging with some call/put collars on longer-term positions like CRDN and LLL. I may be a bit early, but it's always good to stick to your targets and ring the register.
So if S&P advance another 100 points within a month then fall back to 1500. Do you still consider yourself right?
Congrats on the excellent call bro. Seems we're slicing through Spooz all time heights like a hot knife through butter. A walk in the park!
when this many traders are bullish at a major resistance line it has to pull back on monday even if its a one day selloff like may 10