Sell rallies in sp today..profit taking

Discussion in 'Trading' started by limitupmike, Jul 30, 2009.

  1. Div_Arb

    Div_Arb

    I would be positively amazed if we don't touch 1000 on the S&P before we move lower. Resistance is about 1010, which coincidentally is also 38% retracement of bear market. I am holding out for 1010 or higher, myself.

    Obviously the market is in "full green ahead" mode, and tomorrows GDP report has a low hurdle at -1.5. I bet it comes in around -1.0 or even 0 and the market will be off to the races once again.

    Sure we're overbought, but that don't mean shit!
     
    #11     Jul 30, 2009
  2. here we go nice down push coming right now
     
    #12     Jul 30, 2009
  3. b 300 spy 99.05
     
    #13     Jul 30, 2009
  4. b 200 99.09
     
    #14     Jul 30, 2009
  5. b 100 98.93 spy
     
    #15     Jul 30, 2009
  6. b 100 98.90

    im am flat.. this is how i trade sometimes.. for intraday!
    hope you caught some of the action
     
    #16     Jul 30, 2009
  7. sold 700 spy @ 99.45 avg
    bot 700 spy @ 99.02 avg

    $ 301 gross -9 fees =
    a quick 292 net in 30 minutes in real time..
    how did i know.. the chart told me.. no indicators .. just watching the price action for 5 minutes before I made the trade.. i didnot watch the screen all day.. i was doing yard work.. well back to my yard work.. good luck to all of you.
     
    #17     Jul 30, 2009
  8. S2007S

    S2007S

    I think the bulls are surprised by this pullback, bet most thought it was going higher into the close.

    Would like to see a 1%+ on the open tomorrow only to see it drop and close down over 1% on heavy volume.
     
    #18     Jul 30, 2009
  9. 10 minutes left

    PPT has still chance to push it above 1000
     
    #19     Jul 30, 2009
  10. S2007S

    S2007S


    They do, can always trust the PPT.
     
    #20     Jul 30, 2009