UBS announced write downs and S&P futures are down 5 a/h. I hate to think you're really that stupid but I have no other choice as of now.
Why is this thread so quiet all of a sudden? Could it be because of the 15 handle UP MOVE of the ES? lol. What a great short play. opm8
haha. Tomorrow's game day. What else are we going on here? Coin flip until that news is released. Fundamentals trump tech. anyways.
..."Fundamentals trump tech. anyways.".. That depends, I think the fund managers out there are saying the fundamentals are bad. Hence the un supported index rally by the majority of SP500 stocks. This is what the money saying, not what the media or the talking heads are saying. Prices may move up, then again it may be a rally to sell into. Or maybe the FED JUICE can push us up for a week or so. Anyways, This rally is not like the others, as its not supported by the wider market.
I have a blog that deals exactly with this situation. buy some equity calls and some bond calls. Something *WILL* work. In my case I am long a few equity calls (goog, isrg, etc), long ES vertical spread 1520/1550 (short 1550) december, and long ZN Jan08 113 calls at 32. Was long the outright ES at 1505, but cut it at 1518 today... i'm not such a believer in equities either. http://scriabinop23.blogspot.com/2007/12/is-treasury-bull-done.html Also: http://scriabinop23.blogspot.com/2007/12/10-yr-treasury-and-s-correlation.html
Going long on market open tomorrow on ES . fed will surprise with 1/2 PT CUT instead of 1/4 PT. At least wallstreet will be happy....and so will I
Much more likely scenario, I think, than the doom and gloom one. But I'm not taking any position until the news breaks. Even then might not take any trades at all. opm8
Hold on there partner, what do you see right now on that chart? Right now there is a higher 2nd dip in MACD's histogram. I trade exactly same pattern on short term charts. Yes, there is a bearish divergence on that weekly chart, but do you really want to take your position through a potential drawdown period if price is basing for yet another thrust? Even though I view monthly chart/s as bearish, I would not bank on that divergence on attached weekly chart, best to all! USD/JPY btw, in the face of world bearish outlooks, now features an inverse Head & Shoulders on 8 hour chart, food for thought.