SPY =S&P 500 seems exhausted

Discussion in 'Stocks' started by hajimow, Feb 9, 2012.

  1. hajimow

    hajimow

    Expect a correction=drop very soon. Maybe today. SPY is up about 0.2% as I am typing this.
     
  2. Why? What do you see? I see a trend that I will ride until it changes.
     
  3. hajimow

    hajimow

    I see a slow uptrend that I intrepret it as it does not have a conviction to go up any further and is exhausted. In this situation I don't expect a crash or a big correction. Just about 1.5% down in the next few days.
     
  4. The massive move in AAPL today coupled with the 1.272 extension in ES might be good enough short term for the "top". Albeit, this market is just relentless with bullet Ben's ZIRP thru 2014.
     
  5. nursebee

    nursebee

    Thy spy is not an object that experiences things like exhaustion.
     
  6. hajimow

    hajimow

    By SPY I meant the general market. Market showed its exhaustion by the way it responded to the CSCO earning.
     
  7. S2007S

    S2007S

    Markets take the stairs higher and elevator down....remember that while the markets are still providing great profits, as nice as its been with this continuous uptrend it can end very quickly.
     
  8. hajimow

    hajimow

    Agreed and by my correction prediction, I was not that pessimistic. Just a halt. Just a small pull back. I am very sure about it but hey who am I?
     
  9. hajimow

    hajimow

    To put my money where my mouth is I shorted 10 SPY Call 135 expiring tomorrow.
     
  10. I actually think that they don't end quickly. They whimper out and kill all the put buyers first, even if it does decline from there.
     
    #10     Feb 9, 2012