Oh SHIT! Just woke up after 4 hours. Bad feelings still. PPT team is not stepping in today. S&P 500 Dec '07 1506.20 -18.80 1524.60 1524.60 1504.80 3205 576462 CME 11/07/07 09:45:19
Hey YM on your initial feeling if you had only locked that play away. This is something I run into myself just playing the QID or some simpleton market short idea >> it starts as a HEDGE on long positions and smartly so. And it ends in disgrace & greed as I cover a small daily gain. Then it all makes sense days later. Anyway you don't go on ET with feelings and hunches unless you have a huge track record like myself. And even I try not to do it. People would rather the substance of fact and as for inklings, urges and gut feelings- the ET faithful prefer a weathered guy who has been in the market for many, many years and seen everything. Anyway the play today could be the DUG a 2 X oil and gas short, the oil trade is so crowded right now and the oil service names ripe for selling anyway to make up for other losses> I just may take the opposite side of that trade and hope for an inventory build. That's risky though. Upside for oil I feel is $108 which would lose you $2 to $3 on the DUG and if we get lucky on the EIA report downside for oil is $75. The DUG would go from $38 to $50! Another idea on the longside is to get a shortlist together of Financial ideas that have very little debt risk-- Blackrock I'm looking at today and I already bought Western Union. This kind of proactive thinking is how you protect and build portfolios. ~ stoney
Excuse me, what exactly can't go on forever? We've been in a sideways range in the SP500 since May 2007. Why are you so sure we will breakout to the downside. Who says we can't break out to the upside, even if it looks impossible right now.
"Should of shorted at the bell on that covering run up." Thank you captain obvious - forgot to mention should have bought yesterday's morning lows first.