Convincing? The only thing convincing is price action. Go long until you shouldn't. This market doesn't care for logic or fundamentals, but that shouldn't stop you from making money on it. Buy.
Right below resistance on cash SPX of 949-950. Not sure how either camp can be so sure at this moment, lol
Long OTM puts into next year on some stocks, a speculative play so no big deal if they expire worthless. I think it is very likely that this market will get stale and go nowhere for years to come.
Usually, I see 30k - 50k ES futures contracts traded in HFT style, when certain support / resistance levels MUST be breached. Same style applies to FDAX, FTSE, Hangseng, Nikkei, Kospi, Taiex, ASX, CAC 40, Eurostoxx...etc. Usually, I play this song when such events occur : The Doors: Break On Through To The Other Side, Live In Minneapolis 1968 (Rare) <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/XQrcNhFTmEM&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/XQrcNhFTmEM&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
I've got four (Oct) SPX puts (940 strike) . My thinking is we will see a dip or two between now & the third week in October. I am not entirely convinced that the worst is behind us- we still have to see what happens with employment, the Alt-a/option arm mortgages & commercial mortgages. There is a big problem looming with the European banks. The only good news I have seen is "not as bad as expected" which is still bad.
FAST Trades into mondays close..... I guess none of them are short!!!! CALL THE CLOSE Mike Khouw? Iââ¬â¢m going to stay long Addison Armstrong? Iââ¬â¢m a buyer of crude above $65 and below $63.65 Iââ¬â¢m a seller. Jared Levy? Iââ¬â¢m a buyer, but carefully Joe Terranova? I'm a buyer