Will the S&P go to 1000 or 1200 ?

My trade in this thread was to sell Oct 1200 calls

I had covered 30% of them for $1.8 a while ago
Now I covered another 35% @ 1.2 today

So I covered 2/3 of my position at $1.5 approx and a loss.

Bad trade. It happens.

 

are you still going to hold to your 1000 first call or have you revised your thinking

 

Continued market rally for the entire month of October, by now because stocks are NOT going down, by the end of this month the SPX will be over 1200 and stocks up another 20-25%, keep buying and buying because every strategist is saying so!!!!




Why Markets Will Continue Rallying This Month: Strategist
Published: Tuesday, 5 Oct 2010 | 11:42 AM ET
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By: JeeYeon Park
CNBC News Associate


Stocks had the best September in over 70 years. So can the rally continue this month? Peter Boockvar, equity strategist at Miller Tabak and David Kelly, chief market strategist at JPMorgan Funds shared their insights.

“The economy needs some confidence in the private sector,” Kelly told CNBC.

“This economy has what it takes to grow faster—we’re seeing major improvements in consumer balance sheets, we’re seeing a big pile of cash on corporate balance sheets so people have the ability to spend," he explained. "It’s important for the Fed and the federal government to say the economy has the ability to grow.”

Kelly said looking at the relative prices of stocks and bonds, stocks are "cheap" while bonds are "expensive," so investors should be overweight in stocks.

In the meantime, Boockvar said he expects markets to continue rallying in October.

“We’re having a quantitative easing party and we’re having an expectation that there will be a move to the center in Washington in November,” he said.

 

Even Jim Rogers agrees with me that Printing money is not the right thing to do. I have been saying since they started the printing presses up, bubble ben bernanke hasnt a clue how quick he is destroying the economy by printing massive amounts of worthless dollars and keeping rates low, everyone is going to feel this when inflation starts to run wild. Keep thinking everything is peaches and cream, its far from it.



Rogers predicts "more turmoil" in the currency markets, more problems in the stock market, weakness in bonds and, ultimately, inflation.

"Central banks and governments are going to print money until we run out of trees. It's outrageous," he says. "Printing money is not the right thing to do, but they don't know that. Eventually, they'll run out of trees."

In the meantime, he owns the Swiss franc, euro and yen but is not actively short any currencies, including the greenback.

The dollar is a "terribly flawed currency" and is "going to have big problems in the next decade," he says. "But that doesn't mean it won't go up. Everyone is very pessimistic [on the dollar], including me. I wouldn't sell it right now."

 

The fact that Jim "always right after-the-fact regardless of what i said previously on video" Rogers agrees with you doesn't help your cause.

 

fly down did not answer, but i'll state that i have gone short here at the 1057 area. i said i thought it might be a possible place for a top before, and i'll put my money where my mouth is. i think this things are looking bleak here.

 

We're going higher in the next 10 days.

 

ok.

 

fly down will always answer a legit question, but you have to give me some time. I don't spend 24/7 on this board lol.

I still say it won't get to 1200. I'm still short Oct 1200 calls.

the odds are now about 5 to 1 that it hits 1200 before 1000. But I will take 5 to 1 and say it hits 1000 first.

 

well i'm in your camp that this looks toppish in the interim but i dont know that it goes all the way down to 1000. so call me partially on your ticket