Will the S&P hit 1000 or 700 first?

You really think 500 is coming?

 

Had you listened to me you would be all smiles. SPY puts almost tripled in value, selling calls are not so great

 

Believe me, I am all smiles. Selling premium is only a small part of my overall strategy. I'm short and still short stocks. Every day, another stock is getting crushed. Things have never been so easy.

I'm glad for you that you did well too.

 

word is 575 SP this week.

 

I don't know about this week snowwhite, if you really feel that way the Vix march 50 calls are @ $4, a great buy.

But I've said repeatedly on this very thread that the S&P will get to 500.

It's money in the bank!

 

What do you think will happen after it hits 500?

 

That was somewhat extreme for this week!

 

Ha, this thread is so good for entertainment. I've noticed the percentage thinking we're going to 700 fluctuates daily with the market direction. When we start to head higher this thread will get more votes for 1000, and get a wave of votes toward seven hundred if we decline again. Too funny.

 

This thread is great for making dollar$. If you followed my opening post, you would have made alot of dough.

Of course, the poll is there too.

 

Excellent thread. It's also good for making money. I think that 1000 is out of the question for several months at least. Obama sounds encouraging, but does not understand economics any better than the ordinary Joe--which doesn't say much! Every time he opens his mouth, he reveals that he is a tax and spend liberal interventionist politician which scares Wall Street and lowers the stock market.
Here's my take: We are a bit oversold, so it wouldn't surprise me to see a small rally--perhaps 50-75 points on the SPX up over the next couple of weeks. This will be followed by another down swing. I'd say 700 will be reached before 1000. However, we are getting close to the low--the ultimate bottom of the decline. So far, we are basically down by 50% over the last 6 months or so. We could go somewhat further, but remember that another 25% decline-- (~200 points on the SPX) would basically mean that the banking sector would be worthless. It can't go below zero. My call says the ultimate bottom will be about 600. It should be reached by the summer. At that point, we will begin to recover.