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Tuesday, October 21, 2008
Out
I just covered by two short units at 971.50. The market has rallied much more than it should if we were about to go a lot lower so I don't have any strong view now about the very short term direction.
8 comments:
Anonymous
said...
For the remainder of the day my "line in the sand" is the 960 level. Long biased above, and short biased below.
I take back my earlier comment about the high and low already being set for the day. The persistence of this rally makes me think we are heading for a test of 1000 this afternoon.
I understand that banks are now already lending each other again, the crisis is past, and yesterday Bernanke said we should have yet another stimulus package. This probably put a floor under the market. And with crude moving lower, I think we could see crude down to maybe 40 or 50 buck BBl, so the recession may not be as deep as people now fear. As well, these markets look ahead by about 9 months, so we may have possibly already seen the lows for a rally, if not the actual low itself. That remains to be seen.
Meanwhile, I still have no buy signal, but we're getting ever so close now, possibly tommorow we'll have a confirmed buy signal by the close. I'm staying long my 960.00 buy from yesterday.
Back-of-the-envelope scribble tells me that a convincing break of 1000 this afternoon and we'll see 1015 overnight with a target of 1030 tomorrow. Still early, I know...
8 comments:
For the remainder of the day my "line in the sand" is the 960 level. Long biased above, and short biased below.
EDS
I take back my earlier comment about the high and low already being set for the day. The persistence of this rally makes me think we are heading for a test of 1000 this afternoon.
A dip below 967 and I turn cautious again.
EDS
Hi Carl,
I understand that banks are now already lending each other again, the crisis is past, and yesterday Bernanke said we should have yet another stimulus package. This probably put a floor under the market. And with crude moving lower, I think we could see crude down to maybe 40 or 50 buck BBl, so the recession may not be as deep as people now fear. As well, these markets look ahead by about 9 months, so we may have possibly already seen the lows for a rally, if not the actual low itself. That remains to be seen.
Meanwhile, I still have no buy signal, but we're getting ever so close now, possibly tommorow we'll have a confirmed buy signal by the close. I'm staying long my 960.00 buy from yesterday.
Thanks.
Kindest regards,
PM
Back-of-the-envelope scribble tells me that a convincing break of 1000 this afternoon and we'll see 1015 overnight with a target of 1030 tomorrow. Still early, I know...
EDS
Also, keep and eye on the VIX. A drop below 50 and things could get interesting...
EDS
Approaching that time of day where we expect to see the maximum noise.
Trend into the close remains up with potential for new highs as long as dips hold above 967 area.
EDS
This obviously constitutes a major break of support...
EDS
Hi Carl,
My long at 960.00 was just sold out at 964.00, the buy signal has faded.
Thanks.
Kindest regards,
PM
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