Wednesday, December 09, 2009

short one unit at 1093.25

10 comments:

kcounty said...

wish i could see how you picked that one! good luck!

extrader said...

Market is gonna test 1100 and if it goes higher will close the 1103.75 gap... but think it will get higher than 1108!

Kishore said...

1085 proved to be a support this morning. There should be at least one retest of 1085 today. What will happen after that is hard to say but it looks like we will head further south after breaking 1085. The next support levels are 1082 and then 1070.

kcounty said...

i wonder if oil is gonna hold? looks weak.

Kishore said...

The bullish fever of the market seems to be over with a splash of cold water, i.e. dollar going up. The fever can come back but only after catching a winter flu.

extrader said...

Kishore,

1085 does not need to be re-tested since it was tested this morning!

We go UP from here...

Kishore said...

extrader, the two tests are in different time-frames. Moreover, the current trend is down and a trend does not reverse as easily as your moods.

Kishore said...

extrader, I agree with you that there is high risk in staying short at this time. I have covered my short position. But instead of going long, I willjust wait for another opprtunity to go short, which may or may not come soon. I admit that I don't have the guts to be a trend player like Carl.

jeff said...

After the lower low, I sold my short positions and am looking for a little pop up. However, the 30 day advnace/decline occilator says the market is overbought. At this juncture, I'm not willing to go long, and with any pop up towards the 1100 level(if we get that high), the short positions will go back on.

Longer-Term, I do think we've seen the highs or are very close to the highs within this bear market rally and over the next 30-90 days, we will resume another 5 wave decline that will carry the S&P to the 400 level by 2011.

pimaCanyon said...

jeff, that's scary stuff. I hope you're wrong! Maybe all we get is a retest of the March lows, maybe not even that low.

Seems like for us to make new lows, we'd need some cataclysmic event.