Thursday, February 25, 2010

Quick update

I just sold my other long ES unit and am now flat. I do think the market's ability to move above 1095 on high volume is bullish - it makes the drop below 1090 look like a shakeout. But I prefer to play defense here because we have just seen a rally as big as the one from 1090.25 to 1105.50. And the subsequent drop from 1105.50 to 1084.50 did catch me by surprise.

If the ES can hold above 1090 the rest of today and early tomorrow I will try to get long again.

5 comments:

roguewave said...

....I could be fooled at any point this I recognize....

"If it seems that you know much, that you understand rather well, then appreciate that there is far more that you do not know."

(Thomas a Kempis; De imitatio Christi)

......but it looks like 2 pushes down over a 3 day pullbac

Wags94596 said...

Looks like C=A in the SPY to the penny at the lows today!

111.58 - 109.52 = 2.06 (A)

111.00 - 108.94 = 2.06 (C)

:)

Market Karma said...

Excellent Navigation CF.

I see higher prices. My views found at:

http://marketkarma.blogspot.com/

-MK

Harry said...

I think Greece is going under. The theory of the euro and a unified Euro zone doesn't work. I doubt if Angie Merkel will let Germany save Greece. Next up -- Spain. By the way, investors who hold foreign equities are getting killed by the weak euro and other weak currencies.

MC said...

Harry,
the euro is a new born baby, it sometimes cries and stick its fingers in the pot of marmalade... Listen to your child. This can be a challenge if your child is young, difficult to understand or prattles on about nothing. But keep one ear on them. If they're telling you they can't do a task, like tying their shoes, maybe they truly can't and need some extra assistance from you. Maybe this time the lesson will stick! This is what in Brussels may be doing. Cheers. MC