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  1. Default My take on today...

    IMO, which could be way off, today's action was initiated with profit taking on news, continued with the dollar getting stronger then accelerated by more profit taking as the prices moved down, coupled with stops being taken out/wary investors (which explains the downward trend when the dollar wasn't doing well intraday) and finalized with dollar moving stronger again near end of day.

    Barring bad earnings or news on monday I expect a reversal of today and played for that today. So I got SRS short after the housing numbers (down a bit on the day), I got long UNG just above S1 which bounced back up some at eod, and went long on GE based off it's perfomance atm is mostly directed by market movement, but the new contracts for nat gas line announced today didn't push it with market momentum on top of the historical analysis that after GE was for the down 7th day in a row, Which has only happened 16 times since 1990, in every case GE closed higher within two days.

    They're bullish plays, and I may get burned and take out each stop, but if the market moves up the beginning of next week it should play out nicely for me.

  2. Default

    spy and spx did make a higher low than thursday.... I'm not convinced yet either... if they wanted this market lower they would have taken out the lows. I'm still holding long until the market gives me a reason to get out... which it's close to giving me a reason to get out.

  3. Default

    Higher we are going strong support here on SPX.

  4. Default

    Great post jclnuke.

    I like UNG as it does go up and down and today was a down day with hope to break up next week. I'm looking for .30-.50 on that one.

    I am also long GE as I have been accumulating between yesterday and today. It bounced off 15.12 2-3 times today and it is due to go up next week. If not, I'll dollar cost average down and just wait.

  5. Default

    knowing you doublereed this could be close to the most bullish post i've ever seen

  6. Default

    I was very bearish when 1080 was resistance but then it broke through and now is support. I have to be bullish until it breaks through it again now that it's support but once that happens I turn on a dime!

    We're hanging on by a thread, but we're still hanging on!

 

 

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