excellent post Vanity...saw we were going higher last week and went long TNA and AGQ...rising wedge should grind higher but looking at 1320-30 as the top...we shall see.
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Originally Posted by Vanity
Oh, nice SPXU hold. What entrance price did you get in on it at? And yeah, I figure there's a much larger upside in shorting this market than there is upside left going up. I think there will be jobs still, but competition is going to increase dramatically. But hey, this world is all about "who you know" and not "what you know".
Looks like tomorrow is going to stage a rally, looks like a rally that might actually drag in good volume too. Hopefully after retail investors get in we can cash in some good Short-money. 
Trading range:
Upside: 1305 or 1316 (could see pullback at either of the two), but the highest I'd put this rally is at 1330. I really think the correction is due. Everything is way overbought, and tomorrow's rally is going to push the overbought status off the registered range  Bullish signals coming in on shorts I follow, so, Can't time the markets dead on, so getting the correction in-or-around a week is good enough for me.  *fingers crossed*.
Downside: 1250 or 1255. A lot of put options are camped there. Thats about an initial 4% pullback. Enough for a correction upwards, but we've been down as low at 1074 so it's not a stretch of the imagination by any means saying we'd definitely be back there again. |