Ah! There you are. Working off a lil' of the overbought condition.It could mickey mouse around those levels, go higher or lower.
Who knows. Either way, when it reaches ob/os again, I'll play it again.
Many other indicators / oscillators are saying same thing. Some times you win, sometimes not. This play is still in the early innings, could still go the desired way. There will be a cutoff time to bail or not to bail. (Hopefully don't throw it all away) Will evaluate day to day. I try to keep these plays (xlb) small after any adds. Not there yet, but probably won't add more. The spy64 was an earlier play added to for it to tag along. Going up in smoke tho.
edit: 3/25/09 Game called due to rain. Closed all long puts; GLD, XLB, SPY. Will just deal with covered calls on the TBT & UYM. Now watch these tards sneak back on to the field.
4 comments:
the one thing that worries me about the short side case is that we can just chop around these levels burning off overbought indicators & then march higher...
Yeeeeah, chop chop. Now we know after it happens. I think I had mentioned in a email about another oscillator that was a little smoother than McC. In this latest round it was less choppy and actually showed a divergence starting mid weekish of the 16th. Which seemed very odd until around the 27th and today the 30th. Something I'll keep an eye on as well. But yes, now we are approaching oversold again.
McC almost back to overbought again, eh? DB
""McC almost back to overbought again, eh?""
Yes other overbought indicators as well...but, market technically bullish therefore leaving indicators less reliable.
As of late I go one way, the market the other :(
All I can say right now is it will be interesting how this plays out.
More emotion than anything else has been driving it past few days?
I guess we'll find out soon enough with earnings starting.
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