The other day when I posted the Go SPYder Go, I wasn't deliberately calling targets. The angle of the first couple days of the run up and the existing trend line just made it for fun.
For practical purposes the NYSE McClellan is not much different than the SPX. So Mr McC "confirmed" the move then pulled back.
I took nothing off the table today. Let it ride for a few days and see how fast the McC falls.
The Ewave chart has various targets (retrace levels on far right)suggesting 71-74 area, depending.
3 comments:
that was a pretty nice call on the chart tho...like the spiderman...
turbo and bam bam announce new "plan" tonight after the close
usually these good news plans are announced before the bell on opex or at about 2pm est on opex...seems strange...am i missing something here?
i did sell about 1/3rd of my xlf puts and a small amnt of spy today...didnt really feel like doing it but sometimes i am just a big wuss
Hmmmm...maybe the Market already knew? Nah, I don't play the tinfoil hat stuff.
Other than tapping the FDIC and the AIG bonus backlash, don't think anything really new. Unless all risk is assigned to the taxpayer, does anyone really want to invest in that downhill Market?
Performing or not the snowball is still picking up turds as it rolls downhill.
Call Larry and see if he is in the mood to be buying this chit again. Or how about MP? I think many have gotten wiser in a hurry and won't take the high risk gamble just yet. Surely many are waiting for allll the shoes to have dropped.
As far as taking or leaving on the table. "You won't go broke by taking profits"
My weak SPY64 that I started at the bottom then added a couple days ago would breakeven on another day like today and maybe turn into a gain, which would be fine.
The XLB21 is green but small and should turn out well enough. Then if and when we get the next oversold play, maybe get in with a ultra spy qqqq or something and a bit bigger position.
Yeah i am looking forward to next oversold condition as i want to buy some stuff for the shoebox again...something income producing like the ge trup i got last time...
the one crappy thing about the oversold extremes is that it always feels like crap when you buy them (at least to me)...skf/faz puts are always fun...i had been meaning to buy some qid sds calls but forgot in my fever attempts at fading ben...
i pretty much think the new plan has been priced in as everyone has been expecting this for a while...unless it is crazy revolutionary it might pop the market...if it fails to met expectations i could def. see a sell the news event
if we follow recent patterns whenever we get this extreme to the upside we go the same way to the downside...but i would just ask for another day or two like today and i would be out for the most part
have a good weekend wth
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