i am choosing not to dip...once again treasuries are getting bid hard...xlf taking a well deserved breather...jim cramer got ripped by john stewart last night...and on and on she goes
note that once again put call index is getting very low and ISEE sentiment showed that extreme call buying this AM would likely lead to a sell off...I am gonna watch those two trendlines for starters to see if they hold...I really want a couple more strong days up before i start taking short position...although a break of the first trendline (which we are pinging right now) would certainly be interesting
EDIT: 12:45 EST
first test of that trendline above and now held back in our little intraday channel on the spoos...this is chart showing overnight hours so ignore the trendlines and just note the recent channel...
as a side note USD has gotten stronger as the day has wore on but not
by a huge move...EUR looks to be consolidating and now back in its recent bull channel...
2 comments:
Good find at the ISE. I had noticed (from begin of year) that the low p/c was being more accurate as to the overbought, than the "high" p/c to the os. At least for the time being.....
Regarding Ben & Timmy T-Paper, I just "hope" against an extreme push either direction. I believe it will come to a head eventually, we'll just see how well B&T can control it. The TBT/TLT has been in a sideways range for the past month, which I'm content with in regards to the covered call writing on the TBT...miss a opportune here and there, but it plays well so far.
if the true endgame is that bernanke has to raise rates then TBT will be the play of the century...basically the only thing we have not seen yet is bond market meltdown...OTOH japan has managed to avoid this so who knows if it happens in modern day...I believe that likely the sov. blowups will be first from places other than the US...
i like those sentiment indicators and the put/call cause it lets me know how most of the levered players are positioned...they will be itchy to take profits or cut losses...usually i try to be on the other side of them
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