If you're short, I'm the sucker going long....: spx

Wednesday, February 20, 2008

spx

I have a print of a 2 minute 10 point move in the SPX

Crazy....

4 comments:

Tony said...: I don't understand the move up in SPY, but my short looks crappy on the day.

SKF at 109 looked good, but now over $110.; February 20, 2008 at 3:24 PM
Eric said...: I'm in it with you... I'm thinking get out at 108.

Instead of the up 50 down 50 day...

what we have had is up 100 down 100.

i'm thinking cover at 108 maybe 109 now.... this is the hardest money I've ever made....

this is still further consolidation leading to some kind of move up or down......

and I'm stuped... wish I had gotten out at 115 and was smoking Cigars at this point....

when we get into these moves it's best to "Lay Up" and wait for it to resolve one way or another...

But we could have an up 50 down 50 tomorrow....

Then an up 25 down 25 on friday....

and we are just locked in hell.

If we could close down 30 I'd feel much better.; February 20, 2008 at 3:39 PM
Tony said...: I thought fed governors said inflation was a problem and this means no more rate cuts-- why the bump up in financials?

I don't get it. I see xlf giving back over night and opening way down tomorrow.; February 20, 2008 at 3:43 PM
Eric said...: I'm with you on this... well with some money.. I still have long-term short positions.

Seems like there is a lot of short interest in the market... and we are getting massive short covering when we don't get follow through.

Example the 370 down day, and this morning. and the last little decline.....

also there is a shit lode of day trading going on, the day trading has a net effect of "0" on the market....

this feels right.... we haven't been able to get downside moving because we can't generate any Natural selling... and we get some buying.....

I'm starting to convince myself that we are going to see a huge short-covering rally...

I hate this day-trading... I swear it's killing me... I just want to kick back watch the patterns and catch the moves....

Hell for my SKF I've owned it since 101... I haven't had a losing long term trade since......December.

this is the hardest money I've ever made... and those materials stocks I still have are killing it... Wish I had more.

STAGFLATION btw is worse than recession.

it should be scaring the shit out of the market, but since you have to be over 55 to have any idea what it's like, I think the market is having a hard time getting it.

Also... we have seen us "Digest" bad news in following days of that news....

So hell with it.... I love that we have a downside target of 124 again... These continued pointers in this direction just confirm the move...

but if the skf hits 107 maybe even 108... we are going to have to get out of the way...

wait for up 50 down 50 tomorrow....

Actually with the close we need down 70 then never get above negative 20 tomorrow.; February 20, 2008 at 4:20 PM

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