If you're short, I'm the sucker going long....: 2 opposing indicators

Tuesday, May 19, 2009

So... if you call it a double bottom, you get 91.50... and yet if you look at the momentum from a 230 pt day... it has more upside...

Tony said...: R1 is 92.19 and we may get there today, but it may be strong resistance is rejected.

Volume better since last 1/2 hr til now.

My shorts are getting killed, but I took some longs off the table, and see a big pb if we get to 92.1 maybe to pivot of 90.38; May 19, 2009 at 11:01 AM
Tony said...: Look at favorite short candidates here: real estate? retail?; May 19, 2009 at 11:03 AM
Eric said...: I suspect there are easier days to play...

if we are in DD it's better to play once we get through it.

or play at 950.

I'm not sure about real-estate. if they are as overvalued as some of the financials, I'd say yes.

but I think retail and tech still.; May 19, 2009 at 12:32 PM
Tony said...: IYR and XLF and IYT (trans) are all under VWAP.

Tech seems to be leading: IBM and HPQ. Getting some diverg from other sectors?

IF SPY drops below VWAP (91.39), pivot is 90.38.

Bias for next 5 days is downward based on low vol up-day yesterday, but the VWAP seems to be key today, altho this time it was defended as aggressively.

play 950? what does that mean?; May 19, 2009 at 1:14 PM
Eric said...: 950---- wait and sell it when we get to 950.. or under 900.

or once we see a nice bear flag.; May 19, 2009 at 1:20 PM