maxbasily
57 posts
msg #54217
- Ignore maxbasily |
8/20/2007 10:31:34 AM
let´s have a survey: who´s long and who´s currently short on the SP500 after the latest correction? and why?
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nikoschopen
2,824 posts
msg #54220
- Ignore nikoschopen |
8/20/2007 11:15:03 AM
S&P 500 profit target: 1465
Take this relief qua sucker rally in fear and trembling.
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msummer2007
129 posts
msg #54221
- Ignore msummer2007 |
8/20/2007 11:23:58 AM
Ok I'm first, I have been trading the long side of the market. Currently I have positions in GE, and BA, and sold a position in XOM on Friday. I have changed my trading style during this recent volatility, only playing stocks that do not trade all over the map. I agree with Niko's sentiment, this is a suckers rally. Not looking to hit home runs, just a bunch of singles. During this last 2 weeks my trading record has been 22 wins and 14 losses for a net gain of $1500. Definitely not easy, I wish success to everyone, good luck your going to need it.
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maxreturn
745 posts
msg #54223
- Ignore maxreturn
modified |
8/20/2007 1:54:23 PM
On the sidelines. I exited my SPY put on August 1 when price touched the EMA200. I anticipated a possible double bottom setup to occur sometime in mid august which IMHO would have signalled a possible retest of the highs. But a strong setup never occurred. Instead price blew right through the lows. So right now I'm still watching. But if we get a decent bearish candle today on the SPX on decent volume, I am looking at buying another SPY put, expecting a retest of the lows around 1370 on the SPX.
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nikoschopen
2,824 posts
msg #54224
- Ignore nikoschopen |
8/20/2007 2:54:43 PM
I'm calling for a reversal either tomorrow or the next day. I have a nasty feeling that Countrywide, which is starting to wind down its work force en masse, will file for bankruptcy (or some other news of that magnitude). Of course, the Fed knew this when they chopped the discount rate by 50 basis point. Just my worthless 2-cents.
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msummer2007
129 posts
msg #54225
- Ignore msummer2007 |
8/20/2007 3:33:34 PM
I would like to agree, but I think the Feds are not going to allow it to happen. They will do everything they can to prop up this market. Be careful going short. They have infused billions, lowered the rate, and are prepared to do more.
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nikoschopen
2,824 posts
msg #54228
- Ignore nikoschopen |
8/20/2007 5:25:17 PM
That's true to a certain extent. But the larger truth in my opinion is that an artificial resuscitation can only do so much to bring the dying pig back to life. Incidentally, Greenspan & Co. took the same course soon after the tech bust took place in 2001 with their notorious "surprise, surprise" rate cut. Unfortunately, their good gesture delivered too little, if not too late, to save the market. The rest is, of course, history.
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maxreturn
745 posts
msg #54229
- Ignore maxreturn |
8/20/2007 7:39:19 PM
Niko...very well said. The fed is not exactly known for being proactive and by the time they do act, quite often an unstoppable force is already underway.
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jrbikes
624 posts
msg #54242
- Ignore jrbikes |
8/20/2007 10:50:30 PM
Im no genius, but! I believe the redistribution of wealth is underway! it will take about 2 more years, try buying a ear of corn at wal-mart in 2009, you will be chewing on it for a while!
LOL!!!!!
AMR,s man you gotta be crazy!
credit card debt at an all time high
The U.S. savings rate at -1% for the first time in history
The Divorce rate at an all time high (financially devestating)
The destruction of the family (children dont learn about money)
cell phones, Ipods, trade deficit, 2200 sq ft starter homes!
AAhhhhh the repercussions of Covetousness!
and its only begun!
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dkatz
64 posts
msg #54248
- Ignore dkatz |
8/21/2007 1:14:55 AM
for tomorrow, I'm going short, set ups are heavily weighted to a downturn across the board for tomorrow ... long term, look at a MONTHLY 20 year chart of the s&p or nas or dj, we've been steadily rising since Oct of 2002, not a bear in sight on those charts, ma's are neatly stacked and steady up
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