Sudaca Posted July 23, 2009 Report Share Posted July 23, 2009 Looks like 12 in a row was all she wrote for the Naz. At least for now. Question now is how long the dip lasts. Structurally, even with a dip in the next few days, uptrend still looks good. Tricky one for trading here. Cumulative A/D has broken the long term downtrend and is now at levels where the S&P was at 1300. Link to comment Share on other sites More sharing options...
cwd Posted July 23, 2009 Report Share Posted July 23, 2009 Sold PCU @ 25.50 Still long BVN Well done. Link to comment Share on other sites More sharing options...
cwd Posted July 23, 2009 Report Share Posted July 23, 2009 Don't look now, but the market has just retraced 38% of today's rally. Schwab shows The SPX@ 976 and the SPY@ 96.8. Link to comment Share on other sites More sharing options...
cwd Posted July 23, 2009 Report Share Posted July 23, 2009 Is this the top, old Richard Russell has turned bullish. It's clear to me that we are in a rally within a secular bear market (some will call it a cyclical bull market). In other words, it's coming within the confines of a long-term or secular bear market. Old timers saw this same situation during the 1966 to 1974 bear market. At that time we saw a series of cyclical bull markets, all coming within the framework of a long-term or secular bear market. In the end, that secular bear market ended the way most bear markets end -- amid black pessimism and with blue-chip stocks at great values or "below known values." What was missing at the March 9 lows? Extreme pessimism was absent as were the great values in blue-chip, dividend-paying stocks sporting yields of 6% to 10%. RR Link to comment Share on other sites More sharing options...
Jetlag Posted July 23, 2009 Report Share Posted July 23, 2009 Schwab shows The SPX@ 976 and the SPY@ 96.8. I think he was referring to the fucture S&P 500 964.20 -4.70 -0.49 Link to comment Share on other sites More sharing options...
Jetlag Posted July 23, 2009 Report Share Posted July 23, 2009 "Put option volume swelled to about 1.53 million contracts in the SPDR S&P 500 (SPY.P) on Thursday after an institutional player extended a large bearish position in the exchange-traded fund that tracks the performance of the S&P 500 index." "Rather than an outright bearish bet, this appears to be a hedge on a long stock position in the Spiders, Schwartz said." http://www.reuters.com/article/marketsNews...20090723?rpc=44 Who knows? This was done before the rally: "With the fund's shares trading at $95.92, the institutional client reversed those August put positions in favor of the December contract where he bought 120,000 $95 puts and sold twice as many $82 puts, Schwartz said." Link to comment Share on other sites More sharing options...
phatbubble Posted July 23, 2009 Report Share Posted July 23, 2009 Still have a light short position. Not daytrading or scalping options so am just sitting on hands. Would flip heavy long on a sustained break above and retest of 1K, or some sort of life-altering out-of-body experience, but that's about it. Link to comment Share on other sites More sharing options...
Jorma Posted July 23, 2009 Report Share Posted July 23, 2009 Still have a light short position. Not daytrading or scalping options so am just sitting on hands. Would flip heavy long on a sustained break above and retest of 1K, or some sort of life-altering out-of-body experience, but that's about it. I recall back in the spring we all had a good laugh at somebody on Crapvision who said it will be safe for the public to get back into stocks above 1060. Even TJ had a good chuckle about that. Link to comment Share on other sites More sharing options...
drwells Posted July 24, 2009 Report Share Posted July 24, 2009 Shorty are you working for ZeroHedge now? http://www.zerohedge.com/sites/default/fil...0WEB%20PAGE.jpg Link to comment Share on other sites More sharing options...
DrStool Posted July 24, 2009 Author Report Share Posted July 24, 2009 That says it all. I'm sure CNBS will take note. Link to comment Share on other sites More sharing options...
brianbenson Posted July 24, 2009 Report Share Posted July 24, 2009 Harry Dent on CNBC: Dow 3800 by the end of 2010. $1000 bet with Dennis Kneale. Link to comment Share on other sites More sharing options...
DrStool Posted July 24, 2009 Author Report Share Posted July 24, 2009 One thing about Hairy. He sticks his neck out. I heard his rationale on Bloomberg a month or so ago and it made sense to me. It was something I had thought about before. He crystallized it. But what he doesn't account for is the Fed's ability to pump the market up via its primary dealer operations. Most people tend to underestimate this. Link to comment Share on other sites More sharing options...
Jetlag Posted July 24, 2009 Report Share Posted July 24, 2009 Is the 40 year commemoration rally over? It would make one hell of a headfake if they close it under 950 tomorrow. Then again next week we have the turn of the month positive bias. Link to comment Share on other sites More sharing options...
Charmin Posted July 24, 2009 Report Share Posted July 24, 2009 If more pension funds are taken over by the government, I get the idea that the government/fed will have a lot more control over the pumping up of stock prices just to maintain them. "Delphi's hourly pension plan covers 47,000 participants and has about $3.7 billion in assets and more than $8 billion in liabilities, according to agency estimates. The Pension Benefit Guaranty Corp. expects to be responsible for about $4 billion of the plan's shortfall of nearly $4.4 billion." http://www.mlive.com/business/mid-michigan...ry_as_feds.html I may just be blowing smoke, but it wasn't long ago that it was a concern for the government to not have a lot of pensions go belly up. Probably a good reason to have a steel I-beam under the market at 880. Link to comment Share on other sites More sharing options...
Charmin Posted July 24, 2009 Report Share Posted July 24, 2009 Today felt like "Panic in the streets" as apposed to "Blood in the streets." Link to comment Share on other sites More sharing options...
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