Next week is option expiration. Makes me think they will whiplash all over the place in to that. Dont get scared just play it small.
Tough week for most trades I know and I expect next week might bring the same.
Friday, August 8, 2008
Roller Coaster
Wow up one day 300, down next day 200, then up 300 next day this is one crazy market. Had to do a post on my vacation but we closed at the resistance 1292/6 area I spoke about before. Now what do I think? Think you would be crazy to be trading this market in here under this heavy volatility and secondly I do think we can get a push to that 1320 area. I do expect the talking heads to come out and tram the small players into this rally but it is just a vicious rally in a bear market and nothing more.
I would be setting up shorts here. Some TWM, which I own, some QID, some SKF should be good here but we can get another push higher so make sure you scale into these positions.
I currently have some SKF @$116 average and TWM @$71.
Upside is limited believe it or not so dont get sucked in too deep. Today and wednesday's rallies were in deed awesome but I think they should just be traded.
Russell push to 735 is very impressive and I think 750 should be the cap on that one but we will see.
OIL, OIL, OIL. Think I will be watching that $111 level if it reaches there. I doubt if we crack sub $100 but you never know. Personally I think Oil is a retreat because of China's Olympic move to lessen pollution but after that demand will step up again. Oil long term is definitely cheap here and I am a long term bull on the commodities. This rest is VERY healthy and I will be watching Oil in the coming weeks as the Olympics come to a close.
Have a great weekend. I am still away and will be back maybe Tuesday in full force.
OH NEXT WEEK FRIDAY IS THE NEW STAR WARS. :)
I would be setting up shorts here. Some TWM, which I own, some QID, some SKF should be good here but we can get another push higher so make sure you scale into these positions.
I currently have some SKF @$116 average and TWM @$71.
Upside is limited believe it or not so dont get sucked in too deep. Today and wednesday's rallies were in deed awesome but I think they should just be traded.
Russell push to 735 is very impressive and I think 750 should be the cap on that one but we will see.
OIL, OIL, OIL. Think I will be watching that $111 level if it reaches there. I doubt if we crack sub $100 but you never know. Personally I think Oil is a retreat because of China's Olympic move to lessen pollution but after that demand will step up again. Oil long term is definitely cheap here and I am a long term bull on the commodities. This rest is VERY healthy and I will be watching Oil in the coming weeks as the Olympics come to a close.
Have a great weekend. I am still away and will be back maybe Tuesday in full force.
OH NEXT WEEK FRIDAY IS THE NEW STAR WARS. :)
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