Looks like we will gap up but I expect us to fill the gap today and test that overnight lows of 902.50. Where we go today? I have no idea but if we break 902.50 on the downside I would be looking for a test of 893.
I will be here today
Wednesday, May 20, 2009
CHOPPINESS
OK, so what do we do here? Hell if I know! I think we continue to chop around in a range, a very tight one for a little bit and then decide which way we go. My guess is down, but I'm certainly not rushing out to short stuff arbitrarily. I'd rather buy dips until proven otherwise. 8500 continues to be the pivot, though, which is what my topside near term target has and remains, so I think we should get a real dip as the next big move. But, again, I think it prudent to let the market tip its hand before making a bit commitment of capital. I'd rather be safe then sorry.
Patience is key here
MARKETJEDI
Patience is key here
MARKETJEDI
Tuesday, May 19, 2009
7 AM
We are @ 915.75 as I write this @ 7AM. look for 921/923 for an entry to get into some puts on overstretched stuff.
Good Luck today
Good Luck today
Monday, May 18, 2009
Tuesday
I will more than likely not be around tomorrow because of an family emergency but if I can I will be looking to buy some QID, IWM and some Puts June GS $140.
Hope to back on wednesday or maybe late tomorrow.
Since we had a move higher in price today I would expect us to consolidate for the better part of tomorrow before tipping our hands. If we gap up tomorrow into that 914 area it should provide a good risk reward for a short. If we gap up more than 2 points above it wait for the 921/923 area.
MARKETJEDI
Hope to back on wednesday or maybe late tomorrow.
Since we had a move higher in price today I would expect us to consolidate for the better part of tomorrow before tipping our hands. If we gap up tomorrow into that 914 area it should provide a good risk reward for a short. If we gap up more than 2 points above it wait for the 921/923 area.
MARKETJEDI
Volume
Volume today is EXTREMELY low. Yes the market is up BUT up on no volume a very negative development.
Gary Shilling
For those who dont know who Gary Shilling is google his name. He has basically been one of the few who have predicted the movement in the market. He was just on Bloomberg stating his claim for S&P 600 will he continue to be right. Only time will tell.
Monday
Futures showing upside an hour and a half before the open. Lets see how we react to the start of the week after the first down week in 9 for the markets.
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