Posted by dallassteve on 1st of Jul 2009 at 09:37 am
I sold SSO on the gap up and bought TWM to short the
Russell. Other people have better timing than me, so
appreciate other thoughts. Market could go higher, but it hit
the 61.8% retracement.
Posted by manson805 on 1st of Jul 2009 at 09:52 am
While the SPX has resistance at 930 I'm really not seeing a
reason to get bearish just yet. What's your trigger? The financials
are the only area I'm seeing that's lagging or showing weakness but
even the IYF is picking up some from the open. Holiday weekend (low
volume usually = fairly large moves up without much resistance)
with big news out tomorrow. I'd say going short right now is a
risky venture.
The tick has yet to even reverse and the SPX has yet to even hit
930 and there's plenty of buying going on.
Posted by dallassteve on 1st of Jul 2009 at 09:50 am
Thanks for the feedback cspirit, curtis. The SPX may well
go higher, but I had profits, saw that gap up, and locked them in.
Probably too early for TWM, but I plan to add more at higher
levels. Also sold TBT on the gap up for a profit because I am
too uncertain about it if the market turns down. I must be
feeling bearish :)
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Last night's newsletter was in
Posted by Peridot on 1st of Jul 2009 at 08:05 am
Last night's newsletter was in my opinion one of the most educational I've heard in my five year membership. Wow! p.
Last night's update
Posted by curtis on 1st of Jul 2009 at 09:34 am
you're right, that was excellent. Pointed out all the formations and what to look for in the future, how to use elliott waves with patterns, etc....
short
Posted by dallassteve on 1st of Jul 2009 at 09:37 am
I sold SSO on the gap up and bought TWM to short the Russell. Other people have better timing than me, so appreciate other thoughts. Market could go higher, but it hit the 61.8% retracement.
short
Posted by curtis on 1st of Jul 2009 at 09:44 am
it's early, but it's looking like a wise move so far. Market has been pulling back since 5 min. after the open.
short?
Posted by manson805 on 1st of Jul 2009 at 09:52 am
While the SPX has resistance at 930 I'm really not seeing a reason to get bearish just yet. What's your trigger? The financials are the only area I'm seeing that's lagging or showing weakness but even the IYF is picking up some from the open. Holiday weekend (low volume usually = fairly large moves up without much resistance) with big news out tomorrow. I'd say going short right now is a risky venture.
The tick has yet to even reverse and the SPX has yet to even hit 930 and there's plenty of buying going on.
Good Play to lock in
Posted by cspirit on 1st of Jul 2009 at 09:38 am
Good Play to lock in profits in this choppy trading range ... Now just wait for the next set up. I'm watchng above SPX 930 to see how market acts etc.
TWM
Posted by dallassteve on 1st of Jul 2009 at 09:50 am
Thanks for the feedback cspirit, curtis. The SPX may well go higher, but I had profits, saw that gap up, and locked them in. Probably too early for TWM, but I plan to add more at higher levels. Also sold TBT on the gap up for a profit because I am too uncertain about it if the market turns down. I must be feeling bearish :)