Thursday, January 21, 2010
Buying for Tomorrow
I plan on doing some buying near the close to capture a gap up move in the ES. I am willing to take the overnight risk tonight with traders fearful of further weakness. With support at 1115 on the S&P right below, the risk reward is very compelling. Also, the European and Chinese markets are very oversold.
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10 comments:
thanks a lot for all the updates
counting on GE and GOOG to give us bulls wind in our sails.
A rally tomorrow would be nice.
Are you at all worried that everyone and their brother thinks that this is a buying opportunity.
The main difference from this sell off and the others is interest rates. We are raising them soon and china has already started.
Yeah going long for a trade sounds fun ,but you could get really hurt here. Be careful!
GOOG tanking ...any thoughts?
nicasurfer, I understand your point about there being risk here. I just think the reward justifies the risk at these prices. Today flushed out a lot of nervous longs. Now we have overhead resistance at 1130-1135. I think we can easily bounce to those levels from here next week.
How long are you right now dawg.
I'm 60% long my portfolio right now.
I'm using the rest to average down if I have to.
What's the lowest we can go 1100?
And if we're right we bounce to 1130 by tomorrow.
I don't want to reshort till at least 1135
I'm not worried about GOOG, if China bounces from its oversold levels tonight, I expect the ES to rally overnight.
I am fairly long, but I have room to add more if we go lower. I think this dip is a swing trading opportunity, not just a daytrading opportunity. I think we'll get to 1130 sometime next week.
1130 is only like 14 points away.
It can easily happen tomorrow with the volatility we've been having lately.
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