I am starting to build a long position at these levels. I will add on the way down. I expect a strong final hour of trading. We may selloff all day, that is the risk. But I see that as being low probability. More likely, we hold support and have a little rally into the close.
Hope we crash here.
ReplyDeleteAnd if we do I will have to cover half at 1128 and then the rest at 1118.
Fast Money guys 100% sellers
ReplyDeleteYeah, makes me more confident in a end of day rally.
ReplyDeletefAST MONEY GUYS HAVE BEEN MOSTLY RIGHT LATELY I NOTICE
ReplyDeleteHow does OPEX figure into your calculation Owl... wont the MMs try to pin it where it is , or hedge selling pressure on the way down.
ReplyDeleteAlso if opex is down is the day after usually up? Or is that only the case for up opex (next day is a fade)? thanks for any thoughts.
Opex day has a positive expectation, more so than a random day.
ReplyDeleteI haven't seen any definitive pattern or study showing what happens after opex.
Opex day usually keeps the market from going too high or too low. It tends to be a volatility dampener. Thus, I see this selloff being contained.
LONG ATHX @ 3.19
ReplyDeleteOL DAWG
Dawg,
ReplyDeleteHave you seen the 1 year chart on ATHX? It was a monster pump and dump. Still highly elevated levels on the 1 yr chart.
It's okay Dawg.
ReplyDeleteATHX is SNSS's long lost twin brother.
Hey are you going to hold over the weekend?
ReplyDeleteIBM reports Tuesday morning.
No, not holding overnight.
ReplyDeleteNice trade man. Not as big as your other one but still made the right call.
ReplyDeleteYO GO GURL
Considering the horrible initial dip buying entry, I was able to battle back a bit with that closing rally and had a small loss for the day. I can be satisfied with that being completely wrong early on.
ReplyDeleteWell it's not that bad. I think we're gonna go to 1040 now. But I will be very surprised if we put in a new top.
ReplyDeleteI think earnings will not be as good as last quarters. especially QoQ.
Feel that QoQ sequential growth would be meaningful in driving up the mkt higher, and I don't see it happening.
But of course they will compare it to 4Q in 08 which was like the worst quarter. So should be good again for the bulls next week.
Buy more dips blah blah