Friday, January 15, 2010

Out of My Long

I have taken a loss and will re enter around 1130.  I got in too early on the dip.  It is getting more dangerous to buy dips for sure.  But I see opportunity for a rebound later in the day.

7 comments:

Anonymous said...

What is your target -- 1138 or 40?

Do you think we can print a new high next week -- or approach today's?

Market Owl said...

There is no way we'll reach a new high, it is a trend down day. But I expect a little rally in the final hour. That is what I will be playing for. No big expectations for a rebound.

Anonymous said...

Next week is financial week... GS , BAC, WFC, IBM (Tues, BAC (wed), ebay(wed) sbux(wed), gs (thur) goog(thur) axp (thur), mcd (fri) slb (fri) ge (fri).

I expect financials to reflect JPM's earnings and forecast.

IBM will probably beat, so will ebay and sbux.

GS of course they will beat.

and GE will disappoint.

We could have a rally from Tuesday till Thursday.

After that that's pretty much it for earnings as far as the big names.

Oh yeah and AAPL. They report on the 25th.

That's why there is a guy here saying the mkt goes down starting from the 26th.

Anonymous said...

This week we had AA, INTC and JPM all beat handily yet the market is down. Go figure.
What has changed in 2 days when I heard people on msnbc saying we are heading to 1200 on s&p? Nothing. This just seems to be some profit taking. Other eaders have posted..all dips are to be bought until it doesn't work anymore. Mondays are/have been up. We shall see.

Market Owl said...

I agree, dips must be bought until it is proven not to work. It still works, and there is strong support around 1130 and also 1128. I don't think traders will want to be short over the long weekend. So we'll probably see buying in the last hour.

Anonymous said...

AA and JPM didn't beat.

Especially AA. JPM beat on cost cutting. That's not beating, and they are forecasting deterioration ahead.

MSNBC should be held as a contrarian indicator.

Anonymous said...

I guess you're gonna buy here. This is like a triple bottom support right here.

Hope we break it though.

Why can't we get a 2.5% down day for once like in the good old days.