Monday, January 4, 2010
S.O.S.
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Weak dollar, strong commodities, strong stocks. We gap up, run higher and don't retrace. Seen this type of tape hundreds of times in 2009. No need to be a hero. I am mostly on the fence here with small probing sell orders. Gold is a decent sell opportunity at these prices. We may squeeze a bit higher for 1 more day, or this could be it. I will be building short positions if we go higher from here.
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12 comments:
haha. this picture is funny one.
you be shorting, qqqq, spy?
I have orders to short ES at higher prices, which is same as SPY.
how come you don't short nasdaq futures dawg?
Isn't that up the most?
I'm getting very tempted to buy EDZ here but I'm feeling a little cheap because I waiting for it to go to 8 cents lower before I buy.
By the way, today's action. Going straight up at the open, staying up and finishing strong all the way to the close is an intraday pattern that we've seen at least a few times in the last few months.
Do you know what happens the next day?
no, what?
Goes higher.
ES is actually up more than NQ today. But yeah, NQ is up a lot more than ES over the past year.
I don't think its a given that things will go straight up today. The first day of the year can be tricky because of inflows by institutions.
The first 2 trading days of a year are very bullish historically, so be careful on the short side.
so basically you're trying to say that we might see higher prices tomorrow. but what about what this mkt has done recently the day after a day like this
A lot of last year's tendencies after trend up days can be thrown out for tomorrow. The seasonality is that strong for this time of year that its better to wait for tomorrow than to try to short now and hope for lower prices.
fyi
i tried to short a starter position in qqqq using fidelity. there are no shares available to short?
anyone got any ideas?
Get a new broker. If you can't short QQQQ, then you probably have the worst broker in the world. I am not kidding.
For the moment, you can buy QID which is ultrashort QQQQ.
This is looking like Jan/Feb 2007 where there were several 1.5% to 2% selloffs, each followed by new highs, then finally a steep drop.
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