The futures are down just a few points and are rallying from their overnight lows. This market doesn't want to give up easily, its funny, last Friday when China raised reserve requirements, the market was worried, and now the US raises the discount rate, and the market thinks of it "normalization" and nothing to worry about. The market is overbought short-term, and I see some complacency regarding this Fed move.
I think we will selloff intraday and I am hanging on to my short. I don't see a huge whack, maybe down to around 1090. Psychologically, the thesis on unlimited Fed liquidity is seriously brought into question and that should shake some investors today.
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Sentiment still far too bearish. Rydex traders, PCR, Dumb Money bearish. Crowded trade. Pros are just killing it here.
If you are so bullish, buy all that you can today. You might get 20 points, but I think you'll have to risk 60 to get there. Of course IMO.
I am not bullish. The problem is no one else is either. It blows.
Is it 1998 or 1999 with another leg down in this initial corrective move, or is it Aug 2007 or Nov 2008?
Widsh I knew. ALl I know is dumb money is still too bearish.
Actually right now, I think sentiment is more neutral than bearish. The sentiment polls seem to say the same thing.
Yes, the polls say that.
The issue is positioning.
PCRs are very high vs recent history (the MA's). But they are lower than the July lows (fear is less). They are out of bounds for the post July rally. Also Rydex bull/bear flow.
Again, is the bearish positioning to be viewed in the context of the post July rally, or something else.
Hahahah, Alfred E. Neuman.
Sold EDZ @ 5.46
Ol DAWG
(revisiting this later)
Long RNN @ 1.11
OL DAWG
I am aggressively selling above 1102. I think we are going to have a swoon real soon. Initial intraday target is 1092.50.
lONG mipi @ 1.55
O D
Sold CBPO @ 8.09
OD
Long more MIPI @ 1.51
Sold RNN @ 1.20
OD
This market is way over bought. It needs a pullback or some sideways action.
Since everyone has been trained that Mondays go up. It might be the rest of next week. Lower.
points of interest.
1114 --> 1127 --> new 52 week high
dawg, i am following you on mipi trade (enter point at 5.4). what selling price should i enter? I couldn't watch the market allday today. thanks.
Anon, anywhere above 1.60.
Get out if it breaks below 1.50.
Dawg, I did get in for RNN earlier and it is now 1.22. Is it still worth to get in that?
You got in RNN earlier? Like at 1.11 like me?
RNN looks like it's going above 1.25. I sold mine at 1.20.
People trying to bid up MIPI here
sorry dawg, it was a typo. i didn't get to RNN yet and it might be too high to get in now, is it?
Don't buy it, it already made the run off the bounce. It could pop a few more cents into the close but that is it. Don't chase stocks unless you know for sure they are going up a lot more.
MIPI looking pretty good here, lets see if it can go above 1.60...
Ok I won't go in RNN now. I got in HUSA for long and I hope it's another loss for me later on. kaching investor is buying it daily this week.
HUSA, nice. You got in today??
HUSA is maxed out, just so you know..
I don't really trade stocks that have that type of setup. Although I should.
I'm going to try and sell MIPI at around 1.63 lets see if it happens.
Dawg,
I bought HUSA yesterday at 11.06 but it was accidentally sold only at 11.34. I bought more this morning at 11.72 and 11.90.
I have to leave the computer so I sold MIPI at 1.552 - break even with commissions. Will follow you on another day.
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