Tuesday, May 4, 2010
Futures Rallying in After Hours
One thing I've noticed is the lack of follow through selling into the after hours, and we are up nearly 9 points from the bottom in regular trading hours. That doesn't seem like a market that will collapse to me. Combine that with the sudden bearishness of the crowd on CNBC and I think the selloff is not going to go below 1160. I am looking long in the next few sessions and will ride it higher into next week.
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6 comments:
I hope you're right. I'm still 100% long. I messed up the selling opportunity.
Hehe ... I need a selloff and now we got it ! ... 50d SMA will hold and SPY will bounce back but dont think it will go much higher. My 2 cents - upper TL of SPY channel. Jammy.
Hehe ... I need a selloff and now we got it ! ... 50d SMA will hold and SPY will bounce back but dont think it will go much higher. My 2 cents - upper TL of SPY channel. Jammy.
Let me understand this:
U didnt want to go long as u thought market was way overbought and u didnt want to short as u didnt want to come in front of the frieght train
Now its late as market ran way from you and u want to buy the dip..when it may keep going down to 10% correction .
This way u arent on anyside and missing on both sides dont u think ??
I don't want to short now. I am going to be looking to go long around 1160. I don't see the market going much lower than that in the next 2 months. So I see no point in shorting 1170 to try to catch a tough 10 points with 30 points of risk when I see a possible bounce back to 1200. Its all tactical.
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