Tuesday, December 7, 2010

Insider Trading Investigation...Yeah Right

The market went down because of the insider trading investigation according to CNBC.  How about the simple reason that you had the buyers piling in on the good news and selling when they saw that we would be closing weak.  The market is saturated on the long side.  Dew point is at 1235.  I think it is a poor risk reward to jump in long except for very quick trades.  I expect some choppiness the next couple of days and then we should sell off to 1196 by the end of next week, just in time to kill the call premium for opex. 

6 comments:

Petsamo said...

I placed a small bet we'd gap up tomorrow, but a blood red gap down is authorized.

Anonymous said...

Hi marketowl, just wanted to say how much i appreciate your sharing your thoughts. I've learned alot from reading your posts.

Anonymous said...

Shorted more GMAN from work at $17.20

Ol Dawg

Market Owl said...

Glad to be of help. I've spent years trading I am still learning more about the market myself. It is an ongoing process.

David said...

Market owl, do you strictly trade stocks/ES?

Market Owl said...

Yes, I mostly trade ES and stocks, but I will occasionally make trades in FX and commodities.