As we go towards new all time highs im SPX, the resistance gets stronger. A lot of trading took place at these price levels before the big August drop. There will be those looking to sell at these prices. More importantly, fund managers will be reluctant to buy aggressively at these levels at the moment. Perhaps with a bit more consolidation we can move to new all time highs. No strong opinion either way.
I have entered short in crude oil this morning and expect a pullback down to 44 later this month. Also, SPX should struggle to keep blasting higher. Bonds look attractive here as there has been a deep pullback since the FOMC meeting. I don't expect much from Yellen testimony today.
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What are we doing here? More downside or just a pause and consolidation?
Out of CVX puts.
Long GMCR 51.5 Dec 11 calls and BABA 85 Dec 18 puts
Will cover short crude oil, some today and some tomorrow morning. Crude is a short anywhere near 48 till end of year.
yeah I'm not so sure WTI is just going to blow past $50 anytime soon but when it does, it's gonna be short face ripper. I would rather be long than short crude but I don't want to wait around for when it happens because it could be next week or january.
All out of crude oil short. Probably will go a little lower but not that great risk/reward around 46.
And I doubt we see a face ripper in crude oil until after the December FOMC meeting if they do nothing. If Fed does nothing in December, crude oil will blast through 50 with ease.
I feel they will do nothing and missed their window. Job openings are getting weak and there are lots of layoffs.
Fed could raise rates in December if S&P keeps going up and they don't want to lose what little credibility they have left. They have been saying rate hike this year all year long and to not do it wih S&P near all time highs would kill their credibility.
Yeah but the economy is weak.
It looks more and more that pullback is not going to be much and we break to new highs soon.
Getting long bonds here? I'm pretty sure the NFP gonna be weak.
Expectations for 180 K jobs, lowest expectations this year. Seems about right. Will not gamble into NFP.
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