Monday, March 21, 2011
Overnight Steals
From the intraday gains. If you are a scared long during heightened volatility, and go home flat every night and then get long again at the open because there is "less" risk, then you are selling low and buying high. I don't think we are off to the races, but I also don't want to short this gap up either. Rarely do you get 3 straight big gap ups with all of them crapping out intraday. So we're probably due for a gap and run today. I'll let the daytraders battle it out and if there is an attractive short entry around 1300, I will pounce. Just watching and waiting for now.
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2 comments:
This market goes straight for one more high around 1360 then we are toast, only caveat is Bahrain and Iran v Saudi, big gold call position to hedge. Why do we top at 1360... QE2.5 or QE3 is just a monetary phenomina the big gold bull run begins... margins squeeze becomes the concern elsewhere.
I agree we top within 100 points of current levels, somewhere between 1375-1400. I do believe we will get QE3 when the equity bear market begins anew and the S&P falls back under 1200. Bernanke doesn't want the S&P to sell off too much and will print like mad to support stocks. Inflation is an afterthought at the Fed.
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