Friday, October 14, 2011
Taking a Shot
We're back to the highs on Wednesday which was rejected right at the SPX 1220 level. It is a good spot to start a short position. Euphoria over GOOG earnings, and the better than expected retail sales is enough good news for me to feel comfortable shorting. It is a strong market but a lot of that is reflected in the prices already.
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7 comments:
Looks like 1230. simply amazing.
Break of 1220. Time to get bullish.
I'm on the other side. Good luck to you.
This thing is consolidating. We are going to re-test and shoot higher. No bearish signs.
MO are you sure about this? The market still looks so strong. All dips bought. I'm sure we are going to surege again at some moment. If we finish green it will likley be bullish again next week.
Yes, I am sure. I don't mind if the market goes 10 points against me, but I like that risk reward ratio. If it goes my way, this thing should go to 1170 in a flash. 4 to 1 risk reward. And I am noticing that Europe is starting to have trouble keeping up with the US in this rally. Since yesterday, they are lagging. Before then, Europe was stronger than the US for the past 2 weeks.
Like I said 1230 coming with more bullishness next week. They dont't want to let people onboard so we are going to go very high.
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