Tuesday, December 6, 2011
Shorts Covered, But
Longs are still not aggressively jumping in like they did in late October, early November. It makes it much more probably that we have a grind higher, with dips along the way. Dips will be aggressively bought. I don't see us crashing again. That period is behind us. Think late 2009, but just less bullish. We should consolidate between 1245 to 1265 for the next 2-3 days, before we make the next move. More likely than not, that move should be lower.
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7 comments:
89 of the last 100 point move up past week and half have been from pre-market. only 11 point net move up from9:30-4pm
Does not feel like a time to be short. Although the next reaction to the next BS proposal from Europe might be of the 'sell the news' variety. But I wouldn't bet on it.
Sell the news for sure. shorts have backed off enough, not enough will come from Friday and the market will press again... 900bn isn't enough even Sarkozy's half brother on CNBC the other day said it need's to be in the 3-5 trn range just to stabilise the banks.
Closing more of the shorts here. We are going higher into year end
We are about to have another drop. The consolidation before the drop as traders get complacent again. Wash Rinse Repeat.
Consensus is smooth run into year end... I am betting on the opposite here, thin liquidity works both ways.
Getting Long 100 VXX $42 december 15th puts at $2.00
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