Monday, November 17, 2008

My Trading Gauge...

GIO: beware of impending 'flattening heavy ball'
TIM: 'untradable slope'
FLY: crash postponed, but eventual
STOCKBEE: 'is the [ALL] bad news priced in?... range bound... Hedge Funds cash'
Chartswing: 'no clue where we head...'

Well, nothing substantial. But definitely a rally has just so much resistance. This type of market has only had the same outcome every few months... it eventually CRASHES... and yet the squeezes and lack of volume out there temper the bears. If there is any sign of a bottom a gigantic wave of buying could occur. That is the conundrum. I coined the term 'miracle rally' for one reason. At this point it would be a miracle if it happens.

I have one major position. FXI puts. And number of puts everywhere and two momentum calls. For those calls to strike would be a miracle... historical...

I have some laundry to do and this 'talk' that i have to outline before i go to my real job (that doesnt lose money). We shall see how today ends. I think the Market waits for the economic data this week... starting with PPI stuff tomorrow. Housing & FOMC Wednesday and finally Thursday Initial Jobless claims. So, by Friday we shall see what happens and in the process get more confused.

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