Thursday, March 26, 2009

S&P via move to 875? maybe even 1050?

Well looks like one of the dudes on ibankcoin has a good chart that proposes that S&P could get to around 875 (the last of the many lines of resistance)... and if it sticks we are totally having a HUGE bull run. He didnt say it, but that is what i see on the chart.

That is also shown on Tims chart as well. He cites the fall from 825 to 666. And now shows the overhead run of 825 to 1050 would take some time.

The point is it will always be tough to call the reversal on this trend, but the signs are there.
I may enter a few longs if we do get to 875 and bounce off of it rather than shoot right through.

I think my NOC may puts are probably done... i was letting it ride having sold half the position that was more than covered the principle costs... my only other short (july put) is on FAS. With everyone saying FAS could depreciate to zero, only makes the argument stronger. Gio cites FAZ could get to zero as well, i could only hope...

this thought btw, was brought to my attention a few weeks ago while i was banking coin on FAZ, this arrogant doctor had something smart to say about holding FAZ. I am like, hey, i am not stupid i learned you cant hold ANYTHING! The thing is successfully flipped to a FAZ put, but the dumb thing stopped out on a 66% profit when 2 DAYS LATER it was a 900% profit. So much for stops when things get volatile.

I patiently wait for 875 to get here... sooner than later would be nice for the bears (and bulls on the ride up).

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