Dear Readers, yesterdays market moves have not resolved much from the questions posed in previous update. So stay tuned and watch what is the market's answer to the high Buy Pressure and decide accordingly. ENERGY... as promised, I looked at this and frankly there is nothing to it but a short covering rally that is about to stop dead at 55.00 for USO. If we are wrong and there is more to this energy rally than a short covering we could see 58.50 and Even 62.50. In either case we still view this market in the bear move and do not consider it to be turning into bull any time soon. Gold and Currency analysis remains unchanged From the last post. Good Trading
6 comments:
boris,
i'm agressively short all home builders -- nvr, hov, mth, tol, len,
just shorted sndk at 44, usg 47
should all head down from here.
Dear Rent,
My heart is with you as friend. I wish you all the profits. Just would like to give you a friendly caution. Here are the levels where building stocks may show strenght.
LEN 42.18 ( 43.08 now)
HOV 24.24 ( 25.64 now)
DHI 20.60 ( 22.15 now)
CTX 41.09 ( 42.06 now) touched
TOL 26.18 ( 26.18 now)
MTH 31.64 ( 32.73 now) touched
NVR 725.31 ( 699 now ) touched(resistance)
All others are supports
Not to be scared, but to watch if these levels pose stiff support you may want to be carefu. Wish you success with all my heart.
GOod Trading
Boris.
Thank you for your advice. :) Shorting the builders was much easier in 2005. Not too many people were shorts. Nowadays you have to have quick fingers!
Dear Rent, I remember you advocating shorts from much higher levels, so nobody can suspect you being a novice at this. I know, already, that you can survive any of these markets. I am just acting as a sounding board, yours truely.
GOod Trading
Hello Boris/Rent,
I had closed by puts yesterday in ryl and kicked myself as it continued down today. I was thinking about opening a new short position today thinking the same that no one would want to hold any homebuilders into the weekend.
What is your range on RYL as it was the only one left from your HM stats.
I am also leaning on closing my PCU puts. Will you please offer some insight on PCU (copper).
I noticed that the commodities themselves are behaving far better than the equities themselves, that lends credence to holding a short position a little longer.
Thank you...& Health, Safety and Profits to all....
Dear Byzanman, sorry missing this one. I have added it to my builders portfolio tracker. THe relevant support levels for this one are 40.16 and 34.50 lower is a disaster at 23.50. GOod Trading Dear Byzanman.
Note I suggest that in addition to lookin at individual supports look at many supports for many stocks as, when many of these are at the support they will perhaps all spring from there.
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