Wednesday, July 18, 2007

Rolling With Punches







Dear Reader, Rolling With Punches. While everything looks like is in place, I am reluctant to sell the market in here. I would prefer that market goes down here and comes back up for one more cycle of distribution, which would top next week. Of course, I could be wrong and we could take a big dive here, but what is the hurry? We are swingers, so we sell next swing. Of course, options players may have a hard time thinking this way. So, for them, if market takes a dive, please collect enough profits not to care about possible rebound. GOLD until it clears 670 area we can experience pockets of fall. Currencies, looks like $ may be at the end of current bout of decline. Interest rates, will perhaps go a bit higher and that will lend the support for $. Energy, we got a preliminary sell flag on ENERGY-OSCILLATOR, but would like confirmation, by the market itself breaking down.

7 comments:

indextrading said...

I issused a sell signal yesterday minutes before close. then the market started to drop sharply. usually it doesnt happen this way. so if we about to have one more leg up - this could be a good chance to short.

Good trading

boris said...

Dear Indextrading, You are right, it does not happen this way, but I think the sharp drop of $ was the clear reason for this selloff. If $ is to recover a bit, that would mean stop to this sell off. I am not for sell off to stop, just it might.

GOod Trading

chronictown said...

Boris,It sounds like we should buy the dip? will you have limits today? If so, could you include the russell 2000. Thanks for your great work and blog. Good trading to all!

indextrading said...

I wouldnt buy dip here, it can turn to an ugly move against you.

The enviorment is negative - so no reason to long. I would sell the rally if it comes one more time.

billy said...

I'm selling Q's above 50 today. Big gap down in SPY. Finanicals and oil stocks both weak. Looking for place to buy puts on refiners (MRO, VLO, TSO).

Jim Taylor, JD said...

Bernanke on Very Hot Seat

Highly leveraged Hedge Funds will soon Implode, especially FUND OF FUNDS. Irreversible Credit Market Chaos and Fund's Forced Liquidations will trigger CRASH THROUGH LATE FRIDAY

BIG BOUNCE NEXT WEEK.

BAD DAY FOR THE IRRATIONAL BULLS.

JIM

boris said...

Dear Readers, agree with indextrading, Would not buy dips today. If so, perhaps in couple days.
Good Trading