Monday, August 20, 2012

Shorts will ride...

CCI and JTS will hold the short position for at least another day. I saw a study over the weekend that suggests there is a strong probability that SPY will see a 2% pullback this week. One can hope! :) Hope you had a relaxing weekend.

Same time tomorrow...

12 comments:

  1. If we break up, I am probably going to call it quits at a SPY of 144 if my stomach can handle that much movement...

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  2. J, could you tell us a little more about the study you're referring to? What is the basis of its prediction?

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  3. Ok, I just looked again... It was the "SPX up 6 weeks in a row" study that Cobra ran on Friday. Average drawdown the following week was -3%! (Not 2% like I had thought.)

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    Replies
    1. 3% after gaining 3% isn't much of a drawdown...

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    2. Well, yes but the 3% figure is calculated from Friday's close.

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    3. J, you got a link for that article?

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  4. Nice topping tail on the daily will hopefully start a downtrend.

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  5. This market is going to roll over, Apple was the first to go red, Vix has spiked 1422 target has been met. All the signals point to atleast a drop to 1390. Then we will see if 50 day holds..... game on

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  6. Please. This market can't rollover. It's not allowed....

    :)

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  7. All we need is a close under 1412, I think then 50 DMA is in play.

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