Saturday, August 30, 2008

Maybe the market is not ready to roll over yet


Still intermediate/ long term bearish, but last week was a little bit of a surprise. Lessening divergence btw financials and the general market which near term has pulled me off a bearish stance to a neutral/ bullish one. I'm leaning towards market top in 1-2 weeks. Maybe sooner. But the market could churn for a bit before declaring a top.

A big down day on Friday and financials held v strong. That rise to 1320-1330 in SP500 that I was looking for a few weeks ago might be in the works.

The candles point on $BKX, UYG towards a down day for financials on Tues. We'll see...

No comments:

Aug 25 - Re-entered (again) GLD short, long LVS, AMZN, NFLX, SHAK

I have been stopped out twice in last few weeks trying to short GLD.  I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...