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...

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Feb 27 - $shak primed for a big move

Still holding $RIG Mar2 and Mar16 calls which are up 100-200%.  $shak settling nicely and I have plenty of time with Jun 45 calls