Haha. now that we trade 25 points lower on the SPX, everyone is bearish. Where were these fools yesterday? Fast Money halftime is 3 to 0 bearish, so I've got to take the other side, even though I am a bear in the intermediate term.
I think we're going to squeeze higher near the close. I may get long or not, not sure yet.
Friday, October 30, 2009
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2 comments:
Nice call man.
Today's action surprised my.
I lost some of my gains from yesterday but the downside was limited because they're down so much in the first place.
I think playing beat down stocks is a good defensive strategy when the mkt doesn't go your way, and when it does, you have twice the juice.
Well I took half off the table yesterday and I'm got long RPRX at a buck.
I think we'll range from 1040 to 1060 for some time.
We are really in a support free zone, I don't see much support till SPX gets to around 1028, or ES ~ 1025. If we get to around 1025, I will take a stab on the long side. Looking at the action, we may get there. But this action is scary, we may gap down huge on Monday.
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