Well the exuberance isn't gone because I just caught myself eyeballing a stock I was considering dipping on, only stock though and not calls, that makes it alright right ???? <ggg>
Pat over on the futures thread just brought something out I think we all forgot about. If this bounce for some reason died and we sold off this afternoon, there would be Margin calls on Monday, especially the futures guys since we would then be close to negative on the year.
Even if we don't do so today, we should keep this in mind for the next leg. We are approaching the ugly line where people have top start selling stock even if they don't want to.
Either my charts are way off or else we held at a strange area today unless it was an over shoot. I just ran through a bunch of stocks on my wish list and they bounced on weak supports at best and some just bounced in thin air.
Challo, the SPX line was double checked and it was a little off but even after tweeking, it was around 1268 so yes it was violated but we ducked back over for now. That line has held every drop going back through April 97, Oct 97, Jan 98,Nov 98, Dec 98 and Aug 99. The only prior period it didn't hold was Aug through Oct 98. When she drops below that, we know things are getting serious. <ng>
Note - The one I was going to dip on was only for the bounce play as I think it was going to doa H&S right shoulder bounce so I was going to play it long then SAR to short for the plunge. My wife took the bottle away though and I decided against it. <ggg>
Good Luck,
Lee |
