MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.00

+0.2%

Nov 11 4:00 PM EST

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To: American Spirit who wrote (46965)	4/17/2000 11:40:00 AM
From: lawdog	Read Replies (3) of 99985

This looks like a suckers rally to me. It wouldn't be the least bit surprising to see the selloff resume in a few days to take the NAS into the 2ks. Too much technical damage to just return to old highs. If we do, this market is even more dangerous than before. Either way cash, or a slight short bias, is where I plan to stay unless technicals change. Sold NDX April 3500 calls because of VIX contraction (damn that can hurt). Still made out like a bandit. Most options are incredibly overpriced at the moment so I doubt I'll be playing any more until the premiums come down a bit. Bought NDX's Friday hoping for the bounce (NDX down 6 days in a row - no way). Still, I was hoping for a much better return (100 - 200k) but VIX and time premium depreciation f#@!ed me over so I ended up with a measly $6k. Would have been a beauty ;(

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