I closed out my shorts, unfortunately too early today, but I am going to be cautious opening new ones right here. Maybe we are waved out, but higher high's and lows on SPX and NDX, higher high and close back above immediate support on the Dow, plus the fact that we look somewhat oversold intraday and have plenty of upside room on the weekly, all makes me wary. They can relieve the pressure and ramp us again.
$SOX looks like it could cause a bit of a selloff in the morning, but if we open lower, I will be on watch for another jam job by Monday morning. Any excuse they can find to keep this afloat until the fiscal year closes out, I think they will.
When is the last trading day for end of October, or do the funds post results through the close on the 31'st? I don't think I'll be holding any shorts overnight till we get past this.
On the other hand, they jammed all the crap and chips today, but the large caps didn't seem to participate so much in the joy. Both IBM and MSFT challenged their recent high's these past two days (IBM's at 75.90 and MSFT at 53.45) and failed, even as the SPX and NDX pushed to new highs. So maybe I am just being a chicken shit, scared shortie. |
