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Strategies & Market Trends : Position Trading

SPY 689.49

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4:00 PM EST

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To: Copeland who wrote (100)	12/6/2009 2:42:27 PM
From: Copeland	Read Replies (1) of 134

A bunch of distribution days last week and a turnabout Friday that only closed up 20+ on the Dow on impressive jobs numbers means we're going short Monday. SPX 1120 has been the magic number for a while -- the top of the long term up-rising channel for the last few months -- and by hitting 1119 intraday on Friday, we may have succeeded in touching the upper trendline. Now we can reverse. I closed out longs as we started moving down from the open and started to add index shorts into the close -- I'm probably a bit too early on that. Lots of short signals issued over the weekend, but it's hard to say if a lot of these high flyers are only going to drop to their 20 days before reversing or basing. Either way, establishing new longs next week may be dicy. Sentiment shows a ton of bulls, with the famous Ned Davis sentiment poll hitting 63.3 earlier in the week. Past stock market peaks are around 68. A look at some of the "bear boards" like Traders' Talk suggest that the retail bears are expecting more dip buying. Any thought of a Big Kahuna isn't in their sights, which is good on a contrarian level. Stocks to Watch for 12/7. These are all short candidates: VDSI GA FNSR SOLR NUE RY

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