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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 670.92+0.1%Nov 7 4:00 PM EST
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To: Fintas who wrote (49762)5/7/2013 11:06:34 AM
From: Machaon1 Recommendation  Read Replies (1) of 218584
 
I was talking to a friend of mine and reminding him of the days he held the QQQ in the 20's and I gave him a target of the 60. He spoke with his cousin who worked for Merril and his cousin suggested I was on some halucinating drug. Here we are a few years later and my my.
Nice prediction on your part. Did your friend forgive you for reminding him! :)

Now would I buy the QQQ here. NOPE.Would I buy real estate here. NOPE.What would I buy? I'd buy VERY little to the long side unless it was on a pullback in names such as GE, JPM, INTC, MSFT or similar with good FA.
Yes... but it is difficult to go against the momentum of the market.


What am I doing? Buying PUTS in the SPY. Historically I NEVER bought puts. This year is the first time EVER.That means I'm a perma bull that is buying PUTS. What's that tell ya?
It tells me that you have a lot of confidence that the market is going down. But why? Our economy, while not great, is plodding along. Corporate profits are up, albeit without coinciding increase in revenues. Central Bank printers are working overtime.

What could cause this market to take a pause, or go down?

HMMM maybe I am on halucinating meds? NOPE. But I do understand dancing with the clouds when I see it.
Yeh, but..... sometimes the dance continues into the night!

Perhaps the only rational way to play this market is to be hallucinating?
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