Greetings Cousin Ike:
---->What next? Party or caution- if caution why!
As you know, I don't attempt to trade at certain times. For the lurkers who might not be aware of them, and to refresh the memory of anyone who might be interested.......among them are, option expry, earning announcement, end of the year, and various other times, but these are the main ones.
Caution will be my approach to the remainder of this week.
I can't lay it to any of the above reasons, therefore I must bring into play the deduction that the market is topping out, or has topped out.
A pressure cooker will shorten the cooking time and make a tough meat tender in a efficient manner.
But it must release steam continually during the cooking process as is evidenced by the rocking noise from the weight on top and spurts of vapor.
Should the externally applied heat exceed the ability of the release mechanism to control the internal pressure, an explosion will occur.
To me, we are at that point with the market.
It's time for some retreat this week, or the retreat, when it comes, will be violent and messy.
Some retracement is in order to ensure an orderly and efficient market.
This will release some of the steam and make the market safer.
I prefer orderly to messy......gggg
On another subject, I've had some change in my habits since we last visisted at legnth.
My method of trading has changed to solely buying and selling within the time frame of a single day.
I've given up the OEX as too pricey on premium, have been making a few trades of the SPX, and am still exploring the SPY and DIA.
My preliminary numbers (they WILL change some about 30 minutes into the market day ) for the SPX are for today.....
1026...1032...1035...1038...1040...1045
Good to be back and thanks for the nice welcome
Regards----Nemer |
