Lisa,
Nice to hear from you again, gf. I must really be on a roll again to have this honor!! <ggg>
As noted in the post you responded to, the exact price point of this bounce would be extremely difficult to forecast in advance. We've had a 70% retracement of the prior down wave thus far, and I see an open window for further bounce into the open tomorrow a.m.
Several patterns i spotted during the Thursday's action were pointing to the 1193 area March '99 S&P [or 1180 SPX] as the ending point for this rally. Since the window closes tomorrow a.m. (friday), and the 1180 area was met, I shorted the market aggressively on the close today, and plan to hold these shorts into mid to late next week before playing the next bounce.
This scenario will not tolerate any new all time highs in the SPX, Dow, or OEX, and my feelings would be deeply hurt if the market closes above today's highs, and I would have to reevaluate/reposition if that occurs.
Regards,
David
P.S. I did take a crack at some Dec. 575 puts on the close for 3/4 just for fun. Tomorrow could be pretty wild!! |
