Anybody remember this.....
Message 7363962
The timing was obviously off, but the magnitude may not be.
In retrospect, and looking at the open interest on that strike, NDXNT, that person probably closed out the position into the ensuing , albeit brief, decline.
NDX 50dma approx 1857, 200dma 1457. NDX hasn't touched its 50dma since
10/20/98. Personally, I won't nibble at the long side of tech till that level is tested. Till then, put city into any rally for me.
1857 and 1457, long way to drop from here, but not out of the question at all. From the July top it took the NDX almost 5 weeks of bumping along its 50dma, to pierce it and head straight for the 200 DMA, the fall from 50 to 200dma took all of 4 days.
Since July and August online trading has increased to dizzy levels, and so have the e-broker technical difficulties. This correction promises to screw even more people(little retailers like me and you) on both the long and short sides, simply because we won't be able to get our trades and confirmations done. These patterns are emerging again. If I didn't think there was so much money to be made on the short side for the next 2 months, I'd sit it out in cash and wait for the smoke to clear. But, I'm not that bright. heh heh heh
Currently in cash, but waiting to short the next rally, if we get one.
Cheers all,
D |
