V...here's my position...i was on the short side from Feb 24..played down to the Feb lows and cashed nearly everything and decided to watch for bounce or not..and how high....well it has been high...but i didn't want to play those that were leading...continued to watch with no real emotional attachment and have added a few puts on some i thought had topped or were topping.......now i have stated over the past week plus, that i have been looking at either 1315 or 1350 for the S&P..and adjusted the 1315 to 1323....this gives DOW 10,035-50 or 10,200.......these lower levels are now being met.....and they are also right on that trendline of which you speak
trendlines, to me, are not absolutes, hell the pencil lead is several points thick
i find that when a move or wave is ending at a trendline that it is common for the last squirt to pop its head thru that trendline
if that is the case then a spike ending S&P will approach the 1323 and reverse...10,035-50 on DOW
if these numbers are broken to the upside, then i will look for the
1350 and 10,200...this will bother me in regards to the trendline
now, if the 1323, 10,035ish hold and it reverses into the afternoon and it looks like a close into negative territory, then i will start with the puts....a penetration of today's low on the DOW is going to make me load up on the short side for an initial drop to the 9600 area
i will also nibble at some guys at the 1323 level....not the strong guys but some weaker ones i'm watching, if their particular pricing looks stinking
so tomorrow looks like an interesting day, doesn't it?
smello |
