I am connected from al ong distance call to my internet, I would be brief first..
1- SPM 1355 is the support we will test it but if we break signs to get out of May calls.
2- Other sign Comp 2504 if this thing closes below on composite below this level get out of May's.
3- Look for BKX it should hold 902 if it does not think that DOT should take out 725, if DOT remains below 725 n closing basis and 902 is taken out get out of all may longs..Logic of this later.
4- SOX should hold 392...
5- I think we will see a break of 725 as I have earlier highlighted as we broke thru 625, so this is an important level and if we break this we may see a big short covering rally, some shorts have not yest covered they will throw in the towel at Yahoo 204 and AOL 172 or 725 on DOT, the rally will be phenomenol but the hedge funds will throw everything at their disposal at 725 this is the level..a break from here can take us to 610 level.
Protecting profits hard earned from the bears den is an art, get them in asap....follow the targets mentioned above... and never ever buy puts when markets test 550, look back it was like 1320 the same guys were sure buying puts on 8th Oct, it was a clean go to buy on long side, once again retelling of long history of missed oportunities. Is market not about taking the oportunity are we here to worry about a fall in 364 days out of 365 when market is trending higher, will this self fatalism stop or will anyone ask when are where these models which tell you to buy puts at 500 kind of supports work.. Dump them.. they are receipts of destruction,, love |
