Hi RDL – like your style & honesty… Keep it coming…. I am still short (on MAR though) but if I bail today at around 107 I am deep red as well…. just dunno…. see you over at Anna's….
Yes, even though they picked 1047 as to where they were going to take it, the momentum going down was huge, and it's hard to stop a snowball once it gets rolling.
Will do. Have that number plastered in my head. We got down to 1044 weeks ago, right? Why 1047? Is that because the retail traders overshot to the downside?
I dunno Red. The market closed above key resistance levels today making a lot of shorts cover. I almost covered myself. So what better time to take the market down? The daily's may look up but don't longer time frames trump them out? And, we are overbought on the McClellan Oscillator. Everyone in my book is waiting for 1127 to get short. It's impossible to know the answer. Probably the best thing for me to do is take some shorts off the table tomorrow and hang on to the other 1/2.
Point of clarification: it's a hike in the interest rate for the discount window. The interest rate that most of us care about was not actually changed.
That distinction seems not to matter, but it might as some point.
Hi RDL – like your style & honesty… Keep it coming…. I am still short (on MAR though) but if I bail today at around 107 I am deep red as well…. just dunno…. see you over at Anna's….
That was me jumping out the window earlier today… too funny! Thank goodness I fell in a pool.
http://saboyagraficos.blogspot.com/2010/02/ther…
Yes, even though they picked 1047 as to where they were going to take it, the momentum going down was huge, and it's hard to stop a snowball once it gets rolling.
Bottom line… they overshot it.
Will do. Have that number plastered in my head. We got down to 1044 weeks ago, right? Why 1047? Is that because the retail traders overshot to the downside?
If you see 107.38… get out of all shorts, and wait until the chop fest is over next week.
Yes Earl,
It's not for us… only the banks care about this hike.
Check this out Red –
http://stockcharts.com/h-sc/ui?s=$nymo
I dunno Red. The market closed above key resistance levels today making a lot of shorts cover. I almost covered myself. So what better time to take the market down? The daily's may look up but don't longer time frames trump them out? And, we are overbought on the McClellan Oscillator. Everyone in my book is waiting for 1127 to get short. It's impossible to know the answer. Probably the best thing for me to do is take some shorts off the table tomorrow and hang on to the other 1/2.
Red,
Excellent post.
Point of clarification: it's a hike in the interest rate for the discount window. The interest rate that most of us care about was not actually changed.
That distinction seems not to matter, but it might as some point.