SHorts sold out today, and drove this market way up. I had predicted today would be a tug of war and possibly a 1.5pt upswing, instead, it was a 2.2 downswing. Not an issue, I actually bought $49 CALLS for Aug. I now have over 150 calls at strike price $49, $51 & $52.
I said to wait for Friday, well, tomorrow starts the correction that will take SDS to $60. Monday will confirm the correction, and down goes the market.
Look at the data folks:
1. UPS global shipper misses--this is big to me as it indicates businesses are not shipping
2. AMZN weak earnings---Consumer is weak
3. MSFT weak earnings weak--Again consumer
4. UNemployment numbers up again, especially since many are falling off count, this is troublesom
5. APX, PNC missing----Consumer again
6. Market has rallied way too far too fast with so so volume and little fundamentals.
7. S&P at 16+ forwrd P/E on companies that for the most part are eithe not giving guidance or are concerned plus they did not do well on the top line as a whole. Most earnings this quarter was based on cost cutting, not revenue growth.
Anyway, for all you pumpers thinking this market will conitnue just watch and learn over the next month. I hope you took profits
optionrey is right, blow up top this week, stay patient on sds and spxu, we could hit 1000 sp and down she goes.. buy more sds and spxu on lows each day accumulate, im holding 3700 shares sds and 800 spxu, good luck to all, peace. d...
futes rsing, now just a few points off...LOL
no fear here AT ALL
BUT...the Fear starts when the shorts begin covering en mass...you all will be BEAR clawing each other while you try to cover those heavily underwater shorts...Greed Kills [shorts accounts] that is.
nope, on a small pullback tomorrow AM, I will buy more SSO and increase SPY calls. I am riding this until AUG OpEx and selling and SPX 1050+. Keeping NAS until 2300. Then selling on 5-8% correction, then buy the correction and sell NAS at 2500 year end.
Year END, you will be seeing
DOW at 11900
how do I know? I just bought a new Dollar Tree crystal ball,...dog ate my old one....LOL
BUY SDS with both hands tomorrow, so you can sell in AUG at $42....LOL
sure looks like it
bear market rally action all over again
crash, burn, pump, crash, burn
as long as the quick, risky, and illquid moves are made we are still in a bear market as far as I AM CONCERNED
well not all stocks are over valued but most are. They are beating numbers on what? the number are lower then ever before yet the stock trades higher then when they were not making money.
I see a double dip recession still for the long haaul... i want to buy sds but i still feel s and p has ways to run mayber 1050. But at some point it will com eback to 700 again.