I'm all over that one:) I was caught playing with the bull rally going in to the election, did ok..but gave back some on day 1 after. Then the quick shift into VIX calls for Dec. I see us going to the intraday high of 90 on the VIX just like October. I actually saw activity on the VIX 95's on Fri! I think unless the plan changes quickly, we are on pace to BREAK the OCT lows across the board. I'm targeting DOW 7200-7500 before Xmas depending on how much psychological selling kicks in! This backdrop is up in arms! Waiting on a GM restructure too! Then there is the year end tax loss selling! They will rebuy 30 days later...at the same price:)
shorted 200 shrs(for fun)at 88+ last week. At what pt you will cover? looks like market wants to hold up today,although too early to say. Should have down at least 300 pts by now with all those bad news on economy and layoffs.
my hope is that we're simply seeing a baseless rally up to fill the gap from yesterdays close. The candles look like we should see a bearish continuation, so we'll see what happens around closing time.
Hmm I still think we could go down through 8000, hard to say where my cover will be, if we break through I'll be looking for ceiling resistance at 8000 and a cover in the mid 7000's, if we dont, I'll try to cover as close to 8000 as possible.