Well...we did get the heavy selling I was expecting...gap down and sell to about 81...But wow I did not expect it to go straight up after that based on rumors about Geithner's housing plan. So today we blasted off on rumor again just like we did on the "bad bank" plan. I am looking at 84.37 or 85.17 as the turn around points. Tomorrow will be tremendously interesting as we will be going into a long weekend with little economic news tomorrow. So effectively we will see what the sentiment really is. Is it the bulls or the bears that are willing to carry positions over the weekend? My thought is that the market is still generally very bullish based on the CBOE put call ratio of about 0.9 but its turning down again.
Sold some of my long position of SRS at 64, 66, 68 and 69...and rebought at 62 and maybe 61(left an order out there haven't checked to see if it got filled). Still holding my puts...Tomorrow the market will reveal its true colors...
0 comments:
Post a Comment