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Post by commodityypro on Feb 17, 2010 13:12:43 GMT -5
I'm getting close to max pain on this FAS short and I may look to cut loose. I've been waiting for the market to turn south but it just isn't. Dollar Index is 80.32 yet we are green here. Anyone have an idea what's up here?
gL!
- [glow=red,2,300]Commodityy [/glow]
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Post by brosin on Feb 17, 2010 13:14:30 GMT -5
I'm getting close to max pain on this FAS short and I may look to cut loose. I've been waiting for the market to turn south but it just isn't. Dollar Index is 80.32 yet we are green here. Anyone have an idea what's up here? gL! - [glow=red,2,300]Commodityy [/glow]Comm - should I really even respond?  |
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Post by commodityypro on Feb 17, 2010 13:15:43 GMT -5
I've been AWOL the last day or so and am feeling lost bud. Help a brother out.. lol
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Post by brosin on Feb 17, 2010 13:19:29 GMT -5
I've been AWOL the last day or so and am feeling lost bud. Help a brother out.. lol What's up is that the market got very oversold and will now head for being overbought. You piled on the very early stages of the rebound... and in the weakest sector to boot. But me and you have been down this road quite a few times already. |
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Post by commodityypro on Feb 17, 2010 13:40:49 GMT -5
Yes we have my friend. I'm not too bad off as my FAZ short is up big. I'm wondering though, as you pointed out, if we are at that turning point again and approaching overbought levels. If so then maybe I need to cover my FAZ short onthe next pop? Are you thinking we are bumping up to S&P 1100 and not able to break it this run? Maybe pullback to 1080 or possibly less by end of week? Or do we run past 1100 to 1120 or so?
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Post by brosin on Feb 17, 2010 13:46:49 GMT -5
Yes we have my friend. I'm not too bad off as my FAZ short is up big. I'm wondering though, as you pointed out, if we are at that turning point again and approaching overbought levels. If so then maybe I need to cover my FAZ short onthe next pop? Are you thinking we are bumping up to S&P 1100 and not able to break it this run? Maybe pullback to 1080 or possibly less by end of week? Or do we run past 1100 to 1120 or so? Cosmo has said he's skeptical of this rally and I believe was eyeballing 1120. I think we'll go for 1200 before FOMC March 16th (that reminds me, I'll post my FOMC thread here as well). Meaning we're far from the top if I'm right. I'd think of it in reverse of what happened to me from the bull side since I think we have similar (albeit completely reversed) biases. I bought early thinking the downmove had completed (had my buddy [whose acct I advise] cover his X/GOLD/NEP shorts the green but WELL before the bottom). About 2 weeks early with hindsight how it was. So whatever you do with your bearish bias, I'd give it some more time before jumping in. |
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