Comments on: Drawn to 12,445

By: Aaron

Aaron — Tue, 27 Nov 2007 02:41:43 +0000

Have to agree with you here Sean. Seems like there is no reason that the market will go higher in the short term. Lower prices are to come, look out below.

By: Jorge

Jorge — Tue, 27 Nov 2007 02:09:41 +0000

The S&P was ripe for the picking today. There’s an incredible resistance at 1440. Purchasing an OTM at the SPY 144 level made you a quick 30-40% profit today. I’m still green at investing, but the volatility’s somewhat exciting. If the S&P falls under 1400, we’ll blow right by the August lows. I don’t see the end year rally that most folks are talking about.

By: My Trader's Journal

My Trader's Journal — Tue, 27 Nov 2007 00:58:45 +0000

I agree also. My weekly charting of the DJIA – http://tinyurl.com/2tnmqv – shows a lot of bearish signals and only a couple of bullish ones. I’m dying to start selling calls, but fear the dead cat bounce that lasts for a few days as opposed to that weak attempt on Friday. If we get a good solid bounce I’ll be selling some long positions and selling more calls to short others.

By: Blain Reinkensmeyer

Blain Reinkensmeyer — Mon, 26 Nov 2007 22:15:47 +0000

awesome post Sean, I couldn’t agree more. The volatility is not something to mess around with for the emotional investor. Today is another distribution day for the market and I don’t see anything holding us up until the level set forth above. I thought a rally was coming today, I guess I thought wrong.