Friday, October 3, 2008

11 Points to the Line in the Sand

Posted by TraderMark at 2:50 PM TweetThis
And there goes *that* rally...

It is ironic that for months on end we've had a strange situation in which whatever way the market opens it tends to continue that way the entire day. Today was one of the few reversal days.

S&P 1111

Remember, S&P 1100 is the line in the sand. If that goes in the last hour - happy times are not here again.

On the flip side, you have potential actions coming from central banks and governments before Monday morning. Hard to be a bear or a bull right here. However the complete and utter reversal of today's upward move is indeed dispiriting. It is amazing how you cannot even be on the long side for a trade for more than 5 hours anymore. I'm trying to remember the last time we had a 4 day type rally and it's escaping me. Maybe August. (edit: looks like mid July from the chart)

1 hour to go.

Posted by TraderMark at 2:50 PM Comments (2) | Edit This Post | Create A New Post

2 comments:

Stonefoxcapital said...

gotta be hedge funds forced to sell. Maybe the waited until the bailout to get the highest possilbe price. Or its just the market forcing the Fed to make that one last move.

October 3, 2008 3:53 PM  
Stonefoxcapital said...

also wanted to point out that anybody selling today is taking the exact opposite trade of Buffett. Not usually a good bet.

October 3, 2008 3:54 PM  

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