The market has been flip flopping around S&P 1070 a lot the past 2 days. That used to be a quite solid pivot point to work from because S&P 1070 has been very close to Dow 10,000 much of the past few months. However the Dow has outperformed the S&P 500 and over time Dow 10,000 has now become more like S&P 1060. (not always, but generally they are closer to each other now) Hence, S&P 1060 has taken over the reigns as the floor/pivot point the last 3 days... the hats come through for the bulls.
With that I covered a good portion of the TNA short I put on late Friday for a small loss with Apple looming ahead. There is upside for a move up to 1090ish where one would try this trade again.
This has been one sneaky 2 day rally, helping to erase the big losses from last Friday.
(edit 3:00 PM - some happiness also circulating the internets [sic] with Wall Street savior Ben Bernanke speaking Wednesday; almost every time he talks and promises free money to capital markets for ever and ever, we rally)
S&P 1060 is the new S&P 1070 ....
.... because Dow 10,000 = Dow 10,000.
Of course Dow 10,000 means nothing other than as a psychological level, and a great place to whip out hats and make loud celebratory noises.
Tuesday, July 20, 2010
Bookkeeipng: Cut Back TNA Short Put on Late Friday
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows