| jryanweb |
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Gold User, Member, TeleChart
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| Registered User |
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| Unsure |
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| Monday, October 24, 2005 |
| Monday, September 24, 2007 11:10:55 PM |
101
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Looking like its time to go long.
Any opinion if this is a good entry point or not? I'm concerned about the May high acting as a resistance. Any thought?
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BigBlock,
How about a hint? 
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JG
During the afternoon, I decided to add to my short positions. Bought a few Sept 27.5 Puts
JR
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JohnGault,
We won. Tomorrow morning will be a great day. I think I'll close out if it hits support at 30. Let it bounce back to around 32.25, and then short it again.
This has the potential to go down to 24 where the long term up trend line will force it back up. Look at the long term chart since '93 and you'll see what I mean.
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truemaster,
If you're right, you'll be rich. Good luck. :)
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JohnGault,
ER will throw a monkey into all of this. I had a PUT option when it was 38 and rode a nice ride to 34 where I closed out. I just did another PUT a couple of days ago. Today's drop was nice timing.
But tomorrow is another day. ER is so unpredictable. I'm undecided, but I'm thinking about taking profit before ER. Well, maybe I'll buy a couple of calls to hedge it.
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diceman, robwiley,
Thanks for the input. :)
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BAC is at its 52 week high. Normally, I wouldn't short a 52 week high, but I dont think this rally can hold. This rally has lower volume than the April rally.
Anyhow, its worth risking a few puts option on.
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rmr1976,
I agree with you on this.
If you look at chart of the market, there is no where that you can say "the Middle East caused this market sell off". Its just downtrend with rallies, then more downtrend.
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malcolmb14,
The chart looks good. I'm afraid to go long right now, but I bought a couple of call options on this for the heck of it.
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