Friday 20 July 2012

2pm update - battling it out

Its starting to become a bit of a battle out there. The usual bull maniacs who are currently buying the dip are facing a problem. The underlying upward momentum that we've had since last Thursday morning - 6 full trading days ago is now ending.

If we do close down around current levels, we are getting a nice provisional sell signal for next week, and the first hint that the big wave'2 from the sp'1266 low in early June is finally over.


sp'60min



sp'daily


Summary

I'm not very content right now with this market, it still feels like there so much risk of a late day ramp. I've seen it happen so many times over the years, especially on what are often choppy opex days.
 
If we can get down into the 1355/50 range near the close, I'll likely bail, and re-short on Monday.
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Stock of the day...

CMG, daily


Option puts - those few traders who were buying at the Thursday close...

July strike, $340s ,  $100 > $16500     A 'lottery play' for sure, but, a few out there did it.
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