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So far not looking so good. My hypothesis is that the market is run up by 'smart money' in an attempt to distribute to 'dumb' money via sideways action and then a late day sell-off when the dumb money has no-one left to sell to. Yes, I am short from great levels. Frankly, I don't see that really...

I just sold another chunk at 1136.00. If my thesis is correct, we shouldn't go much higher. If so, I'll be cutting losses. Time is more important than price to me at this moment.

I'll have to watch the day develop. I was already short going into today. At this point, I expect a 20 point down move in the S&P today. Obviously, my numbers get revised as time moves on. I'll be out of a portion of it before days end. Weather I make 20+ points or 1 point, market price action...

I just sold 1131.00 and 1130.00. Not sure if it's a gift or I'm an idiot. Time will tell.

Basically, I agree.

I don't like the price action of this market. It trades like a distribution to me (ie. sharp spikes engineered by smart money with no follow through set up to distribute stock to 'dumb' money). I've been short since very near the highs and have added continuously. Obviously, I can turn on a dime...

Thank you very much for your kind reply!

I was recently posed the following question and am thinking about retorting with the following answer. However, I really don't know what the f* I'm talking about. Can someone either answer this question or let me know if my answer makes any sense at all? I would greatly appreciate the help...

I'm once again at it on the short side. Kept half of my short position and now adding again, somewhat more aggressively than the first time. I don't like the price action. Market seems different than last year. Something changed, market is tired.

Surprise, surprise! I just covered half of my shorts at an average of about 1030.70. Looking at the world markets (performance of the $, Nikkei, Japanese Bonds, etc.) my best guess is the market is going to blow this off and realize that the Fed still isn't going to do anything anytime soon...

Mecro, my first words on this thread were "I got lucky". Thanks for your opinion, the market will definately try the downside at some point tomorrow (probably after an initial short-covering pop) and I will watch that activity. Depending upon the action, I will make my decisions on a day-to-day...

Average entry of about 1148.50. No idea where I am going to cover. Depends on price action and what develops.

Good analysis Cutten. I agree. Hence my current 'texas style' positioning of Long Nikkei, Short Euroyen, Long Yen. I am short the Euroyen because I believe that they can fall further in a short period of time (and I have more control over the market) than the JGBs. For a good comparison look at...

Cutten, we are positioned similarly. I've been betting heavy on Yen strength for quite a while now. Many people are afraid to be long Yen due to constant intervention threat. However, just last evening Yen made a new 52-week high. Trades incredibly strong and IMHO a chip shot to 100. If the BOJ...

Despite lots of commentary on the dollar effecting asset valuations, I've never seen the dollar ever have any impact on asset price direction.

You are right, I do not trade stocks intraday. Your post is well taken and I'm typically the first to say that the trend is the most powerful force in the universe. You have never seen a post by me on this board indicating any sort of short position or condoning a short position prior to 2 days...

LOL, no that's not me. That's Fuji Bank. We always play a marking game. I last sold 200 at 98.55 to them about 3 days ago if that gives you any indication. Good luck! Neal.

Bloomberg will give you a quote, EYH8. I represent the entire open interest in the March '08 contract on SIMEX (myself and Fuji Bank on the other side), I'm short 500. You can find the entire quote chain at www.futuresource.com. I have no idea about the options, doubt they exist in the deffered...

Cutten, I'm short March 2005 and March 2008. Obviously, the further you go out, the more risk you take (assuming that your mental stop is 100). However, obviously, you can get more bang for your buck further out. 1.45% 3-month interest rate imputed out to March 2008, ridiculous. .55% imputed out...

First of all, the amount of shorts is a pimple on the ass of this market. The vast majority of the market is long (and always will be). The short-term speculators (ie. Hedge funds, day-traders, swing traders, etc.) are just also rans when it comes to what really moves this market. The market...