how about this nice discreet selloff into the close?

I am LMAO and ROTL !!!

"I am willing to act as intermediary. I suggest you both wire me $100,000 together with your audited statements. I will appoint a panel of 3 prominent local lap dancers to accompany me to the Bellagio high rollers roulette table, where I will place obscene amounts of money on number 9 (as in 9 years 1996, 1997,...). This is a win-win for everybody - I estimate that I'll be able to wire you $200,000 each by tomorrow, keeping the balance as my arbitration fee."


:D
 
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Quote from Grand Master B:

"I'll bet you 10K I have an audit from 1996 on"
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Mr. Sub says: That won't cover the lap dancers :(

LMAO :D
 
Quote from Steelhead:

perfect for the start of somthing special to the downside:cool:
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Everytime there is a down day, someone has to start a thread about a downward trend and how the bull market is over. Can you sense the impatience of the bears?

Hey how about looking at the volume today. It's low. How about looking at a 3 month charts of the S&P? Not much there to say that this market is going into a sell off.

As for the technical levels, you have to give a standard deviation to them. If support, resistance and pivots were so accurate to the last integer, then everybody would be making money in the market.
 
Havent been here in a couple of days...all is see is wag defending his long bias and fighting with everyone who disagrees with him. Any thought on this? How old is he by the way?
 
Quote from praetorian2:

Guys- I've been holding about a score and change of smh common shorts for a few months now. Also bought a few hundred of the 38 QQQ long dated puts.
Last week, I bought a few hundred long dated SMH 40 puts and really pressed it on friday. Today I doubled up that position and added mostly in the Apr 40 area and some March 40 for deltas. I added it all on the open.

Also added some NVLS and INTC common on the short side and spruced up a few other shorts. Also added a smidge more silver, but i'm so overloaded from last summer that I really can't hold more (even though I really want to!!!)

Call it a gut feel, but the dollar has topped out on this bounce. Gold/silver have bottomed. Semis have topped and will drop 30% in the next 6 weeks from all the hot money and the sp will drop 10% during the next 2 months.

I have no real rationalle on this, but 40 on the SMH and 36 on QQQ were key levels I was watching. Techs led this market up. For 3 months, they've been unable to hunt, even while the broader market made new highs. Now semis are breaking, I think that they'll lead things right back down.

Comments?

Good luck.
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QQQ should bottom today around noon( short term ).
Why did you buy 38 puts? I rarely buy options but 36 looks more cost effective as far as % of return.
NVLS should bounce up if only TA is considered .
30% drop might be too much , imo
Peace
 
Quote from Mecro:

Everytime there is a down day, someone has to start a thread about a downward trend and how the bull market is over. Can you sense the impatience of the bears?

.
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mecro WTF are YOU talking about?
 
I don't see myself as "fighting" with anyone, except for the morons that play the "top-picking" game without any substantiated evidence or sound risk management methodology.

But I guess you must really believe that the James Crocks/Romeo/Grandmaster Munchkins of the world really add a lot of value to ET, eh?

If you want a lot of "Doomsday" and "the Bull Market is Over" or "I've been selling naked S&P calls all the way up since 1050 and making money every month" and I am huger than HUGE hyperbole, then why not hang-out on a Yahoo Message Board, and spare us here on ET, ok?

In the meantime, I shared with everyone a pretty key level last week, as well as yesterday . . . 1142 SPX.
 
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