How high can the S&P go?

waggie945 · Oct 13, 2003

I was just wondering if you are still heavily short the SMH?

Your last post of October 8th, just before you headed to Annapolis for the boat show indicated that you were:

" Heavily short NQ and SMH. Long Euro. Long Gold"

I must say that I was surprised to read your latest post that indicated that you are currently long SMH calls. Is this outright, or just a hedge?

Pabst · Oct 13, 2003

Quote from Romeo:

The one thing I like about the term "top" is that you cannot fudge what it means. It is what it is.

Even Bill Clinton would agree on the common definition of top. As in, "Hillary had an uncanny knack of selling those Cattle futures right on the top."

Romeo · Oct 13, 2003

Quote from Pabst:

Even Bill Clinton would agree on the common definition of top. As in, "Hillary had an uncanny knack of selling those Cattle futures right on the top."

And the longs better pray that the S&P busts through 1050 tomorrow (tuesday), or else I see a formidable "double top".

Mvic · Oct 13, 2003

which is why the position is in the red. Long a few SMH puts as of this am as well.

Thanks for the post Romeo, though I have enough trouble making money for myself and have always been a very high risk type of trader with a wild equity curve over the years and my style is suicide for most (only reason it has worked for me over the years is that I take out a big chunk every profitable year and put it in to RE or some other longer term investment). I certainly don't write these posts to influence anyone, rather I write them because in my life there is no one who cares a hoot about the market and who understands the stress that my positions create for me. At least (most) people on this board know what the hell I am talking about when I say I aggresively sold SMH calls.

I think that we will be below 1050 at the end of the week for options expiration and while I think the level will hold on close it may be violated intra day.

Reaction to INTC's numbers and call tomorrow will be instructive.

Romeo · Oct 14, 2003

Quote from Romeo:

And the longs better pray that the S&P busts through 1050 tomorrow (tuesday), or else I see a formidable "double top".

I don't see much busting.

I do see 1050 proving to be formidable resistance. What a thread!

waggie945 · Oct 14, 2003

Just before Intel's earnings announcement.

How many people on this thread are still short the S&P, or are going into this close short?

Can we see a show of hands???

bronks · Oct 14, 2003

Made some money today...on the long side.

waggie945 · Oct 14, 2003

Guiding for 60% margins in the 4th quarter along with Revenues of between $8.1 - $8.7 billion.

Wow.

waggie945 · Oct 14, 2003

Time to put a few S&P's out???

iceman1 · Oct 14, 2003

Quote from waggie945:

Just before Intel's earnings announcement.

How many people on this thread are still short the S&P, or are going into this close short?

Can we see a show of hands???

long October/short November... October is spread... and credit spreads on October (now >OTM) puts !

There is a gap on NDX chart.... will it attempt to fill?

B.T.W for all us mere mortals (unlike the originator of this thread), thought he (Romeo) said SPX would not see north of 1032... yep, I thought he said that..... or, was it that SPX would not to see a new high?

Oh well his dartboard aint working as well...

Good luck Romeo... keep letting us know how good you are! :eek: :eek:

ICe