though smaller than usual due to Isabel.
Got stopped out on my Euro trade with a decent profit, stopped on my Gold trade with a small profit, stopped out of my NQ trade with a significant loss. SMH calls are in the red but still holding, bought a few SMH puts this am.
Waiting for INTC to report to short again. I feel the market is close to the end of its move and we are close to the exhaustion point for this rally.
I don't see much money on the side lines at this point. I do see a hell of a lot of margin debt, more now than at the height of the bubble and sentiment indicators that are as extreme as they have been in a long while. It is almost as if people feel that they can't fail to make money on the long side at this point and I think this last phase of the move has been fueled by a lot of short covering(looked like a lot of short covering was happening overnight and premarket in the ES). If we don't see a significant drop in the next three weeks I will be surprised and will be wrong and will likely have to wait till well in to next year for a good US index short.
Will Romeo's call turn out to be a great one? Time will tell but so far it still stands.
