How high can the S&P go?
- Thread starter Romeo
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Quote from iceman1:
well... took some SPX 1040 puts on the opening gap higher... been trying to spread them all day against 1060 puts, not easy to get a bid in this frenzied buy-all-dips, market!
ICe
all the calls I short end on a quarter ie 1000, 1025, 1050, 1075 ??
liquidity!! These are the only ones that have liquidity. If you do another strike, you are at the mercy of the cboe spread of 80 cents. A nice, fair market they give you.
Moral: Play the quarter strikes, where there are usually other players besides the corrupt cboe computer spread.
Considered done with today's globex high of 9915 - target of 9938 missed by 23 points but since the call was made more than 2 months ago this error should tolerable 
(BTW on my updated chart the theorical top for this scale was 9918 we've done 9915 on Globex which is enough close to consider it done).
(BTW on my updated chart the theorical top for this scale was 9918 we've done 9915 on Globex which is enough close to consider it done).Quote from harrytrader:
http://www.elitetrader.com/vb/showthread.php?s=&postid=323214&highlight=10000#post323214
STILL VALID
"09-02-03 11:41 PM
When will the volatility return?
Soon but not before this market crushes the bears as usual :
Weekly projection on my model gives <B>10000</B> in six "normal" weeks (which means <B>12 weeks</B> possible because of consolidation):"
http://www.econometric-wave.com/weekly_projection_290803.gif
I agree Romey, everyone sees something different. This is a monthly DJIA using closing prices only.
We have had a 50% Fib Retracement and subsequent bounce. Price has responded historically to both the 40 and 50 sma's. That's where we are now... right at the 50. And the MACD is close to going just below the zero line.
I don't use Fib, but so many do that it is worth taking a look at. I do use MA's and MACD, altho I prefer the 40 to the 50. Actually on the monthly the 20 is a good one too, and we are well above that.
Overall, the picture looks bullish to me, although I am markedly aware that we are at inflection points on both the 50 and MACD. Back off and the drop could be nasty, crossover, and the rally could be sensational. So that probably means we will have some interesting day-to-day battles and meander along the ma's.
Yeah that's why I don't trade my feelings or thoughts. The market doesn't care what I "think", so neither do I. I try and let it tell me what to do. It crosses up, I'm a buyer, down... I'm a seller. It takes out a high, I'm a buyer, a low, I'm a seller. Simple signals for a simple mind.
The keys for me are time frame and size.
The keys for me are time frame and size.
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