Is S&P forming intermediate term double top?

[jokepie]

Quote from fly down:

With it being thanksgiving, not sure any break can happen until next week at the earliest.

Today ais another opportunity for the longs to unload their inventory....watch out for mid day sellers.... and sell off later in the day into closing

 

[jokepie]

Adding to Shorts - another 30%

 

[fly down]

Quote from jokepie:

Adding to Shorts - another 30%

Are you looking for downside just this afternoon, or are you holding shorts into next week?

To me, it will be hard to take the market down until the holiday week passes.

 

[jokepie]

Quote from fly down:

Are you looking for downside just this afternoon, or are you holding shorts into next week?

To me, it will be hard to take the market down until the holiday week passes.

I am keepint it to 60% short with a few strong stock call option
and i am staying that way through the holidays. I keem myself flexible. Next few days will determine if i need to add anothe 10-15% to shorts.
Hint - check volume in major futures.

 

[Nine_Ender]

Quote from jokepie:

I am keepint it to 60% short with a few strong stock call option
and i am staying that way through the holidays. I keem myself flexible. Next few days will determine if i need to add anothe 10-15% to shorts.
Hint - check volume in major futures.

I was short a couple of weeks ago but the tide has turned quickly this market's going up. Wrong time to be shorting wait until January, UNLESS you are making a careful play on commodities.

We won't hit 950 on the S&P as you predicted for at least a year ( maybe much, much longer; maybe dare I say never ? ). I see a downside base of 1100 next few months ( worst case ) and don't expect it to hit before year end.

 

[jokepie]

Quote from Nine_Ender:

I was short a couple of weeks ago but the tide has turned quickly this market's going up. Wrong time to be shorting wait until January, UNLESS you are making a careful play on commodities.

We won't hit 950 on the S&P as you predicted for at least a year ( maybe much, much longer; maybe dare I say never ? ). I see a downside base of 1100 next few months ( worst case ) and don't expect it to hit before year end.

Thanks Nine,


I understand what you are saying. Tha ts hwy I do not have any bottom in mind. Personally I feel this push and pull in Bears and Bulls is a sign of weak Bull momentum as we were in a bull market. Dow 11000 could be the inflection point but I would not read too much into a day like today.
I am waiting to see the action around the close today and next few days. I was 30% short earlier and added today as for me it was a decent pull back. which means stops are in for me. I have and edge and plan to ride it until i am run over.

 

[gettinglucky]

Pupil: Master Yoda, why did the market produce a false leg up today?

Yoda: Much gap to fill, my youngling...

 

[ScalperJoe]

Quote from fly down:

With it being thanksgiving, not sure any break can happen until next week at the earliest.

Agreed, it could be next week, or even later. If the Bush tax cuts are allowed to expire, then the longs who have capital gains locked in at 15% have until the end of the year to cash out.

The bulls have it today, yet the volume on SPY is pathetic.

 

[jokepie]

Another hint: US Airforce carrier will reach South korea soon !!

 

[Nine_Ender]

Quote from ScalperJoe:

Agreed, it could be next week, or even later. If the Bush tax cuts are allowed to expire, then the longs who have capital gains locked in at 15% have until the end of the year to cash out.

The bulls have it today, yet the volume on SPY is pathetic.

Here's a reminder of how people have commented on volume in the recent past on this site :

Quote from S2007S:

Futures added even more in the last couple of hours, oil up nearly a $1.00.


DJIA INDEX 10,461.00 68.00 10,405.00 10,464.00 10,405.00 20:43
S&P 500 1,112.30 7.40 1,109.40 1,112.90 1,108.90 20:42
NASDAQ 100 1,901.75 12.00 1,895.75 1,902.50 1,895.75 20:42



*OIL
77.25 0.8 +1.05%


Many are looking for the SPX to touch down on 1130, a break above that should produce more buyers into the market which of course by then will be the ultimate time to sell and move quickly away from an overpriced market, most of the gain in the past 2 weeks is on EXTREMELY light volume.

This was one of dozens of posts by at least a dozen people literally scrapping for any reason to suggest the market would do a complete about face immediately.

The mere mention of low volume on ET makes me bullish on the market .