S&P 500 looking very toppy

[Gaucho MM1]

China Severs Its Currency's Link to Dollar
Thu 8:23AM ET - AP
China dropped its politically volatile policy of linking its currency to the U.S. dollar but retained controls on its exchange rate, switching the link to a basket of foreign currencies in a move that could push up the price of Chinese exports to the United States and Europe.

8:29am 07/21/05 LARGEST DECLINE IN JOBLESS CLAIMS IN 2 1/2 YEARS

8:29am 07/21/05 U.S. INITIAL JOBLESS CLAIMS AT 3-MONTH LOW

8:29am 07/21/05 U.S. CONTINUING JOBLESS CLAIMS FALL 41,000 TO 2.58M

8:29am 07/21/05 U.S. 4-WK AVG INITIAL CLAIMS FALL 3,250 TO 318,000

8:29am 07/21/05 U.S. INITIAL JOBLESS CLAIMS FALL 34,000 TO 303,000

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Bomb scares in London.

Still some news to come to make the session interesting.

 

[rubberbird]

Quote from brokerboy:

rooster in your mouth? or in your sons?

i guess thats not really the high road in my book. i sold all my calls this morning in ebay. i think the news adds alot of risk to the down side. the crazy thing is the markets seem to be hanging in fine.

excuse me amigo?

someone makes an outrageous claim, and then does zero to back it up. And then insults me rather than confront the reality of my offer to prove my 10 year record. My response is called "sarcasm", and his ridiculous accusations and non-responses were very worthy of a sarcastic response.

The bird always takes the high road.

 

[Mvic]

OK lookslike the market isn't ready for summer rollover just yet

Long @1234.50 stop just under 1230.

 

[Steelhead]

rubberbird, you make some great calls, dont junk up your threads with all the extra b.s.

 

[brokerboy]

If you make money on this call I will start thinking you’re a terrorist. Your 2 for 2 on terrorist attacks so what’s your real name. haha

 

[Mvic]

LOL I prolly called the top with that trade. Damn.

 

[rubberbird]

Quote from Steelhead:

rubberbird, you make some great calls, dont junk up your threads with all the extra b.s.

steelhead, you are right. thank you.

 

[Mvic]

Stopped out 1229.50 pretty dumb trade.

 

[Gaucho MM1]

RUT shows some small cap top with divergencies.

A pass of 1220 would the first clear indication of a top in place for the SPX.

 

[The Kin]

birdy, you're still holding into earnings, right?

Let us know if your stops get hit or if you decide to cover.