The S&P has topped at 1150

Has the S&P topped at 1150?

  • Yes

    Votes: 24 29.6%

  • No

    Votes: 35 43.2%

  • I don't know, I cannot answer

    Votes: 22 27.2%
  • Total voters
    81
Quote from CalTrader:

Everything tops (or bottoms) on some time scale. Through Feb you may be right but beyond that time frame - if not sooner - I would be very reluctant to call it a top unless we see quite a bit of bad news .... Of course like you, I really dont care since I take on trades and positions which I am free to modify. Right now my models only show a short term pullback and I am long on selective issues that still have strength, short on others based on rotations.
More...

I'm pretty confident that 1150 will hold for the next 3 weeks. Hence, this is why I sell Feb 1175 and 1200 calls without worry.

The last part of your quote is right on. The best way to play the market is to concentrate on individual stocks, not the market as a whole.
 
Quote from lindq:

You've SOLD calls on the S&P with the market just bouncing off lows after a two day pullback, and Nortel blowing out earnings and up 20% after hours?

This would very possibly be the only pullback we'll see for weeks.
More...

If you're so sure of this, why don't you buy 10,000 S&P futures?

Or better yet, tell us how you are going to capitalize on your "sure thing".
 
have you made any other good directional calls lately?

you might be a really good trader , but I have seen others blow up trying to pick tops and bottoms here on elite

yes ... I know you will not blow up bla bla bla ... good luck sir
 
Quote from SethArb:

decided to make your bet after the FED meeting and drop?

gosh ... why did you not post this thread a week ago?

:)
More...

No, no. This thread was started before the Fed meeting. It was moved to chit chat, and this is a continuation of it. I believe I started the other thread on 1/15 and posted I was selling calls on 1/23.

Of course there's always a chance things could blow up. But right now, i'm over 40 points from problems. And how many times has the S&P launched 40 points in a day?
 
What I really don't understand is why people get so emotional over James picking a top? By all means, post your analysis and opinion (trend is up, etc...), but why the attacks on the other thread? Is this place turning into a yahoo message board chalk full of blind zealots both bull and bear? Also if you are truely bullish and comfortable with your position, you should be doing everything to ENCOURAGE shorts to pick tops.

I like it when people post their analysis, but all this "holier than thou are" crap because someone goes contra to the crowd drives me nuts. It makes me ashamed to be a trend-follower on occasion.

I say post your analysis if you want, and trade em'. Who cares what someone else is doing. The people NOT comfortable with their positions are the people attacking James and others.

Just my 1/50th.

Goodluck,
 
You must log in or register to reply here.
Back
Top