The Surf Report

[marketsurfer]

as you know,the DJIA shorts were triggered yesterday, fortunately part of the down move was caught and shorts are being held into the open with wide but profitable stops.

the world situation is making things rough on the oil shorts, 2nd short entry was made at 78, bringing the average price to 75.75.

yes, i will bail on this one at 81 but still sticking to analysis of 70 prior to 80----doesn't look good, i agree. i keep reminding myself, that in times such as these, irrationality rules the marketplace as the cycles of fear ebb and wane around the globe. all one can do is maintain composure and stick to the plan.

surf

 

[marketsurfer]

oh yeahhh! system caught very very nice downwave here. holding position in short DJIA products at this time.

still short oil with average price 75.75.


surf

 

[polpolik]

At what price would oil be before you say it's too much and it's taking too long? I mean, if you hold for years, I'm sure you'll be in the money eventually.

 

[marketsurfer]

Quote from polpolik:

At what price would oil be before you say it's too much and it's taking too long? I mean, if you hold for years, I'm sure you'll be in the money eventually.

i will bail on the oil trade at 81.

surf

 

[Hugh]

good job

 

[marketsurfer]

Quote from Hugh:

good job

thank you.

 

[marketsurfer]

SURF ALERT:

preliminary indications for the weekend are positive for global situation.

taking profits here in the DJIA shorts--YM 10766 , 10718 cash.

reversing and going LONG:

YM 10770 is trigger point for longs.


surfer

 

[marketsurfer]

we are now long from 10770 in YM. holding over weekend.

surf.

 

[marketsurfer]

steve46--- very nice call earlier.

what's your take now?

surf

 

[steve46]

Hello:

As mentioned in my past posts (several times). I intend to keep selling the rallies. Specifically, on an intraday basis, I try to find the high of the day and sell it down to the end. I will continue to do this until the market makes me pay for it. So far no fear.

This is a weak market, and the pit knows it. They are marking it up every so often and then taking it down hard. Somebody is biting on that hook every time. Not me.

http://www.elitetrader.com/vb/showthread.php?s=&postid=1127664&highlight=Several+times#post1127664

http://www.elitetrader.com/vb/showthread.php?s=&postid=1113067&highlight=rallies#post1113067

The S&P has dropped below support and there isnt much to save it now from testing 1240 again. If it fails, and I think it will, then we will see a test of 1220..I think that is about as plain as I can make it.

I realize everyone is entitled to different viewpoints, but I think along about now, I would review the wisdom of going long on Friday afternoons.

Good luck next week.