Week of May 15/06 Long or Short

[Runner]

Going into this week are you looking for longs set-ups or short and why?

[skiracer]

Going into this week are you looking for longs set-ups or short and why?

I wouldn't be rushing out to go long or short on anything that looks cheap or oversold quite yet but the SPY is below it's 50 ma and the QQQQ is at a 7 month low.
I would be looking for a bounce up at this point but it could go a bit lower first on Monday before we get that bounce. It we do get a bounce anything in commodities will do well. ADM and WIRE look good to recoup after dropping those few points in this correction.

[Lyehopper]

I'm both Short and Long.... Depends on the stock.

[Runner]

I’m in the Bear camp right now and here is why. Doing several sector scans I’ve not seen the market acting right as the so-called rally was underway. Yea CNBC and many other news channels were harping on the new highs, but what has tech been doing? In reality your commodity stocks have been the rally.

I see we had a bull trap in the S&P last week and many who bot are either holding on hope or looking to get out at break even. Now I’ll not be looking to go short until after a bounce in the market. I expect the possibility of some short covering followed by those still holding to get out near or at break even. Then I think Shorts will sense the weakness and return for another leg out. Notice if you will how well the Nasdaq has been looking as of late.

Sidelines is where I’ll be parked awaiting further developments. I view this last week as putting in a lot of tech damage to the charts.
I should mention I also got caught up in the Bull trap and exited according to plan.

[Runner]

Here is another thing I’ll be watching should your commodities begin to roll over I think this could send the market in tumble mode and things very well could get ugly. But we shall need to keep an eye on the leader for signs of the crack.

[New-born baby]

Lookout below

Here is another thing I’ll be watching should your commodities begin to roll over I think this could send the market in tumble mode and things very well could get ugly. But we shall need to keep an eye on the leader for signs of the crack.

I think this week will be very ugly. Monday in particular could be a HUGE sell off. Buy a put, or sell out of the money calls.

[skiracer]

I think this week will be very ugly. Monday in particular could be a HUGE sell off. Buy a put, or sell out of the money calls.

NB,
What are you basing your opinion on? What makes you think that things will get that ugly moreso after the DOW has already dropped 196.75 points last week. How much farther do you think it will go down from this point that will make it that ugly. I think it could drop farther but not to much that it would get ugly. If it went down another 100 points would you consider that ugly?

[Websman]

I'm neither. I'm sitting on the sidelines and protecting profits until we see what happens.

[dmk112]

I think this week will be very ugly. Monday in particular could be a HUGE sell off. Buy a put, or sell out of the money calls.

I predict bounce on Monday, we already took a huge hit on Thurs & Fri. I will be selling the bounce though.

[spikefader]

But remember my long-term signal:



While the blue line is below the red, smart people look to buy these volatility pops over the line. The last good one was back in Oct/Nov 2005, and look at what happened then........all the indexes found a major support area and rallied very nicely. It's another one of those times.....it's just a question of which day next week.....I like DOW 11280 support chances...then 11140.

[IIC]

No vote for me...I'll just wait to see what happens...However Metals up a tad right now and Nik dn 175 pts R/T...Doug

[mimo_100]

I might vote if there was a "short and looking to sell"

[Peter Hansen]

My stops fired and I am in cash

Guys trailing % stops great way to protect your cash.....I am in cash and will wait !

[Runner]

I’m in the Bear camp right now and here is why. Doing several sector scans I’ve not seen the market acting right as the so-called rally was underway. Yea CNBC and many other news channels were harping on the new highs, but what has tech been doing? In reality your commodity stocks have been the rally.

I see we had a bull trap in the S&P last week and many who bot are either holding on hope or looking to get out at break even. Now I’ll not be looking to go short until after a bounce in the market. I expect the possibility of some short covering followed by those still holding to get out near or at break even. Then I think Shorts will sense the weakness and return for another leg out. Notice if you will how well the Nasdaq has been looking as of late.

Sidelines is where I’ll be parked awaiting further developments. I view this last week as putting in a lot of tech damage to the charts.
I should mention I also got caught up in the Bull trap and exited according to plan.

Ugly to say the least!!

[Runner]

Here is some sorry looking numbers as of 3:55

Nasdaq up volume 4,581,542
Down volume 16,849,992

It gets better here is NYSE

Up volume 3,000,129
Down 16,570,703

Chances are your port is getting a spanking today if your long.