Monday, 6 July 2009

Not much to really write about tonight. No changes of sentiment for me.

Was able to cover up some nice shorts entered on wed (tin,goog,sbux: 3 of the same ones I posted/called on Tue night, 3 trading days ago for a 3-5 day swing. All 7 of 7 are now lower by the way$!)
http://erikmarketview.blogspot.com/2009/06/market-30-june-looks-like-more-short.html

I had ran my mouth on and on and on about Window Dressing and the re-allocation side of it and that's what it really is! (not just bullish/bearish for all 24/7) So heck, I better of hit that call hard, as I follow the tape and rotation side of it very closely qtr after qtr, as that was the main basis for all 10 of the plays (7 shorts, 3 longs).

RUT was the weakest index by far (as I had expected)
INDU got the most love (as it was already by far the most beaten down)

Strength from the weakest index + weakness from a stronger index (ie: index narrowing) just that trend alone means consolidation. (but not really a strong cue for direction itself)

SPY and VIX up today together, so Here is what it has meant before.
(Props to Cobra for all his stats that this guy does!)
http://cobrasmarketview.blogspot.com/2009/07/07062009-after-bell-quick-summary.html

Everyone and their mother's continue to watch the Head and Shoulders on the SPX, so we shall see.

AA is selling off before the report here big time. So it is going to interesting to see if the "worst" is baked in already. Then again last qtr, they had a terrible report (as always), and the market then proceeded to lift it along with every other stock.

So it's time to start to watch the earnings TREND, and play what they give us this qtr.