Feb 5th, 2007 – biding time, is the time here and now?

There are still lots of people leaning short. We need more positive sentiment to go short again.


Great snow and stale market has kept me on the sidelines. I have 7 positions on, mostly small with large return posibilities. Lately, I have been reading, and watching other sources of info. But when it comes down to it, the challenge of the market, it is me and a few friends against the world. And that is ok.
My SPY chart. It looks to me that this rally still has a little room to the upside. 142.60 looks like an interesting sell point. 61.8% Fib, 50 day MA, and backside of the Long-term trendline.
SPY%202.5.gif
The market is off very sharply in the Tuesday premarket. The Non-manufacturing index was sharply off (41.9) and came out an hour early. That blasted the SP index.
The Bull chart is seriously broken on the SPY, IWM, and DIA. That said, I am putting together a short list. I have 15 charts that I really like to the short side. As of premarket I am light on positions and mostly in cash, however I have -715 deltas.
ATI, AXP, AZO, BIG, CAR, COF, DSX, EGLE, GRA, IACI, PRSP, SDTH, THOR, UA, UTX
Tim Knight from Slope of Hope, put together a very good chartist view of some short positions.
As did Peter from ShadowTrader. He is mildly short-term bullish on the market (which is turning out to be incorrect early in the week).
Enjoy the info.
Afternoon:
Well I returned from my Trainer skiing verifier. I passed with Exceed in all my score cards. However, my mind was watching this fabulously bearish market. I am up 3% on the day and I have entered two trades and exited a few:
Entered:
COF – Jun 45/30p for 3.40
AXP – Apr 45/37.5 for 1.85
I have 46 working orders
Exited:
DTV – 1 unit Feb/Mar 20p for .45
C- 1 unit feb/mar 25p for .55
AIG – Sold 1 of 7 units of feb 55/50/45 butterfly for 1.20
I have no longs.And I have to head out before the close. SP was off 39pts. I am going to be ready for tomorrow.

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