Friday, January 29, 2010

Long For the Weekend

I have gotten long below 1070 for the weekend, I think odds are that we gap up on Monday.  If we gap down, it will present an opportunity to buy more at lower prices.  There is strong support in the mid 1060s.  My target is fairly modest, aiming for 1085.

6 comments:

Petsamo said...

I hope you're right. I'm 100% long. There's good reason for a gap down. China won't like what happened this side of the Pacific, but they're oversold. Europe won't like what happened here after rising more than 1%, but they're oversold also.

iv said...

excellent calls OWL...keep up the good work.

i am flat for the weekend and will go long only if we gap down.

Petsamo said...

Interesting reading guys: http://www.decisionpoint.com/ChartSpotliteFiles/100129_cspot.html

Carl Swenlin believes we won't revisit previous highs, that this will be a gradual decline which will last for months (I was hoping weeks). Immediate support is S&P 1030. I'll look to sell on gap ups and rallies. Good luck everyone!

Petsamo said...

Bad link above. Just go to decisionpoint.com. Look for Top Advisors Corner and read Carl Swenlin.

Anonymous said...

Hey dawg I learned a lot this week from your calls. We were both long going into last weekend but at the end of monday you decided to become a bear and I just hung on. whatever it is that you saw that was the difference between me being down 10% this week and you the opposite. I have to pay my respects. good job

Market Owl said...

Thanks. The volatility is back, at least temporarily, which I am enjoying. Got to make hay while the sun shines. The last 7 trading days have been grueling though.