Wednesday, March 07, 2007

S&P: Is That All There Is?

Anybody remember the Peggy Lee song Is That All There Is? Well that's what I was singing to myself this afternoon when the market sold off. I'm waiting for a rally so I can short, but by 2:00 the market topped out and began moving lower so I thought to myself, was that the rally to short? Is that all there is just a 2 day bounce and now we are heading back down? It sure felt that way to me just from watching the tape.

When the market broke high this afternoon, I saw so many weak stocks that weren't breaking high like the reits, some banks, GS, MA,ICE to name few volatile good day trading stocks. It was mainly the oil stocks that took this market higher in the afternoon. It feels like the market wants to go back down. We'll see what happens tomorrow.


el said...

second time around i've bought SPY 138 Puts.

almost blew out of the position at one point, then the index fell apart.

holding until tomorrow.

also liking VLO for a breakout plus seasonal strength.

Kevin said...

I like VLO too...I actually bought some VLO and a few oil drillers today but they sold off at the end of the day so I took the trade off. I'm going to watch them again tomorrow.

el said...

well, out of the SPY Puts for a small loss.

everything's up this morning.


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