Tuesday, November 6, 2007


HAD to do another REPRINT from the SLOPE OF HOPE ...Tim Knight ...remember how hepped up SHORT he was on Sunday and how he was shorting everything and has for 5 years and somehow still has money ...considering the stocks he is shorting our ones I OWN and I am up 5000% + So here is to Tim knight in the Bears

I said QQQQ 55.00 By Thanksgiving DONE

I said GS 250.00 By Thanksgiving DONE

I said NDAQ 50 By Thanksgiving MISSION ACCOMPLISHED !!!!!!

We still are going higher at the Bears expense ...now read TIM's TUNE .....Funny

November 06, 2007
It Was Time for a Rally
I had mentioned in yesterday's post that we were firmly at support and the candlesticks (two in a row, actually) looked bullish. That turned out to be very much the case, as we had a decisively bullish day, with the Dow pushing up well over 100 points for the day. There was strength across the board, especially in gold and oil.

My only index put is one - yep, one - put on the NDX. I'm basically flat. I am looking to re-enter IWM puts if the price pushes up towards about 80.63 and seems to be stalling there. Until then.....nada.

Looking at the daily, instead of the minute, chart, you can see that the two-tiered support from the Fib and the trendline created an impenetrable wall. Whether this rally poops out tomorrow is unclear. It could go on until next week. No way to tell right now.

Watching the S&P 500, the two things that need to happen are (a) we need to stay below the prior high of 1552.76 in order to start creating a succession of lower highs/lower lows and (b) we need to get below that critically important 1,495 level. The most bullish scenario would obviously be to surpass the high set last month, especially considering how favorable this season is to the bulls.

So is GOOG ever going to stop climbing? Ever? I just read an article that said the average employee who started in 2003 has made $8 million in GOOG stock profits. By average, I mean everyone. Secretaries. Coders just out of college. Everyone.

My calls in Goldman (GS) went up some today. I am a weak hand on this one. This is a short term, opportunistic play. I would get out anywhere in the $235 area.

My puts in HANS did pretty well today. Support is obviously at around the $54 level. Breaking the trendline and the horizontal line, which would require a break below $53, would be uber bearish.

A put idea........XOM. It's got a dainty little head and shoulders pattern. Very appealing.

That's it for today. Not much to report. I hope you're doing well in your trading!

As soon as we drop 300 points you can be sure he had his last dollar in SPX puts or some BS

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