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Jack Haddad
  • Market technicals: I project a pullback to 760 on the S&P 500 4 comments
    May 31, 2009 11:02 PM

    On May 5th, The S&P 500 gapped up at the open and peaked at 930, just a hair below its Jan. 5 closing high of 935 and intraday high of 944. It has yet to pierce key resistance at its 200-day moving average line. The Nasdaq 100 has reached that line, although it's struggling to hold there.

    However, market internals such as the amount of call vs. put buying by equity option traders have reached levels that have coincided with pullbacks in the past. Meanwhile, index option traders, who are typically the institutional "smart money" traders, have been buying more puts, which indicates they're anticipating a pullback.

     

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  • Alice4321us
    , contributor
    Comments (30) | Send Message
     
    Jack, as much as this rally seems to be tired, on SPY there seems to be a a cup and handle formation that looks impulsive, if there were to be more volume than it shows. But still can't be discounted....
    1 Jun 2009, 02:48 AM Reply Like
  • Jack Haddad
    , contributor
    Comments (96) | Send Message
     
    Author’s reply » Let's see what this week brings, Alice. Sooner than later, managers who participated in this 2000 point rally must lock profits to realize gains for their clients.
    1 Jun 2009, 02:51 AM Reply Like
  • Macro_Man
    , contributor
    Comments (227) | Send Message
     
    when do you think the pull back happens. At the moment, it looks like S&P is going to thrust through the May 8th high. So, the trend still seems to be up and hasn't broken through yet? From a fundamental point of view, I am bearish. But, the technical still point upwards and look like they have room to run....unless we get some real bad news over next few days
    1 Jun 2009, 08:40 AM Reply Like
  • Jack Haddad
    , contributor
    Comments (96) | Send Message
     
    Author’s reply » I expect the pullback to happen at the time that it is the least expected! This market is irrationally exuberant... and for now we are rallying on every bad economic indicator.
    1 Jun 2009, 09:41 AM Reply Like
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  • Market technicals: I'm accumulating both QID and DXD as the DOW and nasdaq look tired. We have not been able to surpass 10479.
    Dec 23, 2009
  • Amln: today's pullback is a great entry hedged by writing Jan 12.50 calls. Last week's results of Byetta far exceeded epxectations.
    Dec 23, 2009
  • QID: added more to my core position at 20.48. Nasdaq is topping out and is tiring.
    Dec 11, 2009
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