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Tuesday, February 16, 2010

Short week with OPEX

Saturday is options expiration once again, and we are in a short trading week. While I do believe the markets are going to head much lower, I can't but help but think......what if they don't go much lower.

This blog has covered 100's of reasons why the market is sick, and is not destined to explode higher. But I can't take the chance of being 100% wrong on this one. So I am starting, to buy 100 here and there, probably weekly, various natural resource stocks in gold and some ETF's. Gary of the Smart Money tracker is getting my ear, I think he is wrong on the timing. But I know its harder to get in AFTER something jumps up. So I need to get in a little now.

I am still shorting, but a break above SPX 1150 tells me I am wrong, a break below SPX 1050 is a confirmation we are going lower. I know thats a pretty silly statement but you need to set points to reflect ahead of the move. Otherwise you get in a rut of watching...and praying....for the market to do something different.

For now, I suspect the markets have more upside, possibly SPX 1,110, enough to get the bulls salivating for new highs. But I think the market won't get there. I lightened on some shorts, trying to play it slow.

So we'll see what this week brings us, and I am very curious about how we end Friday. if Friday ends on an upswing, I may take a shot at adding to shorts for the Monday open.

If Greece is allowed to fail that could tilt things, but I susepct the countries will bankrupt themselves trying to avoid market crashing....therefore ensuring later bonds crashing.

My god, I need a new hobby. Chess anyone?

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