Trading the SPX

[Racer]

 

[Racer]

A little bounce at 1170.5 and dow 10340?

 

[Racer]

Okay tea break over lads, back to work

 

[Racer]

Two cups of tea, that was a bit naughty!

 

[Racer]

[BRIEFING.COM] .Weighing most heavily on the proceedings has been a 0.6% decline in Financial - which accounts for roughly 20% of the S&P... While rising bond yields have provided some of the weakness, downbeat comments from Merrill Lynch regarding large-cap regional banks have also weighed on sentiment... Bank of New York (BK 27.85 -0.70) has been downgraded to Neutral from Buy amid weakening trade volumes while North Fork Bancorp (NFB 27.80 -0.75) has also been cut to Neutral, but due to flat mortgage revenue and valuation... Regions Financial (RF 33.25 -0.69) has been cut to Sell from Neutral amid valuation concerns and second-half earnings pressure while WFC, BAC, USB and WB have also been weak after Merrill trimmed its price targets on four of its Buy-rated banks...

 

[Racer]

A lot of US companies have been benefited from 'currency trading' and have boosted their returns because of that, if dollar goes up, interest rates go up, inflation goes up, oil goes up, commodities go up, wages go up, what returns then? Ooops go down far quicker when all those costs added together.

High debt, increasing interest rates, no savings, consumer cuts spending to pay ever more increasing interest payments on all the new credit they have taken out to buy second homes and over stretch themselves.

Bulls have rose coloured spectacles until they get shattered and then they are blind and scared and terrified

 

[Racer]

You too Julian, have a great weekend and thanks for all the posts

 

[mark_varney47]

small energy/momentum to this move and a minimum target I a looking for 1169-70

Joules,
I see the SP trading between 1160 and 1185 for next two weeks. I currently have a spread trade on in May 05options:
Short May05 1175 calls
Long May05 1185 calls
Short May05 1160 puts

Price :Credit of 15.80.
Where do you see it going for May??

Mark Varney

 

[User]

Note to diary; when conversing with others on a specific subject make clear the subject and not refer to any part as "it" .

Oooh I think your in trouble you've said 'it'....

Where do you see it going for May??

 

[roguetrader]

Joules, by what means are you trading the SPX?

 

[roguetrader]

Ah I see, thanx, couldn't work out the prices you were entering and exiting at but was thinking of ES, the E-mini futures as the ES only moves in 1/4 point increments

 

[FetteredChinos]

I had posted this in the other bb so I'll repost it here. Note the week is very close to this one.
The obvious question is always which way?

those spirals arent picking out the turning points on your indicators too well

 

[FetteredChinos]

RSI (11) and MACD 12,20

i was only teasing.. i have looked at them in the past, but as you alluded to, they pick a change in momentum rather than direction...

 

[FetteredChinos]

still would like a succesful retest of the trendline on all 3 of those though.

might/should come on thursday pm.

 

[FetteredChinos]

im an accounting fundamentalist.

ive been tempted to suicide-bomb PWC's head office for some time....

 

[FetteredChinos]

(thud)

 

[FetteredChinos]

up or down, Obi-wan?

 

[FetteredChinos]

now, about that bounce??

rejection of 200 Dow perhaps?

 

[roguetrader]

Bet that relaxed a few sphincters.

ROFL, fresh underwear G Dubya?

 

[FetteredChinos]

reckon it might be bad-ish news today.. possible gap down and fanny around.

technical term..