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New York Options Traders Message Board › Pullback


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user 3749118
New York, NY
Post #: 1
S&P,Qs and Russell 2K are showing up short-term overbought here and the uptrend is vulnerable to a pullback. Any violation of the most recent uptrend chart line would do it. Post Thanksgiving markets for stocks are historically strong I think based on bonus expectations which this time around are very weak. Gold looks to be entering into a new bull market but is overbought. Oil looks weak to me and is also overbought. Stocks look like they are forming a longer term bottom and could rebound in the last weeks of December. Strong negative events - the failure of a big financial house anywhere would, of course, overrule any hopeful trend in stocks or oil.
Eric N.
New York, NY
Post #: 13
Rob, interesting commentary.  Do you have an options (or other) play in mind? If you post one, we can comment on pros and cons.
user 3749118
New York, NY
Post #: 2
I'm using 200 shares tWM (ultra Short) Russell 2K. Plenty of action for me for now. I still maintain a long hold on some positions such as PM, wmt, afam, MMM, sil, drooy. So the TWM is a hedge. I have been considering options but am just afraid to use them in this market.
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