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SharePlanner (< 20)

Bulls Continue To Frustrate The Bears

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6

September 16, 2010 – Comments (6) | RELATED TICKERS: SPY , SNX

Shorting stocks hasn't been the easiest of approaches to profiting in this market, particularly this month. Nonetheless, the bulls still remain unable to push through the 1130 level on the S&P despite a positive jobs report. One thing worth remembering, is the last topping pattern that we saw back in August lasted for seven days. Lord help us, if it takes that long again. I remain short, and added an additional short position that you can see more about by reviewing this mornings short setup - Synnex (SNX).

Tomorrow is quadruple witching so its likely we could see a lot of volatility in the markets. Consumer Price Index and Consumer Sentiment will also add a little extra to the market action too.

Here's the Chart on the Intra-Day S&P Action 

6 Comments – Post Your Own

#1) On September 16, 2010 at 10:29 PM, jlmjlm77 (99.44) wrote:

Why would you be short?  Is this a short term guess based on charts?

I can remember 1974, 1979, 1982, 1987, 1991, 2001, 2002 and of course late 2008 and all seemed worse for equities than what we have today.  Except today I believe we have more people short on stocks at a time when earning prospects are improving each quarter for most of the economy.  Maybe slow job growth, but at least until election day I don't see much of a catalyst for bad news that we don't currently have in the news and stock prices.

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#2) On September 16, 2010 at 11:51 PM, sawchain (< 20) wrote:

Nonetheless, the bulls still remain unable to push through the 1130 level on the S&P despite a positive jobs report.

I missed the positive jobs report.  The only reports I've seen describe job losses.

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#3) On September 17, 2010 at 12:56 AM, Mstinterestinman (20.01) wrote:

Dow 12000 and s@p 1250 by year end you heard it here first :)

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#4) On September 17, 2010 at 5:31 AM, SharePlanner (< 20) wrote:

sawchain - wow, thanks for stating the obvious - positive, meaning how it beat expectations.

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#5) On September 17, 2010 at 5:36 AM, SharePlanner (< 20) wrote:

jlm - based off of a rangebounge charting patterng we've been in since May. But if the early morning gains in futures holds throughout the day, that will no longer be the case.

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#6) On September 17, 2010 at 4:18 PM, Dow3000 (< 20) wrote:

We are literally entering the biggest economic collapse in history...to be anything but short is simply insane.

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