StockRake - Latest Comments in Weekly Recap

Re: Weekly Recap

Sensei — Mon, 11 Aug 2008 12:26:02 -0000

Yeh my original plan and thoughts were for some up move and then a selloff the rest of the week, but I'm now seeing the type of strength (today) that blows through those first oversold signals that we typically see.

You know oversold and overbought can last longer than we think and I think we may be entering one of those periods as opposed to the type of market where a selloff ensues immediately after the first instance of overbought.

Re: Weekly Recap

Cole — Mon, 11 Aug 2008 11:47:53 -0000

Sensei,

Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.

When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?

Re: Weekly Recap

Sensei — Sat, 09 Aug 2008 00:44:45 -0000

Part of the total week of good calls...calling the US dollar rally ahead of the move 4 days ago.
http://www.stockrake.com/is...