ES went up to 1032 before the session close, but it dropped to 1126 after the market close based on INTC and YHOO earning announcements. Both INTC and YHOO dropped more than 3% AH. Buy The Rumors and Sell the News!
ES
ES went up to 1032 before the session close, but it dropped to 1126 after the market close based on INTC and YHOO earning announcements. Both INTC and YHOO dropped more than 3% AH. Buy The Rumors and Sell the News!
Will we see a short-term correction on S&P 500?
The blue candle showed on Friday when the job market report didn’t make the grade. The sell-off occured in the first a few minutes and last hour. Before the last hour plunge, it actually recovered most of the loss.
The volume (judging from SPY chart) was more than 50% higher than average.
It was rumored that a big firm sold a lots of puts to their customers and had to sell ES to hedge their position, thus the big plunge in the last hour.
Since the uptrend line is still intact, Monday’s open shall give us some indication of where the market will go. Currently, it’s pretty extended. It would make sense if it goes sideway for a few days or a week to ease up the over bought condition. I would not be a buyer at this time. I will look for weakness to short it.
I got my 2004 Prius
Finally I drove a brand new 2004 Prius home last night. I placed an order in Nov and was told to wait for at least three months. Someone who ordered one had to leave the country, so my salesman called me about the car. It’s not exactly the package I ordered, but it’s close enough. It’s very interesting to drive a hybrid car. You can watch the fuel efficiency on the LCD screen. I have to tell you that I’m already trying to adjust my driving habits to increase the efficiency. Basically, you have to avoid sudden acceralation in lower speed around 30 mph to have the electric motor do the work (so called stealth mode).
The car is great, but I hated the sales manager in the dealership (Sterlling McCall Toyota on Highway 59). He insisted on having body sealant ($495) option on the car, which I refused first, but he told me that he would sell the car to the next person on the waiting list if I didn’t want the option. He told me that the treament was done already. So I took it, but I felt that the experience was bad, and I would not buy another car from their dealership anymore. I was willing to pay the sticker price for the car, definitely not for the stupid car body protection, which is useless in Houston’s climate anyway. They actually had body sealant treatment done next day after I signed the paper work. Car salesmen are all crooks to me, at least from my experience.
ES
Despite talking of year end rally, I shorted ES at 1087.5 today. Covered yesterday shorts at 1086.