Smoking Securities

Half Baked High Finance

Indexes, Oscillators and Bears, Oh My!

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Today wasn’t quite enough to put the nail in the bulls’ coffin, but it isn’t getting any prettier.
My SPX index is clinging to a bullish signal by a few points.
The NAMO is signaling a downtrend, but we remain in bullish territory.
Banks look ready to break down and test their lows.
MLP’s continue to get sacked as oil goes lower than most can imagine. Looks like a good short.
I got stopped out of my SLV position for a break even trade. A new downtrend could bring a retest of the lows.

It is getting harder to defend the bullish side of things. My favorite long play is GDX, but it was up on weak volume as precious metals fell. It smelled like a suckers rally to me, so I’ve closed the position. For now, I will stick with fixed income until the equities tape gets a bit more positive. I’m shorting whatever pops up on StockTwits and keeping my positions small for the sake of my own psychological well being.


Written by chucklesamadeus

December 23, 2008 at 9:46 pm


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