°¿°

[Myself °¿°]

edit Re: If 1... 394.54 is breached then 3 down of 5 is definitely in motion... (big money for shorts)
350 is a round number and would be nice to see for 3
then a bounce in 4 to just under 1.

It appears all of this may have taken place. But has it? read on...
Kind of hard to believe OEX 3 could be so short.
If I could get two harsh down days in a row, I could be out of my short regardless where OEX is.
I've had a running fear of being short during a truncated 5
See [Board search] function, key word "truncated"
Keeping in mind it''s triple witching Friday... Myself °¿° 11/21/2008 8:33:23 AM
Looking @ Bbands and a possible trend line Myself °¿° 11/18/2008 7:30:41 AM
I lost the detailed post I just made Myself °¿° 11/17/2008 8:34:09 AM
I dislike elongated 4's after a 4 is topped so much and the possibility of a truncated/failed 5,
I should probably just start taking my short gains first chance I get.
I know!!!... it would be great to be stubborn enough to stick it out until the dow double bottoms... but I just don't know if it will.

Friday I was more than ready to start hedging away from being short with some XLF calls
for a bounce into 4 just under 1 or XLF 11.50
day limit for 20 XJZLJ Dec10c @.70 Target just under xlf 11.50 eventually after the fill
XLF order did not fill because oex missed hitting 350 by about 11+/- points
I would also add the XLF long position would have filled before OEX hit 350

Now... when I look at the price action difference between OEX and XLF
in relation to where 1 is on both charts...............
It leads me to believe OEX has not finished 3 because XLF didn't even come close to putting in a 4.
...ya follow me?
Now this could have simply been the shorts in the financials are strong in position and...
the shorts in most other components of the S&P were not.
I have noticed XLF lags to the upside in relation to the S&P but eventually catches up... and matches the count.

Nice tail XLF
Short covering rallies are frustrating for bears... easy to get shaken out.
I learned a long time ago I should not buy triple witching rallies.
If OEX is up Monday morning, it can't go up very much without breaking over 1 {394?} or the count is bogus.
It would clearly be easy to stay short OEX if the financials (XLF) makes a new low before OEX does next week...
and something I'm looking for as a hint. XLF has been a good feeler gauge for OEX.
Kind of hard to believe OEX 3 could be so short.

This could be one of those excellent times being short waiting on capitulation but I sure don't want to loose the gains.