Replies to post #12643 on Profunds index and sector trading (PRO)

[otraque]

One, i am on alert to many weird actions going on, two, NASI can and has imploded on rallies to -500.

[Gizmo]

RSI5 way overbought at 85.5. Only looking for a mild pull back to reset the indicators.

[otraque]

Bloomberg TV interview Ellen Bitton President of Park Avenue Mortgage--notations from interview.
Mortgage applications dropped 3.3% last week for the third consecutive week,
The mortgage refinancing binge has dried-up, come and gone.
New Homes sales FELL 12% in April, that is that same time new licences to build properties hit an ALLTIME high.
My comment, this seems a classic sign of bubble getting to bust----builders will have put HUGE record breaking supply on the market at the very same time new homes sales dropped.
Bitton regards pricing power saying is still a bit of sellers market but it is weakening.
If that supply/demand shifts this homes market bubble begins to deflate.
And we will have a domino effect through out the entire economy.
The fact the mortgage refinancing binge is finished also shows the immense amount of money this WAS pouring into consumer spending is now gone.

[was Steve]

went to make a trade in my acct and noticed that profunds entereed the wrong fund last night when they did it manually for me. they put me in ndx long not ndx short. it was only a 6% acct position so it has little affect on me today, but it was a pleasant surprise.

since i was able to enter the orders today, i feel confident that i am going out today in a net 6% short position. so pretty flat. i am expecting a modest down day on tuesday in the 10 point ndx range. would like to see the telecom perform better tues. it is the worst performing sector today.