S&P 500 with some Sugar on Top

Posted by Andy T on Sunday, April 25, 2010 /
Good Sunday Evening Capitalists (provided it's still legal to be a capitalist),

It seems like we've been talking about this 61.8% retrace at 1229 for awhile now. Perhaps this is the week the market finally kisses that much anticipated level. There was nothing bearish about last week as the market fully recovered from the GS/SEC "gyration," proving once again that bullish markets will NEVER peak on bearish news. So it goes...

I'm geared quite bearish the S&P right now via June puts with a 1200 strike. The position is "in my face" right now*, but I'm loving every minute of it (Thank you sir, may have another!).

I've also included a one page update of the Sugar market here. Remember how were were going to run out of Sugar a few months ago? Um, not so much any more. That market has basically collapsed, but there does seem to be a little bit of light at the end of the tunnel for Sugar bulls.

S&P 500 Update 25 Apr 10

* The Jun 1200 e-mini Puts were bought for 28pts. The last trade was 24, so not bleeding too badly. "Tis but a scratch..."

7 comments:

karen said...

Andy, you are hilarious! I just wanted to check in quickly and post this link for Nic, altho she is undoubtedly way ahead of me : ) Will review your Scribd after I finish filling my green waste.. (Besides being Magic, the other great thing about Monday's is that it is waste collection day for my street.)

Oil Contango Soars as Oklahoma Brims With Crude

April 25, 2010 at 8:38 PM
AmenRa said...

Thanks AT. A 2.85% move will put Sugar back above its weekly 3LB mid. A 2.08% correction will put the SPX below its weekly 3LB mid. Currently both are trending on their weekly 3LB (Sugar=down, SPX=up).

April 25, 2010 at 9:21 PM
Anonymous said...

AT-

it's a bit long- but if you get a chance- what's your read on this article?

"On The Brink Of An Asset Explosion, II" - Zero Hedge

dude's looking at precious metals- gold- and to some extent oil- sounded compelling

http://www.zerohedge.com/article/aguest-post-brink-asset-explosion-ii

April 25, 2010 at 9:58 PM
Ironworker said...

Ahab,
I've been keeping an eye on Toby Connor for a bit at his blog here:

http://goldscents.blogspot.com/

Haven't been watching him for long enough to form a concrete opinion yet, but he talks a good game. The archives are down the page a bit on the right side...
IW

April 25, 2010 at 11:17 PM
mcHAPPY said...

Interesting news out this weekend:

http://news.yahoo.com/s/ap/20100425/ap_on_bi_ge/us_financial_overhaul_derivatives

And of course, stocks are cheap! BUY, BUY, BUY!

http://www.bloomberg.com/apps/news?pid=20603037&sid=aBxFBilER4Eg

April 26, 2010 at 5:22 AM
mcHAPPY said...

A scenario with a small push higher followed by a larger correction would be implied from this article. MSM has caught on to the rising dollar.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahmdbNyLRWGg&pos=3

April 26, 2010 at 6:41 AM
CV said...

NEW THREAD UP

April 26, 2010 at 8:28 AM

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