- 8:00am Joint meeting of FDA Anesthetic and Life Support Drugs and Drug Safety and Risk Management advisory committees.
- 8:30am Earnings Before the Open: CHNL, CPA, CRYP, DAKT, DRQ, FCSX, FIG, FREE, FSIN, GSOL, GSIG, ITWO, KLIC, MPEL, NJR, OHB, PAAS, RAH, SI, GASS, TEF, UNCA, URBN, WMT, WNS, YGE, ZOLL.
- 8:30am Sept Trade Balance (last -$59.1B)
- 8:30am Initial Jobless Claims (last 481K), Continuing Claims (last 3.843M)
- 10:35am Natural Gas Inventories
- ECB Central Bank Conference.
- G20 Summit in Washington, DC.
- 12:00pm Fed’s Plosser speaks on the economy in Pittsburgh.
- 1:00pm Treasury’s 30-year bond auction
- 2:00pm October Monthly Budget Statement (last -$56.8B)
- 2:00pm Fed’s Stern speaks in Minnesota.
- 4:00pm Earnings After the Close: ANSV, ARTE, CHLN, CLNE, DIET, ETEL, EVEP, GGB, LRN, KEYN, KSS, LEE, MMS, MDTH, MSCC, MTSC, NTY, JWN, NVTL, CRM, SNS, VSE, WGL.
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Wow,
I have been out most of the morning and just came back just in time for the speech by WWW (W, the Warrior in the White House).
Missed all the exciting action, which would have caused me ulcers with all that big stake in SSO. When I heard on the radio that DOW was down over 250, I was hoping that this move will be a bear trap.
Did make some buys this morning – more SSO and FSLR calls. I still think that G20 hype and options week will push the markets higher.
With that said and done – I am now keeping fingers crossed for a positive close.
Added second 1/2 of SSO. Tempted to add more. Very liberal stops.
Welcome back MO.
What a whiff on GOOG – back over $300 already.
We have rallied 7% off the lows…
Any thoughts on Gannfann’s second resistance at 880-882? Given the time of day (2:45 right now) maybe we move down hard from there for the last hour? It’s been that kind of day so far.
VIX is crashing.
so are short etfs. shortsqueeze.com shows a 58.8% short on SPY and 80% short on QLD.
Shanky, when you feel brave, play TNA, the 3X of the Russell2k. I doubled on it today after buying yesterday and watching it tank. Whew.
Keep in mind – be careful – this could be the start of Wave 4 of 5 – a brief correction, and then a Wave 5 down to complete (3). If it is Wave 4, the fibs take it up either to 891 (38.2%) or 913 (50%) or 935 (61.8).
i agree w/ you.. we just completed wave 4 and 5th waves usually drop hard-.
Guys. Looks like Tony C. and Kenny called this right. Maybe late tonight watch for new Tony C. video and for Kenny to update his charts. Search youtube for The Practical Investor and stockcharts.com for Kenny’s List David Bailey.
John,
What is the URL for accessing Kenny’s chart?
Go to this on stockcharts.com:
StockCharts.com » Free Charts » Public Chart Lists » Public Charts from David Bailey
Thanks John
Thanks John.
Does Kenny have a blog? I’m in love with the charts at stockcharts.
Don’t know. He sometime posts arcane messages on SKF yahoo.
at 2nd resistance level
Where does this rally end? Anyone see SPY 100 next several days/weeks?
why? Fight
I do. The potential is there.
Stop Losses Trigger Slump and Rally
By Rev Shark
RealMoney.com Contributor
11/13/2008 1:38 PM EST
We had a very classic triggering of stop losses as the S&P 500 took out the 840 level, which was the low we had back on Oct 10. Once we breached that level, we spiked down sharply as stops were triggered. Daytraders then jumped in and got a good bounce running. They will flip back out fairly quickly with some good profits and then we will probably struggle to close back up over the 840 level.
It is volatile and random, and if your time frame isn’t 10 minutes or so, it is nothing more than just a little entertainment.
Bounce of 5 day EMA
Bounce of the 2 day VWAP.
32.8% retracement level at ~858
Testing top of black channel.
SKF 1m big h&s on 1m today? is it possible?
The much maligned Carter Worth is gonna be on CNBC soon. Wonder if he’s still bullish and “all in”…
UYM has been posting relative strength all day. I think it may be the best way to play any ensuing rallies
I think we close at highs of the day…
You may be right. Greed is powerful, and the big boys won’t want to miss this ride.
CORRECTION: If this is actually Wave 4 of 5 – a brief correction before the Wave 5 down to complete (3), the fibs take it either to 872 (38.2%) or 899 (50%) or 906 (61.8%).
I’ll get it right yet – 889 (50%)
2nd test of the 2nd resistance level.
through?
9% rally from the lows on the ES
Tonight all the dipsh*ts on CNBC are going to be calling today “the bottom”.
Yes which will be reinforced by tomorrow’s relief rally that the bottom test held. Then when nothing but fluff comes from teh g20 back to our downward channel next week I think.
They will rally this thing as high as they can. Get out anywhere near the top of the pennant channel.
Feeling greed taking over…must resist profit taking.
Testing 895, the 5 day VWAP
Board has become very quiet….
900! time to lighten up the long and ease into short again?
Will today be a repeat of 11/7? A strong green day to be followed by a few more days of selling? Or is everyone and their mother calling for this “new” bottom to hold?
Very upset I didn’t keep my conviction that this was going to happen, shorted sso when it broke 840 and lost a large chunk on the way back up so not to happy right now
In responce to surage 170
I think that’s quite normal. Thankfully, I took some profits earlier. I sold as it crossed the VWAP at 855. Gave up some nice gains but then again, it isn’t an easy game.
top o blue channel at 910.
I have 925 as my target
Did the economy improve today? NO.
Buy EEV.
Just a big, stiff, large, straight up greenie.
Can we name future moves like that Woodies?
Not much to comment on when market is doing this. Do we swing or not? I’m swingging. got a great entry on SSO and TAN and will ride it out.
God…I hate the dipshits on CNBC..
What is funny as hell is that us little peons called it. Not one talking head called it. What a bunch of freaking morons. Weak, spineless bastards.
11% from the lows…hummm…can we take a break here? 4 more mins for the closing bell! phew!
Gonna stop at the top of the blue channel.
spot on.!
what a day…i got in on my calls and made a good profit off the anticipation that today would be up. sold too early though. could’ve made another 25%…
I miss Craig…
It was nice to have his intraday commentary and charts posted…
Is it worth holding overnight? Have some 15-20% gains from today.
Sold 1/2 SSO at close for 14.76% gain. Still long 1/2 SSO and TAN.
what a day… too bad craig wasnt here to throw in his commentary
here we go again, slight weakness tomorrow then rally, then sideways action, then down we go again to test the same bottom. then PPT starts buying and then “there’s nowhere to go but up” and it starts all over again
Wow did I actually get something right. I just come back from being out and the market has rallied. My sds got slammed but luckily thats not a very big position, my fault for not putting a stop. My longs did very well though. As I posted this morning I had Nasdaq support at 1109.42. We bounced at 1108.
Interesting fact:
Declines in midday trading today pushed the S&P 500 to 35 percent below its average for the past 200 days, only the second time that’s happened since the Great Depression. The last time was a day before the index rose 12 percent on Oct. 13, the biggest rally since 1939.
Today’s gain from the low 11.5% on SPX
I covered shorts and sold puts just above 830 thanks to the discussion on StockTock and was 70% long by the time the rally began. It was my best day in weeks.
Nobody knows what the heck is going to happen day to day and it is annoying to listen to all the pontificating. What a harsh and breathtaking surge today. Wow. Shorts got slaughtered. Absolutely slaughtered.
Why isn’t anyone here talking about straddles and strangles? What about spread trading? Isn’t this a less-risky way to profit from these volatile times?
Sorry all of the *pontificating* annoys you. Maybe it’s best you don’t put yourself through that ordeal.
Ya know Grip. it’s simple.
1. Respect the trend
2. Tight stops
3. Let your profits run
Nowhere in there does it say you have to be right every day. Nowhere does it say you have to guess the trend. I follow the trend. LIke this morning, when we went down 300 and turned on a dime on big volume, I said, oh-oh and closed out my positions. An hour later I was long. If that didn’t work out, i would have closed out those positions as well.
That said, I agree with you. There’s some good info here, but there are some real windbags as well. Some of these guys(and they know who they are, I hope) talk more than my wife.
I think the break below 840 tricked a lot of people, yes burned a lot of short positions. I really do beleive there is a PPT now!
It’s laughable thinking this pop today was anything more than simple drama and shorts getting scared. We popped 59 points on the S&P after losing 48 the day before, for a net of 11 points, and we are still below the close on Monday.
We have had 3 of these big 1-day pops in the last month and all have ended lower than the prior one.
That was a monster reversal!
I’d show respect to an intraday reversal on increasing volume that posts a big hammer that was also an outside reversal day.