3:12pm
Strong push, before hitting support, due to anticipation. My views on the market remain the same, but for today, the bears might be out of the market.
3:05pm
800-803 on the S&P is the next support
2:57pm
I am now covering my PUTS on the SPY that I took on monday: they rose from 1.35$ to 2.44$ in 5 days!
2:38pm
Market formed a head and shoulders, and broke the neckline at 81.80$. We will retest the lows at 81.30$ pretty soon.
10:46am
I managed to fix the image thing… Market is potentially looking to retest pennant support at 82.60$.
10:37am
Pennant has broken down, on the 10 minute and 60 minute charts on the SPY. We found some support at the 81.30 support line, that probably won’t hold for too long. Next support is 80.57 and 80$.
12:00am
First things first, Duke lost 20 minutes ago to UNC, and it depresses me a lot! As a Duke Student, seeing my team lose against UNC at home for 4 years straight makes my duke career a little bit of a sham. But lets focus on important things now. The old pennant (Bermuda triangle) is back in action again, and looks more menacing than ever. I do believe, we will be breaking down at some point. This break will probably lead to a move towards 78$. The question is, will this happen before options expiration or not? One thing is for sure, the economy of the US and the world will not magically resurface overnight, and the stimulus bill being passed means that the bulls have less of a catalyst in the short term. Therefore the bears get their chance to pile on.
Looks like Kenny is leaving SKF board. Hope he comes over here,
Swinging a little UYG.
I’m swinging longs overnight. I smell bull pie in the air…….don’t want to fight the stench.
Were up almost 3 bucks on the SPY from today’s bottom. Should see some retrace coming.
OK, I just got out of my SSO… what a ride!!!
am i the only one who thinks that even though ‘the hand’ is trying to save key supports from completely crashing… that its almost counter intuitive to actually build faith in the market.
if strings can be pulled so easily then why in the world would the average investor who has already been burned so badly even remotely want to put money back to work?
This is a set-up to dump hard once Congress passes the Stinko bill this Weekend and O signs it Monday on President’s day. These Bills are part of the problem, not part of the solution.
No new investors have come in, just a Squeeze job as usual EOD.
750 will be busted.
see post 113 .. my call out to short SRS.
that woulda been the best trade of the day .
Had you listen to yourself!!!
yeah and you would have got stopped out at 70 …cause you would have been “watching like a hawk with tight stops”
so lets not get too excited about calls there rich…
it was a joke call… that is what is funny about it. we were consolidating and getting boring so … posted that garbage.
right now… i have ZERO stops in . im just building a massive short position. im not trying to guess too many moves in this spot
Headline CNNmoney:
“Stocks pull off eleventh-hour recovery after reports of mortgage subsidy program for troubled homeowners. More soon. ”
under the headline another story goes:
“The National Association of Realtors reports that home prices dropped a record 12.4% in the final quarter of 2008 – the biggest decline in 30 years.” (3:52pm)
I totally certain that the subsidy program leak was not at all timed nope nope!
Guys, this market is completely crazy. If don’t have time to follow it close you will be screwed (I have my job and I try some trades during the day). I was long by 1:30 PM holding JPM Calls. My stop limit was triggered with this huge swing and I lost the rally. AGAIN!!!!
Comm Sec nominee Gregg quits Obama. The phony Obama is becoming more apparent everyday.
There always seems to be a positive news release whenever the PPT, through the FED, steps directly into the market. If the news had not come out in advance of the move the manipulation would be too obvious. Releasing the news makes it appear the up movement was the market responding positively to the news just like last Thursday when the mark-to-market rumors were going around. Even if this $50 billion mortgage plan is approved it is a drop in the bucket. I don’t know if this can be done within the authority granted by the TARP program or whether approval has to be given by Congress.
great observation. bingo.
I agree. Housing values have dropped between $15 and $20 Trillion since the peak. $50 Billion will do nothing.
Thanks for saving me the trouble of typing that to a panicky friend holding FAZ like me. FAZ is up 3% AH.
ok,
they are going to bail out homeowners and steal future equity increases . that is what ive read. that will fix everything. oh glorious government. that will create jobs.
love the way they go after the symptoms “falling house prices” and not the problem….”lack of meaningful employment.”
Well do they know this?:
“Data released this month show there are currently a record 19 million U.S. homes that are sitting vacant. Of those empty homes, 2.23 million units are on the market—another record. The share of empty homes for sale rose to 2.9% in the fourth quarter of 2008, the most since data recording began in 1956.”
This mortgage proposal will raise a shit storm in this country.