3:58pm
TRADE: Profits were taken from both SPY and XLF positions at the close leaving me with only 4500$ worth of puts on both combined, compared to 100K this morning.
1:20pm
XLF could find support around 10.10-10.20$ a share, we have to take some profits here, this move on the XLF has found no consolidation and so some bulls should fight it here.
1:12pm
It is ridiculous how the move lower is finding barely any support at all, the next potential level of support is 83.40-83.50$ on the SPY.
12:04pm
I am taking another 10% of my puts off at 83.85$ which is another ascending support of the channel. Today has been the strongest day all quarter for the portfolio, and profits should be taken accordingly.
11:37am
We broke the wedge formation, without a bounce! Wow… some support is being found at 840 in the market though.
9:51am
TRADE: I have taken 50% of my PUTS off the table as they rallied over 50% in 1 day. We are hitting support of the wedge now, and we should get some form of bounce, but eventually we should break down.
9:20am
The wave lower has finally begun futures are now down 1.75 %. BofA definetlly disappointed investors as it had all the bad loans from merryl lynch this time around. Also GE’s CEO claims that the economy is more difficult than we are thinking.
I’ll be looking to take profits at the red ascending wedge support as we open right next to it. I will then add shorts in if we fall below it.
——— PNC ———- down 10% today. covered remaining short position … cha ching
keeping my $22.50 puts out to August
Anybody think we might open higher tomorrow? Good idea to go long overnight or short? Any ideas??????
GAP DOWN after China tanks and more bank earnings confirm and puke up blood.
Since no late day rally, especially in financials, and ending at the LOD – gap down likely imo.
Do your own DD.
Fantastic website I found to help determine what position to take next.
http://www.random.org/coins/?num=1&cur=60-usd.0050c
Excellent. One of the best stock-picking tools I’ve seen!
Bearish MACD cross will trigger a lot of selling.
I think we’re going lower tomorrow but I’m really gun shy when it comes to options so I cashed out my May IWM puts. Still holding a bunch of 2x and 3x bear funds. Options are just so dangerous. I lost my ass on Apr puts and don’t want to repeat the experience.
Richard what’s your theory on positive versus negative close again?
I mean relative to where we are now of course.
too bad it took gs so long to hit a new intra day low
there goes GS VAL
RIFIN AT 540!!! Why does it always hit my key points at the end of the day!
http://social.stocktock.com/photo/rifin-540the-moment-of-truth?context=latest
crack!
I saw that, didn’t put up my support though, smashed right through
It did get support from the 20dMA, though. See chart added in a comment to your posted photo.
BAC off 24%.
Yikes.
XLF under 10.
Yikes.
What do you think, Zee. Did you post any long trades today, or did you wimp out. Nevermind. Leave this site
I don’t get it?
I was just asking people’s opinions on oil.
I’m just trying to learn. I admit my skills in TA aren’t as good as yours. Infact, I’m probably a bad trader and I admit that.
But you tell me who’s the wimp when they can’t even post under their real username–common, now?
We can arrange to delete posts that are abusive, vulgar, intentionally disruptive, or made with multiple ID’s from the same IP address for disruptive purposes. Normally, we don’t delete anything. But it has happened.
———- lordy lordy … no 840 ———-
guess i wont be adding back what i took off today after all . seems the key is just to hold this 835 level to confirm the up-trend is still in place… LOL… so they want us to believe. this we will find out soon. maybe we just open lower and continue bleeding. congrats to whomever bought my FAZ off me yesterday for $9.60 … see if i can outperform FAZ with my PNC puts.
thanks ! bought FAZ @ 8,50 on friday
Ditto!
Awesome day.
Holding.
Oh you want to be cheered up huh? How about holding FAZ at $20! Feel better now?
829,11 was my cal 1 hour ago
A New Daily Low…At The Close?
Man Eats Machine!
yea i know wtf.. i started sellling at 2:55.. bad move lol shoulda sold at close, wtv..
Bought Royal Bank, tomorrow is dividend date.
If it goes down, I get dividend + I have shorts on the financials.
If the financials go up, I profit on dividends from RY + I get any additional %change in RY (minus my shorts in financials ) but I also bought bull oils .
so whatever happens I win tomorrow, unless of course oil goes down too.
Newsflash: the PPT has determined that we will close red today…829.14?
my only regret is that i shorted too little and exited too early…thanks to all for a great day at ST.com…
LOD close… wow wow wow. I was hoping to make a couple percent off of this BGZ… now Im in the bonus round. Trailing stop.
Just a thought, however un-proven:
PPT, TPTB, “The Club” whoever or whatever they are called have started moving their winnings from this rally (with our TARP/TALF/AIG money) which will keep the USD artificially higher while this down-turn lasts, at least in the short term. The administration needs this controlled-crash to ‘be allowed’ for they are going to need another trillion or so from Congress, ehh, us. Thus in their eyes, they are getting two birds with one stone (USD staying strong, test of new lows to set fear factor for new bail-out requests.). Commence bearish positions.
That makes perfect sense to me. I think the main purpose of the rally was to recapitalize the banks anyway. Now that that’s done there’s no reason to keep prices up. High USD is good for the bond market which is mission critical to the survival of the United States. Sorry to all the Moms and Pops in their IRAs but you aren’t and you will be sacrificed…again. Welcome to Margaritaville–art imitates life.
THE BANKS ARE MAKING A KILLING IN THIS VOLATILITY AND THEY LOVE IT
http://www.cnbc.com/id/30304651
you tell me Mr. Lewis did not know this and we did not know this down at 666. it was all fairy tales and flowers down there. now that we are at Technical top in the trade……. booo hooo they start crying again as they are loaded up short . can you be any more obvious mr Bank?
It’s the game they play. Let’s get real. Does anyone really think banks make money by loaning it out a few percent return?
Come on. That’s chickenfeed. They want real money. Scarface type money. Piles of cocaine on the table, rooms full of vales of hundred dollar bills, that kind of money. And the only way you get THAT kind of money is to engineer the markets in your favor.
Bought 100 shares of FAS right before the close. Looking for a moderate bounce tomorrow before selling resumes.
I do not get this trade. You know we will sell off And yet you buy fas in hopes of a quick buck? Risk/Reward not there I will do it the opposite. Wait for the rebound And pile short.
We didn’t get any kind of short covering at all today. In a -4.2% day, you would expect something like that. Maybe we’ll get it tomorrow.
The FAS was just a small hedge in a heavily “short” portfolio.
My next Fibonacci Retracement is 83.03 on the 2 month chart. This is the 23.6% retracement going toward the March 6th lows.
832.40 close. Is the ‘midpoint’ of the S1 and S2 WEEKLY, (not Day pivot). Bids well, (imo) for drop towards the Weekly S2.
Thanks Joe, for your site, here:
http://www.tradingpoints.net/tradingpoints.net/US_Major_Indexes/Entries/2009/4/20_NR4%2C_Low_Continuation_Breakout_Setup.html
P.s. You math phreaks will like some of the stuff on Joe’s ‘link’ list;
http://www.tradingpoints.net/tradingpoints.net/Links.html from here:
http://www.tradingfives.com/articles/squareroottheory.htm
This is so, so cool. Take a number…like the lows on March 9. Add .5 to it. Square the sum of those two, then take the sq. rt. of that number. It will be a s/r level.
The next level?? Add 1 to that low price, then ditto the instructions. Then add 1.5, 2, 2.5 , etc, etc. That is how Gann figured out his angles. They are probably fib numbers, too.
Thanks Joseph, for you site.
I stayed long in all my faz. Broker made nuthin’ from me today.
Interesting. I saved it for further reading.
61.8033988749895% is approximately equal to (SQRT(5)-1)/2
From that (known as the “Golden Ratio”) you can get all the other Fib formulas.
As you expand the first-order Fib series (by adding successive terms):
0,1,1,2,3,5,8,13,21,34,55,89,144,233,377 . . .
the ratio of successive terms approaches (SQRT(5)-1)/2:
1 0.5000000000000
2 0.6666666666667
3 0.6000000000000
5 0.6250000000000
8 0.6153846153846
13 0.6190476190476
21 0.6176470588235
34 0.6181818181818
55 0.6179775280899
89 0.6180555555556
144 0.6180257510730
233 0.6180371352785
377 0.6180327868852
610 0.6180344478217
987 0.6180338134001
1597 0.6180340557276
2584 0.6180339631667
4181 0.6180339985218
6765 0.6180339850174
10946 0.6180339901756
17711
I’m getting dizzy.
http://stockcharts.com/h-sc/ui?s=XLF&p=30&yr=0&mn=3&dy=15&id=p14553107448&a=165234635
My 30min XLF chart. Interesting where stopped end of day. The horizontal line took served as resistance 2x then they gapped over it on WFC earnings day.
Gap down tomorrow or a little bounc from it.
Also look how the S&P stopped on a Fib and the 20dMA:
http://stocktock.ning.com/profiles/blogs/sampp-levels-to-watch
We should thank Jim Cramer for the selloff today.
Last week he said “Don’t expect a pullback”
Since he is a contradian indicator, we got a selloff today.
I hope we bounce tomorrow so I can reload puts.
Perfect track record.
still holding 150 spy 75 puts..cost avg now 29 cents..
also holding 5 psy 87 ..cost avg now 1.40..
and 5400 shares of faz..at 16ish now that i pulled off 1k I bought at 8.60
joe ternovo or whatever his name is..
just said and I quote..
“this time is going to be different”
talking about a buying opp and how there will be a bid under the market
Joe has a very monochromatic view of the markets. It’s not that he’s stupid, he’s not, but he puts blinders on and only sees what he wants to see from a narrow POV.
I guess we are all, bull and bear alike, guilty of that though eh?