3:42pm
XLF and GS hitting a 200 SMA 10 minute support level helping give a small bounce to the markets. Dow Jones still hasn’t confirmed a break of the 38.2% retracement at 8000ish.
3:30pm
Support levels for XLF: 38.2% = $10.47 of the move higher since 9.40s. 50%= $10.27, 10.20 and 10.10, and 61.8% = $10.06
3:25pm
Market hit a 38.2% retracement of the move lower from the highs friday to today’s lows, ever since we managed to sell off a little. The XLF is now testing yet again the 10.62-10.63 H&S neckline, it looks like this might break very soon unless bulls push it higher by the end of this 10 min candle. 855 needs to break on S&P, which will send the target of the S&P H&S to 845-846$.
3:19pm
S&P finds support yet again at a double bottom. It seems like the market is going crazy between 3 and 4 everyday, it’s best to stay out of day trading around this time.
3:09pm
TRADE: 5% SRS Calls, SRS has broken out of a descending resistance and tested it as support, this looks very very good for SRS here.
3:05pm
Bonds rise into close, prompting a sell off in the markets, will we see the XLF at 10.20 tomorrow?
2:55pm
20 minutes ago, we bounced off head and shoulder necklines, since they were very obvious, another hit of that level will probably fail to serve support and we’ll fall, but for right now we might be getting bull flags over the last 10 minute period.
1:18pm
Bond yields are collapsing now, we might be in for a rough sell off.. as people flee into bonds for security. Financials continue to lead this market lower, which is a relatively sustainable direction for a sell off. 10.63 on the XLF is the head and shoulders neckline on the 10 minute, a break of that will put a target of 10.10-10.20 on the XLF. Earthquake 220 km away from Mexico city. Should we be closing temporarily our borders with mexico??
12:35pm
Technically speaking, we still can plunge to 844 and be bullish, because we’re in ascending channel, and that’s where support is. Do please, take some profits at that level if we reach it, NO MATTER WHAT. Remember, pigs get slaughtered, especially during swine flu seasons.
12:10pm
Some resistnace has been found, the SKF looks like it’s forming it’s inverse head and shoudlers and is potentially ready to pop here. 60$ is resistance, if we can break that, more power for the bears.
12:05pm
Dow Jones is htiting against the longer term resistance around 8120-8125… a break would confirm a new move higher for the indexes…
11:51am
SPY going in for another test at the highs around 87.00, but the financials except for a few, are not looking strong, their chart looks very weak. SRS is setting up really nicely for a pop in the upcoming week.
10:27am
$SPX potentially forming a head and shoulders here at 10 min, 865 looks like a great level to short for the gap fill,if we ever make it up there. The VIX is up 5% despite markets being close to flat.
9:35am
We’re getting a bounce here at the open as the 38.2% retracement of the last 2 day move higher has been hit on the dow at 8005-8008.
12:18am
Hey guys, the futures are down more than 2 % as my fellow traders and I have expected them to be. We are probably going to be testing the support of our ascending channel either during futures trading or during market hours. We WILL almost certainly get another small bounce off of that support, so if we open right next to it, cover some of your shorts even if it is for a slight loss, you can put them back on at a higher price. After a small bounce, I expect this support to break, and then the market should sell off hard. Tomorrow could be another 3-4% down day, depending where we start the day. Remember, my goal for this market is 7540 on the Dow Jones, and i’m still sticking to it. We will find some support at 7820 though, for the H&S neckline, but it will break relatively fast.
ONLY IN AMERICA can you have ….. key people in government run organisations killing themselves, corporations being twisted into unwanted mergers, health epidemics, banks going to hell one minute and making record profits the next, unemployment steadily rising, brand new homes being bulldozed by banks and the stock market stands tall and says “F*CK YOU! IM GOING HIGHER” .. that is what it feels like.
im willing to bet anyone here that we don’t stop hearing about the back to back up months until the end of next month. this is going to be an all out bull assault. even if the world stops spinning and sun burns out; Cramer will still be biting the heads off stuffed bears.
That’s what we expect after Primary 1 (which was an all-out bear assault). We get Primary 2 (which is an all-out bull assault).
Prechter’s short covering is looking better and better in hindsight.
looks like 851 XLF looks weak.
The bulls are lining up to leave the stadium. Show is over.
Really?
FAS LOD FAZ HOD C’mon Red team
Look at these candles on the minutely chart on SPY. Simply amazing.
ANYONE WANT TO GIVE US SOME TECHNICAL ANALYSIS… Friday’s closing 15minutes. what the heck was that? has anyone ever seen anything like that? what is it called?
—- justbeforetheweekendsuperbullbar? —-
As Zero Hedge has warned, when it comes to quant funds, the performance distribution is not a simple zero sum: the market’s very topology is held in place by a smoothly functioning quant sector. Its absence results in abnormal and outsized index gyrations, incidentally like the one experienced by the S&P500 in the last 5 minutes of trading on Friday.
Reply
EVERYTIME WE LOOK BULLISH… we go lower … BEARISH… we go higher. put my LIFE position back on……. play those squiggles.
Quite a tug o’ war to keep GS closing in the green.
It’s program trading. Best to stay away the last thirty minutes. With liquidity from the little guys quickly disappearing, the only people left are the top five firms and their programs eating one another up. Want something scary to think about? Think LTCM.
Let’s close with a low of the day on SPY.
and close with a big group bear hug.
man… these 1 min gaps are pretty wild to watch.
IDAN, do you think this market will trade within the blue support and the red resistance (your chart) until Friday forming a “triangle” pattern for a Friday breakout???
it can very well do that, that’s why i’m telling ppl to take profits off at that blue line…
——— SRS ———- if you are in this one. the bullish wedge trendline is at around $25. a close above this keeps the pattern intact. looking good. $26 last print.
im still calling for a close just above 860 and the peak of this current move up at 862
wow ritchard going out on a limb today ..
Tracking that way is a little flawed, you have to track the index then take into account the leverage and apply it to the stock price. Today’s 10 percent move off of 25 dollars is different than a 10 percent move from 23. It is not the same as a regular stock. They have the same moves 1 to 1. This is 2X to 1
richard knows that using TA on 2x /3x and not on the iyr is silly…richard also knows that the sheep do not think its silly. Thats why TA works on this stuff. Cause the sheep make it work
Greg , i just chart the stocks .. chart the patterns and it works for me.
2X is a lot more friendly than that Direxion stuff. They lose so much value. But with 2X you can get patterns, agreed
857
857. Close but you can’t beat the programs, sorry.
i prefer to take more days like today. I would much rather have SRS chug along at a nice clip daily rather than a big pop and then give it all back (and then some haha)
for the SRS train to really get going it has to at least start rolling in one direction!
I’m not the psychologist here (Richard?) but the bears are not being scared here by this little bullshitish pop. Staying short and liking it.
im just playing the squiggles and the wiggles. and having fun doing it. the market knew everyone was expecting a big down day after Asia went poop dee doop so they did not deliver it. now we head lower tomorrow morning before heading higher as many shorts covered at EOD all crying in thier soup.
LIFE has me the most excited as you can see from my 718 posts about it. perfect bear flag set on light volume right into the moving average. i better be ringning the register on this play or im going to crying in my soup too.
I think you are probably right …. still holding on to my puts …
Market moving up AH … at least for now …
LAST CALL ON LIFE…. im thinking this one goes down hard tomorrow morning . the volume picture really lines up
The 10m SPY chart looks like a trainwreck of the 20, 50, 100, and 200ma and tight BBs.
sold 30% of XLF..for kicks.
Limit 8.90 -AON DAY 8.90 4/27/2009 3:59:57 PM +.46c
Kept a bunch of it…
I am not wanting to go long, but what do you guys think about NGEN? It is a swine flu stock that actually finished at the HOD. I really don’t like penny stocks but I don’t care where my money comes from.
don’t play penny stocks myself but that is some dangerous move. tomorrow they could just say “false alarm” blah blah and then that thing can just tank a roo la. many things can go wrong quickly for penny stocks.
however, if you think the reward is better than the risk put a bit in. im not going to follow you in that play. however, keep posting your ideas. it all helps.
Yeah I don’t mess with them really either. I find it interesting that the volume was only this morning and the afternoon. Is that good or bad for a penny stock? Does it mean people who bought this morning unloaded or kept accumulating? Anyone play with penny stock fire that can help?
Just a litle more info on the company. They make tests for infectious diseases. So even if this doesn’t get huge, people still need to be tested. This actually comes before Tamiflu.
“I am not wanting to go long,,,,but I don’t care where my money comes from.”
do you ‘care where your money G O E S’?? Is something guaranteed here that we don’t SEE?
Do you know how to do ‘basic’ Research? I don’t think you do. Which is ok. I do tho, suggest you L E A R N. You might start here:
http://finance.yahoo.com/news/Nanogen-Reports-2008-bw-14570590.html?.v=1
I found this ‘interesting’ from that report. Maybe you will too.
“said Howard Birndorf, chairman and chief executive officer. “However, our available cash resources are not adequate to support our 2009 plan and therefore, we are aggressively continuing our efforts with Cowen & Co. to identify and evaluate strategic opportunities for our business. This effort is one of our highest priorities.”
In order to conserve its limited cash resources, the company has deferred the audit of its financial statements for the year ended December 31, 2008. Accordingly, the company does not expect to file its Form 10-K by March 31, 2009, the applicable deadline under the applicable rules of the Securities and Exchange Commission.”
I like that quote from P.T. Barnum, the founder of the Ringling Bros. and Barnum and Bailey Circus of the last century:
“there is a Sucker born every minute’.
Well I see you know how to ‘basically’ be an a hole. And yes basic research has been done. I would worry about that if I was going long tard. You do some research and find out what they make and how it applies to today.
Tell him Greg. If I were you, I’d put all my money in it tomorow, at the open price. then come back and show us all how you are a worthy
Here is some more DD for ya……
product offering and improving the technology and capabilities of rapid diagnostic methods that can be used in urgent care settings and at the point of care. Through a combination of grants, contracts and self funding we are working on assays and technologies that will provide better results.
Here are some examples:
Rapid Influenza Testing – through a contract with the Center for Disease Control and Prevention (CDC) and a partnership with HX Diagnostics, Nanogen is developing a rapid influenza test that detects and differrentiates amongst the common influenza strains. The test is being developed with our proprietary Nexus Dx® rapid test platform – a 3rd generation rapid test technology which significantly improves precision and sensitivity for rapid test methods.
Molecular Diagnostics for Influenza – also through a contract with the CDC, Nanogen is developing a multiplexed molecular diagnostic test that can be used as a confirmatory test for influenza. This test will differentiate amongst the influenza strains and will have a reflex test to identify avian flu subtypes.
Seems more relevant now doesn’t it. When that statement was written the demand is not the same as now.
. For the full year of 2008, the net loss was $38.1 million versus $33.9 million in 2007.
Nanogen’s consolidated cash, cash equivalents and short-term investments balance at the end of the fourth quarter of 2008 was approximately $3.1 million.
git it while the gitting’ s good
March 26, 2009 4:29 PM EDT
NEW YORK, March 26, 2009 (GLOBE NEWSWIRE) — The NASDAQ Stock Market announced today that it will delist the common stock of Nanogen, Inc. Nanogen, Inc.’s stock was suspended on March 23, 2009, and has not traded on NASDAQ since that time. NASDAQ will file a Form 25 with the Securities and Exchange Commission to complete the delisting. The delisting becomes effective ten days after the Form 25 is filed. For news and additional information about the company, including the basis for the delisting and whether the company’s securities are trading on another venue, please review the company’s public filings or contact the company directly.
For more information about The NASDAQ Stock Market visit the NASDAQ Web site at http://www.nasdaq.com. NASDAQ’s rules governing the delisting of securities can be found in the NASDAQ Rule 4800 Series, available on the NASDAQ Web site: http://www.cchwallstreet.com/NASDAQTools/bookmark.asp?id=nasdaq-rule_4800&manual=/nasdaq/main/nasdaq-equityrules/.
Thank you to all who replied. I did not put any money in it and I just wanted your take on a penny stock. I have only been trading this year so I am a NEWBIE. And thank you to all sarcastic mofo’s who are the epitomy of this debacle. Only in it for themselves. Greed pays today but leaves you in sorrow tomorrow.
still sidelined…therefore short…bonds had nice reversal today…fear vs. fed?
If we rip up into EOM…which index etf to trade? any ideas?
1. qqqq
2. spy
3. dia
win…place…show?
OK. Good day. AAPL (holding -20%) and GLD (Closed -17%) sucked but everything else went dandy. TBT puts (+20%) AMR calls (Closed +28%) VIX calls (Holding +40% avg from yesterday) FAS puts (+5%) FAZ (avg 8%) NEM.(+10%) I’ve got some overlap here and will sort it out tomorrow. Where’s that martini shaker? Night all.
Meant AMR puts. duh
SRS – Descending resistance? This one I don’t get. Please explain why breaking through lower resistance is a good sign for being long SRS?
Thanks very much, TomD
held resistance on my chart
held support too — its coiling up for a decent move
Idan,
Could we have another bull flag forming?
phild
we could be having a bull flag forming on the 60 minute S&P or SPY, and that could come to fruiting once we hit the support of the ascending channel. But, we can also break down from that support level because we hit that support 2 times arleady, this will be the third. I think the third will hold, but we won’t bounce much higher, and eventually will fall below. We will have to see if the volume picks up to the downside tomorrow, because so far the upside has been light, and the financials aren’t following the rallies as much as the bulls would like to.
Did anyone see that big last-minute spike on XLF? 3.8million shares traded in the last minute (biggest spike of the day), pushing it all the way up to 10.76.
Really odd volume there…
it’s probably just an imbalance… which was later fixed afterhours.