12:03pm
XLF is hitting a double bottom at 10.68$ for today.. A break of this would confirm a head and shoulders formation, that should take it to the 10.10-10.20 range.
10:58am
Sellers are piling in strong on GS right now bringing it down 1% in about 5 minutes.
10:50am
GS hits 130, incredibly strong longer term resistance, also a double to, and backs off.
10:36am
H&S forming on the desecnding support line that has crossed the channel on the SPY. This is formed by taking the 87.50 and 87 tops.
2:52am
I will be gone for the early morning, as I will be busy with a lot of different meetings, but i should be back by 10:30 or so.
10 more minutes for this paint to try? What a day……
The problem is there’s no buyer or seller. so market is not moving, that means we are are going higher if market stuck like this for a week.
obvious, just frustrating.
consolidation with low volume…I think that is bullish.
cnbc is trying desperately to bring the financials down. They have repeatedly tried to scare with the stress test comments.
Interesting to say the least.
ANOTHER GREEN WEEK……. yippee …. two green months … another green week. but the candle produced this week aint too pretty. if we close at 875.01 … ill laugh so hard.
THIS IS HILARIOUS……. there you go… we get to hear about this next week.. technically strong blah blah … up weeks, up months and the 875 close. the stars are aligned for an all out BULLISH NEWS ASSAULT
not liking th close as a bear
BLAST OFF!!!
The up vol was impressive at the end…..
look at aapl go
RUNNING WITH THE BULLS!
HUGE WHITE CANDLE INTO THE WEEKEND WITH POWER!
DON’T GET CRUSHED!
closed the april 20 gap down with the EOD ‘short covering’. Or was that really Longs??
thank you lord!! the country and the economy are saved! We closed above 875 on the S&P.
I posted this earlier and I’ll post it again:
1. bears push market down a bit
2. bulls wait to see if more bears will pile in
3. more bears do not pile in
4. bulls buy the dip
5. rinse and repeat
This market is going up (or sideways) unless the bears can break this cycle.
Exactly! This is why I called for a rally at the end. Bears weren’t doing anything so Bulls said “don’t mind if I do..” and took the lead.
Sold a small position faz 12.5 strike calls right at close. Had bids in all day to sell short some fas puts (5 and 6 strikes) but the bids never caught and the vix down didn’t help. I am now sold short
Faz 7.5 puts/12.5 calls (home made strangle)
Fas 10 calls
Green in all positions that I carried into today.
Just want to reiterate a comment I made earlier. Financials (which you know I am bearish) have sold off enough while the spx has remained up high enough that they can run this up to 900 without Rifin breaking 600 now or xlf setting new highs for those that like the EW count with a move to 900 before the next drop. Just something to watch.
Have a good weekend.
Did not sell short the vertical spread on the Q’s. I think I will papertrade that one first and see how it turns out.
on a lighter note….Festo ‘Air Penguin’. enjoy!
http://www.youtube.com/watch?v=jPGgl5VH5go
Wow lll … look at AH action … for the 10min the last candle was in the last 3 min … vol of 6M to reach 878.6 …. and the next candle volume 20 M … to touch resistance at 88.05
How can i look at that?
but look at the ROTATO POTATO action .. that is bearish. they abandon one sector for another and then trap the late ones in. this has been going on for too long. VERY VERY STRONG FOR SRS………. cha ching. im holding all 400 over the weekend. that close was another flush out. typical for Friday. get everyone in a good mood for the weekend, shop sheeple, buy a house sheeple. everything is all good again!
With you so far on SRS–1,700 shares at $22.72. Stops on partial at $24.
Art Cashin has BEAR FLU!
http://www.cnbc.com/id/30517124
http://www.youtube.com/watch?v=zFKy6Ld9gU8
lol………….. GO RED TEAM … ROTATO POTATO MUST END MONDAY!
im going to make a double in my SRS .. can feel it. $45 .. here we come! patience patience. ill have my double by the July 4th weekend
I think you are right about SRS
I am upset, I had some 20/21 strike puts I had lined up to sell on srs near the premium highs that would have filled but I pulled them thinking we would get one more run up. Oh well, maybe I”ll try again Monday.
we are opening higher on monday.
just like every Monday ……. for the past how long has every Friday been in the green and every Monday been in the red. why would this change?
…yes…and welcome to a whole week of sideways moves…bank stress tests will be released only on thursday
Yea but if everybody is expecting the market going down on thursday, is it really going to happen?
not everyone here is expecting that and …….. look around at other boards. many think it is a non-event and many think banks will pass with flying colors and up up and away we go. im seeing many thoughts on this test.
Blah Blah Blah. Same old happy horsesh%#. Not surprised. Have a great weekend and stay out of airplanes and subways Mr. VEEP. Cocktails? Kettle One up with olives please.
Good news for the world, not so good for bears.
http://news.yahoo.com/s/ap/20090501/ap_on_he_me/med_swine_flu_virus
Since the swine flu and GDP news made the market go up earlier in the week, I’m going to say this is good news for bears. =P
F#### Lost 3K today with that last minute “SHORT COVERING”"” will nurse my wounds and come back with a vengence next week. This market can not go up forever.
induscreed , shake it off. i lost $1600 in my LIFE trade and made it up the next day. sheep happens — each day is new day — you cant always come out a winner that is for sure. just keep listening to the charts and protect your capital when you make a losing trade.
I am getting more skilled at trading, which is my goal. Ya think I would learn that ’10:30 am probably go long in FAS,,,, sell it an hour later, buy FAZ…. sell it before the late short covering rally in the afternoon and buy FAS again. sell it the last minute.
ditto the next day,,,or 3 outta 5
Idan, good call on xlf–don’t listen to negative comments from the “prickheads” (want to be nice on this site); looking for your next video. By the way, these pupils would like to have your porfolio. Could lend them monies, but don’t want to be like the federal government–lots of risk, no return!
Another bank failure… this one is actually somewhat significant, in Georgia at least.
It’s a commercial lending bank (lends only to banks); over 400 community banks collectively owned this puppy. Bankruptcy=lost shares=lost banking capital. Yet another bad thing to push banks over the edge…
From the AJC:
http://www.ajc.com/business/content/business/stories/2009/05/01/silverton_bank_fails.html
“Silverton clients include about 1,400 banks scattered over 44 states. Its holding company is owned by about 400 banks, mostly small community-based banks and many in Georgia.
The Federal Deposit Insurance Corp. said the failure will cost its insurance fund $1.3 billion to settle Silverton’s debts and sell its assets. That would make it by far the costliest of the 31 U.S. bank failures this year.”
good info,, thanks.
Bears,
What is the #1 thing that moves the market?…..it is confidence. It has been gone for a long time and now it is somewhat back (albiet fragile). If you ignore it, then you will get burned. Perhaps we will drop but confidence will buy into it, so take your profits often.
Secondly, there is a quite war going on which it critical to understand for mid/long term investors. On one side is The Obama Admin that wants a socialized future economy and a broader middle class. That is appealing to the jobless. However, the apposing army is filled will solid companies that have succesfully/rightfully used the recession to do massive layoffs and maximize technology to be more productive with less people. The middle class has been crushed.
The future is a jobless recovery. As sad as that is, an investor still must focus on what that means. Right now is the time to figure out what that means. I have my bullish and bearish opinion, but ultimately, the stimulation of investing means that you should take some quiet time to yourself and figure out what all that means. It is the future and investing the right way now will yield a windfall.
“The future is a jobless recovery”
yeah..and how is the consumer going to drive spending if they have no job. The last time I checked people weren’t runnin to spend unemployment checks on big screen tv’s and new convertibles. I agree on mostly all of your other points. Confidence is one s@p 30 point drop from being destroyed. Then you’ll see “investors with confidence” start unloading fearing a retest
So short TVs. Don’t think all investors will sell because 10% can’t buy flat screens.
See XLY
3min are you going to change your whole outlook about our economy during wave 3? Or are you just going to switch your name?
The bears don’t seem to have a 30-point drop in them at this point. The only thing that looks weaker than this rally right now is the bear’s response to it.
“It is the future and investing the right way now will yield a windfall.”
Let’s see…isn’t that the way it ALWAYS has been?? Please, post any potential winners! I won’t bite…
basic food producers with the best distribution, and technology services. That is my opinion. I am sure there are other great plays.
Citigroup may need as much as $10 billion in new capital, the Wall Street Journal reported Friday night, citing people familiar with the matter. – from CNBC
C is one of the two banks below book value, and they are already nationalized….so who cares.
Its funny the bulls just shrug this off as who cares. In reality the 10 billion dilution is nothing. When the govt. turns their preff. shares into common equity you’ll see much great dilution then the 60% that the stress test capital raise is going to be….Just keep buying none of this matters. Acutally 10billion is prob. less then expected so citi should def. rocket to 5 monday!!!!
10 billion turns into at least 80B of leverage. Maybe not Monday but yes the stock should go up and since they are assured the money it is a great mid term buy.
a great mid term buy? your sick in the head..is GM a good mid term buy too? What about the fact that the govt owns 52 billion in pref. shares. What happens when they get converted into common. Citi is nothing more then a glorified AIG,FRE,FNM. Yeah your ass its a great mid term buy. You guys should stick to charts cause you know jack about fundamentals.
ONce again 52 billion in preferred that they pay a divi on.
80 billion of leverage for what? To lend to the unemployed to buy new track homes in southern cali. . You don’t fix leverage with more leverage.
http://www.businessmirror.com.ph/index.php?option=com_content&view=article&id=6584:banking-on-government-obamas-nationalization-of-citigroup-bank-of-america-is-focus-of-speculation-&catid=46:bloomberg-specials&Itemid=70
i’m so sick of you bulls trying to turn a technical bounce into mustard seeds and green shoots…
take it for what it is ..markets don’t go straight down and you were all given a gift called wave 2.
Sounds like you losing money.
3min
I have a couple of quick questions bax_ter@hotmail.com if you get a chance…I’ll try again on the next day if this gets missed. RE Banking. Thanks.
Wake up America . . . you’re being robbed, raped and roped up like a lamb ready for slaughter by GOLDMAN SUCKS!.
http://www.goldmansachs666.com/2009/05/is-goldman-sachs-running-new-york-stock.html
When they wake up, then it will be time to short. Now is the time to be long, unless your investing is a form of political protest.
Wrong! When they wake up it will be time to go long. The sheeple will keep buying until GS decides that it’s time to slaughter the sheeple and the sheeple will hold all the way down to a new low. Then the sheeple will know they’ve been had. Furthermore no EWT or TA will figure out what GS and their puppet masters are doing. So it’s all guess work. Meanwhile by creating even more debt they are ruining this country.
It’s like loss leader items in the super market. They’re designed to lure you in to buy other expensive stuff. Just buy the loss leader item and run out before the salesman has a chance to talk with you.
Dude! We have been ruining this country for decades now. Look at our foreign policy and so called friends. Check out how much economic and military aid we have given to countries in the last 20-30 years and look at the returns. It is pathetic when we ignore the fact that we have given our hard earned money to countries who are well off. I do not want to get into a political rant but how does $30K/citizen aid to a specific country in the middle east sound to you.
If you think the bankers own congress who have to dig deep to see the real owners of our country.
I agree with that, and let me say that both the Republicans and Democrats are alike and both parties continue to ruin this country. Until there is a third party candidate who can break through the media bias we will continue down the road to being a banana republic. The deficit is in the trillions and rising.
http://en.wikipedia.org/wiki/File:US_aid_to_Israel.gif
money well spent..
Israel is one of the few if not only states in the middle east whose population wouldn’t like to see you and your family dead or converted. By the way i’m roman catholic.
I agree, but the other side of the argument would be if we stop our support of Israel and its policies the other countries that are hostile towards us would chage their attitude. There is a reason why we are hated in that region…
The question is why should my tax dollars go to countries like Egypt, Jordan, Israel etc when many of my fellow countrymen need it the most.
Anyways, what do you guys think of citi needing 10B….
IDAN, will you be putting out a video before Monday’s open??? They are greatly appreciated. Looking for a strategy into next week prior to S.T. results. Thx.
http://thechartpatterntrader.com/
This is a good video too.I like both of them.
Thanx. A very thorough analysis. Also, seems unbiased, which can help take a more technical view rather than being swayed by emotion.(better decisions!)
Whats ppls views on Monday trading? Not sure how to view that last 5 mins of trading on Friday…..
I’m a little lost so hedged a bit both ways. Even though everything yells for a correction down I’ve seen convincing charts that can paint it both ways