12:00am
Idan is away until thursday, feel free to continue to comment. He noted that a break of 875 on friday is very significant, and that we are now trading in a steeper channel than we were before… Here’s a screenshot of idan’s S&P chart:
Idan also noted, that the buying on the S&P in the last 3 minutes of friday’s trading was pure institutional manipulation, and could present a fakeout. In order to stay unbiased, his advice is to trade the two channels (the ones in red) and the ones in blue, and don’t have a bullish or bearish bias…
cash is sooooo boring.
ha ha
My FAS options up 64.44% today
yay
Does anybody know the record for gap ups that never get filled to the downside? I missed the open this morning due to business, and as usual would not chase the gap up. 6 out of the past 7 times now, I believe, the gap ups have not filled to the down side during this rally? As much as I hate to miss a move, I have to wonder what “trap” is really being set here. If (when) we take out the January high, I will find a better entry for one side or the other. We traded in a 30 point range for the most part all of last week, yet today manage to climb up almost that much….unbelievable!
The market is MUNIPULATED….. one of my problems during the rise was not chasing like you are doing now…. When I realized the market is fake, munipulated, a toy for the controlling powers at be…. I started to buy the dips in the rally and have been much happier..
GO WITH THE FLOW
appreciated. good advice. can’t stop a moving train, but better keep your seatbelt on …(tight stops in place)
The S&P closed right at the stronger channel resistance Idan layed out in the chart. Pretty much exactly on the nose. Not to mention on weaker than Ave. volume (with the majority of this volume being a strong manipulation push at the end of day). Also, there are a few other very strong trend lines that all intersect at this same SPX 908 range.
Should be very interesting, but a pullback tomorrow seems highly likely.
I bought SDS and SRS after hours.
Good luck.
Idan sold short short the market as well, with a tight stop… He replied saying that today we reached the 38.2% retracement, of the move lower from august as well. It seems highly unlikely that the market will continue to go down. He believes a move to at least 890 is possible. A reversal is also possible but right now he’s playing the channel, he’ll worry about a reversal if the channel breaks.
correction: unlike for the market to continue to go up..