Intraday Commentary ~ 05/06/2009
– May 6, 2009Posted in: Intraday Commentary, Stock and ETF Models
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Truly amazing. FAZ hits 5.13 then rallies 13% in under an hour… and then drifts right back down again. If I wasn’t getting my balls squeezed every time it happened I’d find it rather humorous.
Be patient. The market will retrace. Why? Cause that’s what it does. Admittedly, this run is way overdue for a correction.
Hold FAS overnight?
why don’t you admit it you don’t know what the fog you are doing…. What then?? Tell us!!!
XLF target is $13.50..Magic number to load the boat. its going to get there i can feel it. maybe tomorrow.
ahh,,,,a man w/magic numbers. I like that….
Looks like we are putting in a new low in FAZ
FAS MKT DAY None FILLED 400 11.37990
SRS MKT DAY None FILLED 200 20.65990
see how this works for me again. balanced trade. hopefully i ring the register again.
On positive financial days is it usually a higher open the next day?
im just saying that FAS will come down less that SRS goes up. it makes no sense and that has been the case here. really. today SRS stayed flat in the morning and at one point they were both green.
dont mean too much but both srs and fas green ah
Wonder what the GOV is going to do next week to keep this market going one day they will run out of tricks
eric, they are a crafty bunch. you have to hand it to them. they have alot of folks on the street fooled. a house just down the street listed for $319,000 sold. soo, people in my town are buying the recovery despite the main employer shutting down and making front page news.
Man, does it feel good to close a day up some money. I almost forgot what it felt like.
way to go. im up today again too. what im doing now is so careful that im not hitting any home runs. home runs can be left for another day when this rally tops out and everyone realises that the “recovery” is so weak that companies still keep going under. that is when this turns around.. could be a while. the market is not that great at predicting the future.
for now, im happy with base hits.
Hell, I’m happy just to hit the damn ball.
Vladimir: Well? Shall we go?
Estragon: Yes, let’s go.
[they do not move]
Got FAS 7.50 July Calls @ $2.25 closed today at $4.90 I wish I purchased more. DAMN
THE REAL UNEMPLOYMENT REPORT
http://zerohedge.blogspot.com/2009/05/real-unemployment-report.html
Quite a bit different than the ADP report.
BIDU hit the 61.8 pct retrace of the lows at $257 today.
Good short if that word is still int he dictionary
looked up SHORT in the dictionary and it says “bad thing to do in MAR APRIL OR EARLY MAY 2009″
i heard the govt was working on eradicating the word ‘short’ entirely.
lol.
I looked up LONG just now and it said ‘Classified..See US GOVT”
Richard / Mohan or any of the Gurus out there. I have been playing BAC with very bad results so far as it rose despite my expectations. I am now confused on the whole financial market and the financials in particular. I drew Fibs on the moves from the lows to the pivot high in DEC and also added thes fibs from the moves of the Nov low to the Dec high…. (LInk below) to me it appears there is a lot of resistance coming up. However the move so far has defied conventional TA and wisdom. Can you please advise on some good shorting points in the next few days / Or should I just wait for the 200 moving average?? Any advise is much appreciated.
http://stockcharts.com/h-sc/ui?s=BAC&p=D&b=5&g=0&id=p14038434054&a=166717354&listNum=2
Is there a reason why you are focused on shorting BAC? When a given trade goes poorly over and over again, sometimes it helps to move to something completely different to get a fresh perspective on things.
A bad trade can sometimes produce this feeling that makes one want to go back to the same trade to finally win with it (to basically prove a point). I think this happens with FAZ for some people here:
“You got me this time FAZ but I’ll show you!”
This kind of feeling/thinking makes people press on trades and that is never a good thing.
I’m rambling now. Maybe the gurus will chime in with some good advice on shorting BAC. Personally, I wouldn’t suggest shorting any of the big banks at this point in time. Good luck to you!
Most people (me for one) let their emotions get the best of them. As I have bought FAZ several times, I have learned that even though the “turn date” will happen, need to start hedging to reduce risk. Unfortunately, many have shot their final bullets and have little/none left.
if you short bac, play in the money puts several months out.
For some on this board, complicated–they are just trying to get too wealthy too quick.
jrs, you come here with a grandiose scheme that ONLY a well experience trader can have, and you offer advice to a fella that can’t even figure out to go long or short.
I tell ya,,,,is that EGO on your part??? Or what??? Is he supposed to figure out what the hell you are talking about??? ‘play in the money puts’…. sheesh.
Load one up in the chamber for me. Cock it,,and point it at yur head. Please
Don’t trust opinions…..and don’t trust the charts.
Confession: Bought 1,000 shares of FAZ just now at 5:15….could not help myself…just had to do it. It could go down to 0 and that would mean we are out of a recession and that would be worth the losing 5K .
3min – What do you think about FAZ May calls?
Bought 1100 faz at 5.16 a few minutes ago. if we gap down in the morning I will sell it otherwise I will hold till eternity.
why don’t you learn what the hell you are doing, my friend. Geezus effing christ, everyday, someone is asking HOW TO TRADE. Learn. Learn. Learn.
Pull up a 60 min chart, w/RSI, a 21, 50, and 200 m/a on it. Make it 4 months long. Is there ANY crossover of the 21 m/a NOW?? No??? Then why short that sob??? Why???? Wanna be ‘first in the parade’??? ahahhaha.
How about THIS. Short that sob when it falls below THAT 21 day m/a. , on the 60 min, 4 month chart. Deal???? ??????????????? ???? Short it WITH MORE SHARES,,,if it keeps on going down below the 50 m/a. Got it????
If the stock ISNT’ GOING DOWN…don’t short the sob. Got it yet??? Reread that, ya morons. Go long ONLY if it keeps going UP,,,UP,,UP… Don’t go long, if the sob is going DOWN.
Is that too hard to figure out???????????????????????????????????????????????????????????????????
more beer,,the better. g’nite
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