12:00am
While we may still move a little higher from here, like Craig shows, my guess is that we will be trading lower than we are here by september expiration. Also I believe that placing yourself long for a potential 1-2%, maybe even 3%, is just the wrong way to go. Where the downside is on the order of at least 10%. I rather be shorting stocks that i think are completely overpriced and buying some calls for protection.
Intraday Commentary ~ 08/31/2009
– August 31, 2009Posted in: Intraday Commentary, Stock and ETF Models
if we drop into tomorrow…that would mean a pretty clean 5 waves down. i think it could very well signify a break down in the market and be a clear sign that we could just start heading lower.
i’m going to hold calls into tomorrow in the belief that this can’t be the top just yet, and that we’ve got some room to go higher.
market is mirroring movement from the beginning of the day. i’m hoping for a gap up tomorrow to possible 1030s, bypassing all the resistance points along the way overnight.
it’s a 50/50 gamble to hold overnight, but i have to trust my charts…
good luck!
Woo- I will hold my Sept calls too .. you are still looking for 1045 ?
yeah.
we could gap up to 1030 tomorrow.
might be interesting from here…
wow, what a risk play. But thats the right way to make $$
Had to add some 102 calls myself in last hour. Would have been nice to have closed above pivot for conviction, but this thing held gap support nicely today which gives me more bullish sentiment than bearish.
Good luck tomorrow guys!!
Ox
No pre-market economic stats due out tomorrow before the bell.
0800: Consumer spending
0800: ISM Data
1000: auto/truck sales
And EST that translates into:
1000 Consumer and ISM data
1400 Auto/truck sales
But there could also be phony German or British consumer confidence numbers to spike the futures up. Never discount anything.
hah! Right you are.
As expected, we rallied into the close. Still down for the day, but indicative nonetheless).
Does anyone else see the inv H&S on SPY – neclkine 1019.75 … we broke on SPX and trading ended … tgt 1024 … and 103 on SPY ..
Get ready for big move up! Fed still printing money and will continue to do so like there is no tomorrow. Don’t fight this scam government.
I know Schiff and some well respected guys said the government will destroy the USD to save the economy.. but will they really?
More stimulus, more money to ease the pain and stop us from going in a depression, eventually the foreign countries will stop buying our bonds/debt, USD will become worthless,… i mean can they really be planning that? It so far is heading that direction, but I think they just figured people don’t feel the pain from USD falling, but they do yell about stock/home prices falling. Sorry rambling.
If they really want to take the market down they would first need to give the feeling that markets will continue to go up. To me – more people saying “big move up” implies a fall is right around the corner. Again, timing it is tough.
Watch them fight the fed audit tooth and nail. When and if the word gets out that
the only buyer of Gov’t Bonds is the fed via lending free money to china and japan. . .
this shell game is obvious.
Ignore china, ignore oil and then ignore the fact that the only buyer of last resort is
the US Gov’t. How else do you explain that stocks are up when the volume is
all going into money market and corp bond funds?
CNBC says ignore Shanghai as its a gamblers market, nothing like the blue chip,
rational long term investing at the NAS and NYSE. Short term gamblers in china
are bidding up bankrupt companies like GM, FRE, FNM & AIG.
AKoptiontrader has a vid out for EOD and into tomorrow. Talks charts, overall market and some individual stocks. Well worth the 10 minutes.
Cheers.
http://akoptiontrader.com/
Thanks Valerie !!
end of day around 996
http://stockcharts.com/h-sc/ui?s=$SPX&p=5&yr=0&mn=0&dy=5&id=p16358639384&a=176990223