9:30 AM PST:
ERX
I’m still holding my ERX position, and it’s doing quite nicely. I may just hold this long term for a possible rise to that 58 area, but we’ll see. I’ll debate where I want to have stops, or if I want to sell partial positions based on the day’s movement.
1097.8 is the 61% retrace of the drop, bulls will want to drag this north of there. We are currently above the 50 and 200 ma on the 5 minute chart. 60 minute chart is saying it is fine with going into new highs…
Original Post:
Today we hit trend line resistance and fell south. there’s another trend line in this area that can be seen on the SPX monthly chart. I think that we are going to this this trend line, whether we drop in the morning to hit it, or we move sideways to hit it.
1 month chart:
60 minute chart to potential 1118 top on longer term chart:
I’m debating whether or not i want to try a call position at the trend line, there’s been a bit of break down on the monthly of the 2 day trend line, but of course the longer term trend line is stronger and should be the main focus. market isn’t overbought or oversold. since opex is coming up you have to be careful with any november options because if you’re wrong things could go sour really quickly. there’s also a gap below here. if that light blue trend line breaks, then i’ll be grabbing a put position, for a fun ride down to 1065 or so. I’m assuming the first quarter of Friday may be wedging between that white and blue trend line before the market decides to hold or break one of those lines.
This site is DEAD . Look like all the traders IDAN, Channel Guy CHris, and everybody left. WOO SUCKS
Nah woo is amazing… he has tight stops on things.. and very disciplined i love the way he trades.
This is a great decent site with so many experienced and helpful traders.
Chris sucks. He wastes too much time making useless 2 hour videos on a daily basis. Holy ****, by the time I’m done watching the video, I still have no clue where the market is headed.. that’s how bad they are. (exaggeration)
There are some very good traders here.and I love their analysis to death (jon, anjali ,idan, woo, fritz, morris, JROD, Richard, faztron…etc..sorry If I didn’t mention you) . others love to criticize me (won’t say their names, but you know who you are…) so you got the good and the bad. Take it or leave it.
Idan does a great job here & Woo. Let’s just not lose them too.
Get the trend right and play it. Right now it’s up. Take it to your advantage guys.
The dollar is tanking again.DXY futures are $75.06 U.S. dollar buys 89.56 yen vs 89.72 late Fri in NY..Could be a huge up day tomorrow.
US market for recent months are close to Chinese market, and a couple of days behind. Today Shanghai index is big up. US market are likely move up.
Dave..
IMHO the rally in dollar in the last couple of days was just a “dead cat bounce”…we are better off with a devalued dollar in the short run….
The market going up due to dollar is not a healthy sign for the long run…but then again lets paly the trend and make money.
Guys – was looking at the bull flag breakout tgt – I mentioned 110.57 … actually it is 111.51 … sorry don’t know what I was seeing ….
I believe that if we close above 110.2, we will see some resistance @ 110.34 and 110.8, however if we can close above 110.2 and confirm above this, then the bull flag breakout is confirmed …. and we should reach the tgt …
Some interesting comments from Larry Berman on BNN. His target for S&P is 1200-1250 area due to all the liquidity that’s in the markets. He also thinks there is a big correction coming some time in the 1st quarter of 2010 taking the S&P to the 850-875 level but that’s it.
Here is the link:
http://watch.bnn.ca/bermans-call/november-2009/bermans-call-november-9-2009/#clip233027
I think the same.. but def.not the 870 area. Cool it b we are never going to break 1000 on the S&P again for a good 10 years.
zee, you are one of the best on here, but don’t get too carried away on the upside at least allow for the possibility of the recession or depression continuing, that is what woo does and idan and it is better just to let the market tell us, thanks for your help and your analysis.
Berman got too bearish too long after denial of a drop last year and this march.
He saw no upside in gold at 900 now he sees 2200.
Don’t get bearish, go gold, go safe.
i would say don’t get overly into gold yes in the long run a good trade, but in a depression i believe deflation is a big possibility in all asset groups
Thanks for the link, mind the gap.
I like this guy. Down to earth and no B.S. falls in with my line of thinking.
gold 1130 hit
Gold Price Change due to Weakening of US Dollar +3.90
Gold Price Change due to Predominant Buying +6.80
Gold Price: Total Change+10.70