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18
Nov
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3:08pm
Idan: The market seems to be trading in a large triangle formation on the 10 minute SPY. But in the last 10 minutes it is trying to break out for another push higher. While I think the market still has another potential 1-1.5% higher, I think AMZN is a short at these levels for a swing trade, and that AXP might see another 0.5%-1.5% higher and then probably fall between 5-10%. Trade, Go long SPY, Go short AMZN, AXP (hedged).
Futures are pretty flat. So far market is still bullish. need a lot of breakdown for the bears to really gain any ground.
1 month:
trend line is holding and it looks like 1115 is the short term top to watch prior to the 1122 top on the 5 minute. the only drop i would be looking for (if any happens at all), is one to 1096, but it isn’t necessary.
here’s how things look on the 60 minute:
ALMOST there…i need to take some time to draft potential other tops and calculate the max extension we can head to in case we pass this 1118 area on the 60 minute. i’ll try and do it this week.
here’s the longer term chart that i’ve had up for a while. Updated from the chart i posted a month back (http://www.stocktock.com/2009/10/23/ew-and-fib-update/)
it will feel so good if this plays out. hope i’m right. if not, hopefully someone else on stocktock gets it right. good luck everyone!
I haven’t posted here in many months. Not much to say really. Delusional economy. Delusional government/media complex which lies to us on a daily basis. Plus, when last I checked in, this place was hella bullish. Didn’t figure you were interested in my bearish rants. Have to admit, even I’m not interested in them. So. this may not be much use to you traders. But it struck me nonetheless. I am a regular reader of the Ewave blogs such as Kenny and Dan Eric and this idea of a parabolic runup and collapse….it just has the ring of truth. Shred it.
http://www.youtube.com/watch?v=RFC6_diOZ20
November 18th, 2009 at 7:37 am
This place has never been anything close to bullish (which is unfortunate given the action in the market since early March). I do think it has become more balanced though which is a big improvement. I think bearish and bullish rants are always welcome if they offer some insight into how to trade the market successfully. I don’t think anyone wants to read complaint after complaint from bears about how ridiculous this rally is since we already had about a gazilliion of those posts here over the summer months.
I used to read Daneric’s stuff when he was a poster here. Has he made good calls using EW since he started his own blog?
Anyway, come on back over to ST for a few days and see what is going on. It was a good place to get advice on how to lose money when it was a bearish board in a bullish market. However, it has been a great place to get excellent trading ideas for making money on both sides as of late.
Best of luck to you!
November 18th, 2009 at 8:58 am
Morris,
You have to take some credit in making this board a balanced lot. Trading is very tough. Your posts have been teaching us how to be a well balanced trader. Whatever the methodology that one follows, has developed and honed, a balanced traders persona is key to making money. And yes, you have been very transparent and upbeat in your comments. Thanks Marvelous Morris, always look forward to reading your comments.
November 18th, 2009 at 9:23 am
Thanks! All the best to you and yours.
November 18th, 2009 at 11:58 am
Agree 100%, and also feel that you, Morris have helped alot with the balance….the few people that rant about manipulation of the economy as they post their trades are the most likely to have lost the most money….just follow the trend and keep the personalities out of it, and everyone can make money whether they wait for the rise and short it, or buy the dips and ride it! Thanks to those here who are objective, as you will most likely be cashing in.
November 18th, 2009 at 7:48 am
Heh I wish I had been more bullish past 6 months. Heck I’m still bearish , the only reason I’m long is inflation .
November 18th, 2009 at 8:08 am
Wow, that was amazing. Thanks. Reminded me of this study;
Long-term analysis of mankind shows troubling trends
Using Elliot Wave Analysis to look into the future…
http://newsusa.myfeedportal.com/viewarticle.php?articleid=200
bull or bear , it doesn’t matter…nothing goes straight up nor down. the key is trying to pick a spot or side, which is impossible..how many times have we bought or shorted a stock only to see it iniatially reverse whether for a min or the entire day. if we could all pick winners, we’d be gazillionaires. i’ve learned a lot on this site reading both sides and waittle watching why people trade certain stocks. in the end, we all want to make a llittle extra money, well at lot more money, and learn in the process.
just my opinion, but i appreciate all the posts here and the webmaster for putting this together.
Thanks for the update Woo.
gold 1148 hit. Crude on the rise. Will today be the day oil breaks up out of it’s recent range?
Housing Starts drop sharply to lowest level in six months. -10.6% to 529,000 | Building Permits -4.0%
Oct CPI +0.3% vs. Consensus of +0.2% | Less food & energy +0.2% vs. Consensus of +0.1%
Brian Shannon’s- pivots, support resistance and longer term chart
http://chart.ly/efkcqk
November 18th, 2009 at 9:11 am
thnx for the chart link optic.
Market up and down. Key point is not bull or bear, it should stay the right or same side with market .
Just checked my trading account and apparently my TZA trailing stop was too tight. Stopped out for an $8 loss.
I will be looking to enter long on weakness, but I wont be at the PC, will be on the road most of the day, so I’ll probably stay in cash.
My retirement account is still long MVV.
I’m going to be out for most of the day but I’ll stick around for the open and post anything that I do before I head out. I’ll probably add to my SCO position and hold the FAZ position. Best of luck to all today!
November 18th, 2009 at 9:28 am
These are obviously risky trades given the market environment we have right now. Follow at your own risk.
It seems a lot of people are being lulled into complacency as buying the dips has worked for so long. Bears are exhausted, longs are complacent……..its a perfect time for the market to screw the most by reversing.
November 18th, 2009 at 9:34 am
You might be right….dollar down, market down. The old formula not working so far for Mr Market.
In real money terms, the bears are right. In US dollar terms, the bulls are right:
http://i47.tinypic.com/23k6sgg.gif
How this situation will develop is probably related to government attitudes and policies toward conflicting goals for stock prices, commodity prices, liquidity and credit, currency exchange rates, employment, productivity, etc.
About all we small fry can do is trade the swings.
November 18th, 2009 at 11:45 am
yeah when the market is swinging like it is, and gapping up and down so largely, you have to swing trade. unless you’re willing to hold through huge losses, or see stops wiped out over and over again hehe.
If you watch the last few SPX drops on the charts, you will notice that the market first flattened out for 4 to 5 days followed by a drop. If the market remains flat today, I would intepret it as a bearish sign. Looking at yesterday’s low volume, I don’t think the market has the energy to push higher.
buy order in for more SCO @ 12.58 (my entry yesterday was @ 12.72)
will check back in this afternoon
November 18th, 2009 at 10:11 am
UCO has hit the upper line of the descending channel I’ve been watching. Seems like a good bet to buy SCO right now.
However, I’ll set a stop somewhere above the line in case this channel gets broken significantly .
http://stockcharts.com/h-sc/ui?s=UCO&p=60&yr=0&mn=1&dy=0&id=p73612512386&a=183283718
November 18th, 2009 at 10:15 am
I’m in SCO at $12.65
November 18th, 2009 at 10:43 am
If UCO gets to $14.41 or, I think that’ll be me my sell point on SCO
I don’t know if my stockcharts link works (below), but I’m looking at IWM (Russels): an ascending wedge, but also upward channel lines since November 3rd.
My thinking is if it breaks down through $59.48 or so, then that’s the time to get in TZA or TWM for a play.
Maybe I should be charting $RUT instead, but the IWM has charted well for me the last couple of weeks.
http://stockcharts.com/h-sc/ui?s=IWM&p=60&yr=0&mn=1&dy=0&id=p73612512386&a=183288395
November 18th, 2009 at 10:05 am
If it doesn’t go down there and goes up another leg, that’s even better, and my eventual short will be even more confident.
Setting up for a possible bounce right here..Alot of head fakes this morning even with a low dollar.
Still riding TZA bought another 1000 this morning at 11.45. Average is about 11.36. about 75% cash at the moment. This move down should bring us back to 10275-10325. If we brake this area 50SMA is at 10057 right now so we could retest the previous resistance of 10100’s. I am looking at a target for TZA of 12.40. But I will be placing a trail stop around 12.15 or so.
November 18th, 2009 at 12:00 pm
JROD – are you no longer expecting a move to 10,500 by opex ?
November 18th, 2009 at 1:53 pm
We could still move higher that is why I am buying TZA in increment amounts. The top of the channel is very close to this level so we could move south at any point in time. The housing news just confirms this top to me. The market seems very week right now but if you see my posts it is a grind since we have seen this movie before and there are a lot of buyers out there yet. I will sell my TZA in incremental amounts as well as I see resistance level being hit
looks like these bad news are only able to slow the push higher but bears are fking dead
November 18th, 2009 at 10:39 am
Keep telling yourself that,It’s only a matter of time.Just remember when there is volume in this market where is it ? to the down side.
November 18th, 2009 at 10:41 am
For now, even as a bear, I’m gonna have to agree with nastrades.
Been pwned so many times since May. Yes, eventually bears will be right.
November 18th, 2009 at 11:03 am
are you not seeing it? no matter how bad the news it at the end of day it turns green… even if the news is so bad it’s taken over by let USD sink… whichever way you look at it… bulls/gov wins!
Here is one for the bears case.
Bearish, very bearish on stock market – Meredith Whitney CNBC video:
http://newsusa.myfeedportal.com/viewarticle.php?articleid=479
“I haven’t been this bearish in a year.” and much, much more.
Brian Shannon in 5 minutes
http://www.stocktwits.tv
November 18th, 2009 at 11:20 am
Great show !!!
Made a nice tidy 30% profit on my currency pairs last night short the dollar. Exited as we are at a possible reversal point.
Currently unsure where the market heads from here. But currency wise looks like a natural spot for a little bit of a dollar bounce and I do mean little.
November 18th, 2009 at 11:39 am
I would like to see 1120-1125 on the S&P then it’s all in with the shorts,but the market does not give a shi$ what I want.
— THE TOP IS IN? —
im looking at the DAILY SPY chart with 20/40 mas and especially charting the RSI. if you look at this new level we are hitting…. we are hitting it with a lower peak on the RSI draw a trendline from the RSI peak and you can see that we are hitting resistance right now as im typing this.
—- PBI —- still have my PUTS and they are in the good. very bearish candle developing today. still have my IBM PUTS and ive added back my short in UAUA. have a small short position in ZRAN from $10.22.
HGD.TO is what im buying here along with some 111 SPY PUTS. this RSI trend is not the tell all but it certainly is not healthy action to make a higher high.
November 18th, 2009 at 11:38 am
—- TZA — stopped me out yesterday as i trailed the move higher. dont mind. the market will be open for the rest of the year
November 18th, 2009 at 11:41 am
TZA is neutral to slightly bullish from my charting. the 20 and 40 are perfectly flat. it is holding a higher low. looks like an IHS on the daily. just need to see RSI confirms with its positive trend.
November 18th, 2009 at 11:40 am
December SPY Puts, right? Just checking
November 18th, 2009 at 12:09 pm
all of my PUTS are JAN plus right now
——— F ————- hitting into the upper BB on the daily and looks like a topping candle. im taking some $9 PUTS for early next year.
November 18th, 2009 at 11:46 am
took shares short at $8.97 instead.
November 18th, 2009 at 12:13 pm
The same pattern was there 4 days ago and it kept going higher…good thing you sold the stock and not bought the puts.
5 minute:
50ma – 1107.55
200ma – 1106.58
bears need to push below this again. bulls want to keep it propped up. but i’m pretty sure the market will take a little longer to decide.
i still think there is stronger support below here in the 1096 area and would like to see that first.
What is a Negative RSI Divergence and why should you care? (StockTiming) http://bit.ly/4psZyn $$
Goldman Says “Sorry” And The World Moves On (w/@howardlindzon) http://bit.ly/Abvcw
Oil USO has broken above its channel today – consolidating under 41 resistance … once it breaks should get to 42 … if it breaks 40.66 .. I am out and will look for a better re-entry point …
November 18th, 2009 at 12:39 pm
If might have been a slight channel overthrow. I don’t think it’s a confirmed break quite yet.
But, just in case, I put a sell stop on SCO at 12.46, which would be a 1.5% loss for me.
November 18th, 2009 at 12:50 pm
Same to you, I put a sell stop on my SCO trade @12.46. GL.
November 18th, 2009 at 12:41 pm
USO just completed gap fill ….
November 18th, 2009 at 12:44 pm
Anjali,
Do you have charts you follow? can your share?
Thanks for keeping us updated on the USO trade.
November 18th, 2009 at 5:18 pm
I still see oil breaking out to USO 43 … that would be 15.5 – we are consolidating in a huge bull flag ….. almost got stopped out today – right now still in …
From our post this morning……
The December S&P 500 index was higher overnight as it extends this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If December extends this year’s rally, the 50% retracement level of the 2007-2008 decline crossing at 1112.80 is the next upside target. Closes below the 20 day moving average crossing at 1073.35 would confirm that a short term top has been posted……
Looks like the bulls have the advantage at least until we trade the 1130 area on the SP 500.
————- PBI ————— take a look at the daily price action. $24.50 …. pink ponk pang…. if it closes and confirms below this level my PUTS are off to the races.
———– SPY ———– call me crazy but im also taking some SPY 111 PUTS that expire this FRIDAY for a short term trade. this RSI looks like it will play out. in at $0.75
November 18th, 2009 at 12:31 pm
———- F ——— a decent size bid at $8.97 that i hit selling short has clearly been taken out or taken off the table. F made new daily low and the $9 CALLS are threatened to expire worthless. this will help the case for a correction.
Entered DEC 22 STI calls @ 1.51
pretty amazing set of wedges….especially on XLF, just bot some calls on this baby, like the way the 20 MA on hourly chart is pointing upwards strongly….this breakout cud lead the rest of the markets up, with a bang! be long or be wrong~
November 18th, 2009 at 1:02 pm
hm..unless your daytrading..XLF in a H and S on the daily…
stepping back in for a second. my buy order for SCO that I posted this morning hit @ 12.58 so I now have 2000 shares at an average of 12.65. also, still holding the 1000 FAZ (even though the financials are really holding up well right now). will check back again later.
November 18th, 2009 at 1:04 pm
SCO making a nice move now …
——– SPY ——— another thing to look at beyond the RSI failing to break its downward trend is the 20 40 moving averages on the daily. these averages have not been this narrow since they crossed in JULY. i know i have bear glasses on. however, im also aware of the errors ive made in shorting this market on the way up. this is one other reason ive not been around posting…. i’ve sat out for quite a while. im feeling stronger about this being topping action each minute. CANDLE pattern RSI downward trend and now the 20 / 40 MAS narrowing.
November 18th, 2009 at 1:03 pm
——— PBI ———– continue to PING off the $24.50 level. if you take short here and have a stop just above the $25 level you are risking 2% to make? this thing has a 60:1 debt equity leverage and id like someone else to confirm this if they could. you dont find many companies with this poor of a balance sheet.
November 18th, 2009 at 1:04 pm
i have 9 contracts at entry of $1.26 in two buys…. JAN 25 PUT
November 18th, 2009 at 1:07 pm
——— SPY ——— 111 NOV ……………. sell order set at $0.95 which is just under 30% gain. this is equivalent to holding to friday and SPY completing at 110 so im happy if i can just get this today.
November 18th, 2009 at 5:22 pm
Richard – I will look at PBI tonight and post my notes …
November 18th, 2009 at 1:06 pm
Richard,
As always, your observations are clear and concise. I appreciate your contributions to this sight!
November 18th, 2009 at 1:23 pm
———- MY TRACK RECORD ———
called the bottom of 675 on the SPX ………….. charting all the way. failed to cover 100% of positions but more than doubled my account.
had my butt handed to me since. batting about 25% on my trades. getting hammered when wrong and making small gains when right. any long positions ive taken ive been scared to hold onto for more than a 20% gain. im admitting to failure on capturing any gain since the March bottom. hopefully ive learned from my mistakes.
im now trading smaller positions as i want to hold onto gains made last year and early this year. PBI is a company ive followed for years. it just keeps getting uglier for them yet the stock price remains flat. the day will come for PBI and im sure ill be in the trade when this company gets punished for ignoring the fundamentals of finance. PBI now trading below $24.50 support. maybe this is the beginning of a re-valuation of this business.
November 18th, 2009 at 1:57 pm
PBI- In addition, 5D EMA crossed below its 20D EMA yesterday. In addition, DPO is showing it could be prime for a drop. Potential strong supports are 24 and 23.76. Other support lines are fibs from 9/3-10/23
———– ZRAN ————- im up 2.3% in this short and holding. it is struggling to hold the even price of $10 which is strike price for options. this will be a key in this one holding up for a bit longer or not. $10 for end of week is the bull goal line imo.
—————- SPY ————— NOV 111 puts are back to break even LOL. if this thing does not get sold again in the next 25minutes…………… im going to get out of this trade. it came $0.05 short of my exit price……… actually thought about just taking the $0.90. oh vell.
Are the bears unwilling or unable to bring this thing down?
November 18th, 2009 at 1:54 pm
clearly the bull team wants SPY 111 ………. this would bode well for post opex unloading as we approach the end of year. how this will play out will be known in but a few days. however, im only going to give this another 18 minutes for my short term puts. this bounce off the double bottom is quite convincing the bulls may recapture 111. this market is not for the weak hearted.
a trend line held right there at the bottom. we’re below 50ma right now, 200ma on 5 minute is above this area.
we’ll probably consolidate here a bit longer. bulls better act fast, because there more it sits here, the bigger the chance of a trend line break, and a move towards 1096-1098.
—— ANY OTHERS —— anyone else going to weigh in. any strong feelings about a particular stock? made my feelings clear about PBI and ZRAN ……….. nothing else from me right now.
November 18th, 2009 at 2:07 pm
I had a strong bullish for STI – but my entry is hurting …
I did it again … entered STI near the high @ 22.31 ….vs waiting for a pullback … how do I manage to find the high … and get a horrible entry – any ideas welcome …
I am really serious about this, as I have seen this happen multiple times – advice appreciated …
November 18th, 2009 at 7:21 pm
I usually look at the 60 minute to get a better view and this one seems like it might be headed to 20.30 to 20.75 before turning back up. Long term (DAY charts) is looks very weak.
November 18th, 2009 at 2:08 pm
Still holding 700 shares of ICE. This is a swing trade. Well above the 20 SMA and holding strong. Once it clears $110, little resistance up to the $118 level. However, the volume has been crap both to the upside as well as the downside.
Meanwhile at GS the head computer trader returned from lunch to see the market was down 70 and imediately starting yelling at his younger trader’s for letting such a thing happen while he was gone. He imediately proceeded to fix the problem before Tim or Ben could see what had happened! LOL
November 18th, 2009 at 2:06 pm
im thinking that it may just be a room full of computers arguing with each other on what to do. are there really any humans in control of this market?
November 18th, 2009 at 2:07 pm
———– 5 minutes ————– that is what i give the computer bears
November 18th, 2009 at 2:15 pm
SOLD SPY111 $0.72 LOST $0.03 PER CONTRACT id rather just take this tiny loss. failure to push to a new low on that nasty move. im sticking with all my other slower moving positions.
checking back in an hour. please post your ideas on individual stocks. id like to take a look at some others.
DNDN is bouncing around a key S/R.
BTU is a buy if you think today’s gold/oil weakness is consolidation. Good S at 46.
November 18th, 2009 at 2:16 pm
have you been playing gs lately?
November 18th, 2009 at 3:14 pm
No. I began losing with that trade because I dislike the company. Was trading with an I-Can-Beat-You attitude. Emotion not a good formula for trade success (=
November 18th, 2009 at 3:21 pm
thanks. i went to calls and its been profitable. i have divorced my emotions on these trades.
A good watch:
http://market-ticker.denninger.net/
Fox news on the dollar carry trade…three video’s just scroll down
might be why it stopped working today
November 18th, 2009 at 3:17 pm
thnx. interesting.
——— CRE ———– cramer interviewed some CEO yesterday about the impending CRE collapse and they both agreed its hogwash . he recommends some Federal i think. anywho. i have a few CRE that i was in and took small profits. WRI and DRE and they are both trading higher today. im guessing they are all trading higher and its helping push the market here. most CREITS pay decent dividends in a ponzi like fashion.
November 18th, 2009 at 2:22 pm
I had been building a position in PLD over the past 8-9 days. Had 3K shares as of yesterday. Chart was looking great and then BOOM! out comes a sell rating from GS…..specifically on PLD. Never fails!
November 18th, 2009 at 2:39 pm
bastards
but based on my experience with ETFC. as sell rating from GS is good..the stock may go up 
They had a buy rating on refiners and ETFC a few months back and they have gone down ever since
November 18th, 2009 at 2:50 pm
My biggest mistake and regret to date……..trying to make sense of something that defies sensibility…..the stock market!
November 18th, 2009 at 3:17 pm
wow!…I thought I lost it all in ETFC and it is up 17c today..
November 18th, 2009 at 7:35 pm
Don’t know if you guys here do EWs but the chart proportions on the 60 minute PLD look absolutely perfect for further upside. This sell rating by GS will/might drop it to its EW4 (about 13) and then it looks very strong after that.
aapl broke up from its downward trend line on the 5 min chart
1107.85 is the 200ma, if break north of that we could see a rise to the top of the channel. could see 1115. bears need to hold this area, bulls need to push up.
if bears bring it back below the 50ma, we could see a retest of the trend line, another test of the trend line could be bad news.
November 18th, 2009 at 2:58 pm
a few days ago i read some story about soft commodities and climate change. take a look at lumber prices now. big gapper. this is quite funny. how can prices just gap up with hardly any buyers and new home sales flat. climate change alone sending prices of all commodity prices higher? we are toast!
selling the heck out of SPX puts here…..be long or be wrong!!
Dear FAZ,
I know that I have said very mean things about you in the past (and I meant all of them). I know that is why you are red today even though the market is red. I would like to take this opportunity to apologize. Can you forgive me?
Your new friend,
morris
November 18th, 2009 at 3:02 pm
Dear morris,
please be patient with me. im just having a tough time understanding that people keep spending despite the fact they cant pay what they borrowed in the past. i’ll be on my best behaviour in the months to come.
Your soon to be freind
FAZ
November 18th, 2009 at 3:12 pm
Ha, I don’t know if I can trust you FAZ. You have done so many traders wrong. I am very tempted to renew my relationship with your friend TZA. She has always treated me well.
November 18th, 2009 at 3:18 pm
FAZ wants me to tell you that she doesn’t want to speak with you for a while and to go do whatever you want with that more agreeable TZA of yours.
November 18th, 2009 at 3:20 pm
TZA……you two timing me with Morris?
November 18th, 2009 at 3:18 pm
Funny stuff you two.
November 18th, 2009 at 3:19 pm
LOVE HURTS
November 18th, 2009 at 3:37 pm
Ha, I was just looking for a one night stand with FAZ but it turned into a long weekend and now look at us, still together 5 days later!
November 18th, 2009 at 3:47 pm
FAZ is no one friend! I got long for 1day and that day it dropped 40% then I thought FAZ is still my friend but having faith in street hores that’s what you get. I lost 96k yes $96,000 go see FAZ google discussion bord me craying all the way…
market above 200ma and 50ma! ruh roh shaggy…
November 18th, 2009 at 3:29 pm
this is why i unloaded that risky SPY 111 NOV PUT position. shoulda coulda woulda took $0.90 instead of my requested $0.95 … at least i did not lose much.
it appears likely that 111 on the SPY will be the magic OPEX # ….. then , after that, KABOOM? ha ha… all i care about is ZRAN and PBI at this point. they are chunks of crapola and deserve to price lower.
November 18th, 2009 at 3:33 pm
yeah it’s good to play it safe…there are moments when there are some really good scalp opportunities and other times like now where you know it’s more of a gamble.
it’s sitting in between the 50 and 200ma AGAIN lol. good times.
November 18th, 2009 at 3:33 pm
oh yeah… forgot i shorted F today. @ $8.97 … sounds like a WALMART sale price. also have a short UAUA but both those im only short the shares so im more interested in my PBI PUTS. UAUA got in at $7.30 even with this rise im up 0.9% and 2.7% in those positions. pin-point entry is importante
short shares F , UAUA , ZRAN
puts PBI
pull the handle and ………… see what tomorrow brings. no more trades today.
yeah yeah yeah….come to me baby, selling more spx puts, SPX now above 50/200 MA, per woo…
November 18th, 2009 at 4:24 pm
Bullish Bear,
Which chart you are used daily, 5min, 30min or 60 min chart for SPX above 50/200 MA?
Another question is as long as SPX has 50/200 MA support, it is a strong bullish sign?
Peter
Looking for a big sell off this next half hour. Still 100% short and now down 8%. Feeling very comfortable and confident as a position trader, and looking at the possibility of a major correction before thanksgiving.
November 18th, 2009 at 3:40 pm
That would be nice but I don’t see anything that indicates we will sell off into the close. Why do you think it will sell off?
November 18th, 2009 at 3:45 pm
FAZ is no one friend! I got long for 1day and that day it dropped 40% then I thought FAZ is still my friend but having faith in street hores that’s what you get. I lost 96k yes $96,000 go see FAZ google discussion bord me craying all the way…
November 18th, 2009 at 3:58 pm
See what I mean? Just pull up charts of the S&P and VIX for the day and look at the action after lunch. I don’t see anything bearish at all that would support us selling off into the close.
November 18th, 2009 at 7:47 pm
This is what did it for me, I got out of shorts and went neutral. Look at that turnaround in the stochastics, not in any way ordinary. While I don’t know for sure, this caught my eye. Hope this helps.
http://www.screencast.com/users/katzo7/folders/Jing/media/7043b67c-d8b7-45e2-bfd2-4dc4e207f8ed
——— 1108 SPX ————- PING PING PING all day long ever since the 3rd 10min candle busted it all up this morning. look at the SPX daily 20/40 narrow. that RSI divergence is still there and it failed the trend line. i dunno bulls. this may not be terribly bearish. but there alot of signs that say … be FEARFUL bulls. after this OPEX i may just be ready to dive back in with both feet. ………. MAYBE
Hmm. Me thinks its time to go long soon.
November 18th, 2009 at 3:46 pm
LONG MWJ @ 102.55
sold 1000 FAZ @ 18.80 (down 3.09% from my average of 19.40); -$600.00
November 18th, 2009 at 3:48 pm
I’m trying to decide whether to hold SCO overnight or not. If I sell now, it’s basically a bit above break even.
The concern is that oil may have just been consolidating today, as people have been saying, and it may be ready for a move higher.
UCO hasn’t move down from touching the upper channel line. I wish it would just make up its mind.
November 18th, 2009 at 3:51 pm
I’m holding SCO overnight.
November 18th, 2009 at 3:59 pm
Me too. GL.
November 18th, 2009 at 5:08 pm
So am I. Good luck to us all.
Hopeful we get a gap up tomorrow.
November 18th, 2009 at 4:04 pm
it’s a big hope but I hope so too
November 18th, 2009 at 4:22 pm
hope so..I bought some “long” stuff today and will sell in the morning. Gotta get up early
——— OH MY ———– i missed the closing bell. but i see now what happened. leave for 15mins and alot goes on. so sorry to whomever took my SPY 111 PUT NOV off my hands.
November 18th, 2009 at 4:06 pm
do a stock scan for CCI sell signals. proshares short funds make this list.
November 18th, 2009 at 5:51 pm
Richard can you explain what a CCI sell signal is ?