Idan:
3:30pm
The SPY on the 10 minute has formed a double top and is taking down the support in the trough.. a close of that candle can yield just enough selling to push the financials back below crucial levels. Candle has to close below 109.75
2:32pm
Well we got stopped out of JPM earlier today, but most importantly is that JPM is back up above 40.75, which means that if it were to close up here it would have a shot at pushing back up. If it finishes substantially under 40.70 then we would be hoping for a huge gap down.
Woo:
12:50pm
this is the zoomed in SPX chart. all these trend lines have been around since march-may.
9:57am
BAC is an awesome put right here. It broke south of the long term wedge yesterday and is backtesting the trend line on this rise. I added to my position at with January puts at BAC 15.02.
zoomed in:
Idan:
3:22am
Today we looked at a few charts spanning from JPM which came out with good news but is looking to breakdown to FAZ which might be breaking out pretty soon. We also saw that GLD is sitting on some slight support and might get a slight boost very soon, but if we open lower tomorrow, watch out for a shoot down. We also have MELI which could see some down side upon break of 48.10-48.15. Monday’s trading day could be horrible if stocks like JPM that have broken down don’t recuperate their loses by the end of the day tomorrow.
holding ERX and SSO over the weekend
Alrighty take her back to 20.25! Double or nothing. Order back in for 4000 FAZ @ 20.25. Let’s see whatcha got!
I may ride this one with you.
Idan, is today’s action supporting your views of a weak start on Monday?
Nope, not at all.. it negates completely what happend yesterday. Today was options expiration day, so things can reverse back lower.. but until you see JPM break that 40.70 level again to the downside, i would even say go long.
Thanks, Idan. I was thinking same. Enjoy your weekend! We’ve got your interview to look forward to!
I am selling my long TNA position right now. Bought 1000 shares at 38.66 selling at 39.75. I am not holding anything over the weekend but my guess is a gap down.
Come on I not chasing it. 20.25 or no deal! Deal or no deal? I goona clean ya clocks! Just 07 more pennies is all it will cost ya!
Come to papa! Just .03 to go!
in with a SPY jan 110 straddle. Cost = 4.62, and I don’t care which way it breaks! I just wanna see a big move on Monday, I’ll sell the winner on the early action, then close out the other on the bounce back toward the gap. Then I’ll be out and re-enter the same the at the end of the week to avoid some decay.
Bingo!!
Now that ws fun!!
Uauu…nice recover….I still expect some follow trough on Monday….
Have a nice weekend guys!!!
I bet that SPY will gap up to 111. Exactly what Woo also expects
With you on that. In on spy 111 jan calls. Don’t really like holding options over the weekend so we will see if it was a good choice or not. Have a nice weekend everyone.
Welcome to the channel AGAIN!!!!
Looks very easy…Short on top…buy on bottom..like some advertisement at TV…
Reality unfortunately is much more difficult. Bolling Bands are indicating that it will explode in any side very soon. I bet down….just betting guys because it looks a nice top
Currently scenario is so confusing that even mid term indicators like McClellan and Zweig are in the middle of nowhere
I’m playing the bollingers – the premium isn’t bad because there ain’t now way we go 4 more weeks without some fireworks.
That said, next thursday may be a better entry point to avoid some decay. After Monday I think we’ll stay relaitvely flat…not enough volume.
what a close! awesome..
I must admit that was the most fun I ever had! Watching FAZ for so long I have become to know when it moves either way and pegged that beetch! Have a good weekend everybody!
It was fun reading you comments too
Great job, NR! Enjoy your weekend. Next week should be entertaining, too.
Thanks, please post more on FAZ. With the overall markets range-bound, FAZ is a great way to play. Unfortunately I’ve gotten off-cycle, stopping out with losses only to watch the postition go green the next day!
Time permitting I’ll start playing the early moves – going the other way from the open’s move for a .20 scalp. This seems like it has been fairly reliable, eh?
Thanks.
It can be a great way to play but FAZ can be a nasty lil beetch. Yes it has been pretty much range bound the last few months and the only way to play it is watch it real real close and as I did today scalp it for bits and pieces and do not get to overextended with it as it can cut you right in half! As we spoke of yesterday once it breaks the channel it has been stuck in, it does have very good chances of trending higher. As long as the dollar continues trending up and the financials finally realize they are not kidding anybody FAZ should reward very well. Always remember take a profit when possible and until it shows continued upward movement don’t be greedy play it .25-.75 scalps.
Extreme patience is very important also! This game is very very dangerous and never use money that you have to pay your mortgage with. I learned all to well with AIG and after I had a chance of taking a 10k profit I thought the stock would go way higher and it dumped bigtime. I had to sit with it from Sept 2008 until Aug 2009 and fortunately from being patient and watching it very closely got it sold the day it came back to after split @ 55.25 and had it hit right at open and it never came back. I was very lucky to get my money back and if I had panicked I could have lost a bundle.
We closed 11 pts shy of my predicted interval for the day 10350-380. As clockwork the market bounce from the 10260 band to almost the other resistance at 10380. Closing 41 pts shy could mean a gap down and then up to 10380 or up to 10380 and then down. I will be ready to place my bet in the opposite direction of the early action on Monday.
Thanks JROD for your input, it helps.
Have a nice weekend everyone
Much cred to you on your forecasts. I remember when you called this area 3 or 4 months ago (seems like years). Look forward to any posts you have Monday and hereafter.
BB – based on the PPO and Fibs what are you seeing for WFC ?
Take a look:
1st tab – you can check by yourself PPO hourly. Very overbought
PPO on daily is very oversold
3rd tab – It formed a nice “text book” Elliot Wave (very short term indeed). W3 peaked to astonishing 261.8%
W4 just started. We expect a little reversal, at most 26.30 area. After this it should resume the bullish trend again
http://www.freestockcharts.com?emailChartID=0d9a6ac6-0c9a-468f-99ca-b64a42384df9
Conclusion
Because the full EW cycle has being fulfilled nicely, I expect that it will finish it. I mean drop and resume again
Great Day, thanks all for your imput…have a great weekend boys!
This is why oil was popping early this morning. Iranian soldiers taking over an oil well in a disputed area of Iran-Iraq border.
http://ca.news.yahoo.com/s/reuters/091218/world/international_us_iraq_iran
Good article MtG. We need a weekend blog instead of beng stuck down here at the EOD Friday!