Comments on: Intraday Commentary ~ 02/05/2010

By: Fritz

Fritz — Sat, 06 Feb 2010 11:26:32 +0000

We’ll very likely blow right past the 1015-1025 band.

By: Fritz

Fritz — Sat, 06 Feb 2010 11:24:55 +0000

See you at 970 then.

I don’t disagree with you on XOM, though. I am actually still bullish on this stock, and the entire energy sector as a whole. I think, just like 2008, the financials were leading the first leg down (until Bear Stearns), and the energy/mining sector were leading the counter-trend rally up until May 2008. VALE is still in a bullish formation, and same with CVX. I need to look up more energy/mining sector stocks to buy for the second leg up.

Again, my bias is not the same as other P3 believers. I am only looking at DOW 6000 being my ultimate target. Until my indicators suggest otherwise, I am not going to adjust my view.

By: puggii

puggii — Sat, 06 Feb 2010 08:15:48 +0000

yes…got some feb puts today? predictions for mon and next week??

thanks ..

By: Anjali

Anjali — Sat, 06 Feb 2010 03:28:51 +0000

Awesome Richard

By: goldmansuchs

goldmansuchs — Sat, 06 Feb 2010 03:12:47 +0000

did you answer the question yesterday when the poster asked why you were getting back from class if you work for a hedge fund and have a 400k portfolio?

before you start calling lows for the decade I was just wondering if you were a college student or a pro..

By: beachnic

beachnic — Sat, 06 Feb 2010 00:58:51 +0000

Market updates with elliot wave counts:
http://danericselliottwaves.blogspot.com/2010/02/elliott-wave-update-5-february.html

By: RICHARD (FRBFN)

RICHARD (FRBFN) — Sat, 06 Feb 2010 00:53:29 +0000

we were all wrong …. $13.51

By: zee

zee — Sat, 06 Feb 2010 00:24:14 +0000

Well until a couple key support levels get’s broken (i.e 985 and 1018) I will remain bullish. I’m sorry, but a 8.5% selloff is not impressive. Since March, the average sell-off has been 7.5%.

The $CPCE is recording record levels of investor bearishness sentiment. Since WHEN has the majority been right? NEVER.
Now tell me, is smart money the one who is bearish, 8-9% off the highs of the year and VIX being up 50%? Or is it dumb money getting bearish after finally being down 8-9% and paying huge premiums in puts and calls.

I understand the tide has changed (secondary trend); however, eventually we’ll bottom out…

Last Trade for the SPY: 106.66
I wouldn’t be suprised if this is the low of the decade.
(yes bullish, and yes im kidding, but techncially I could be RIGHT until proven wrong..

Fritz, look at the SPY volume: 493,485,900
someones buying it up
look at VXX volume, someones shorting
look at DIA volume, someones buying
look at XOM volume, someones accumulating
look at F, someones accumulating

huge volume days usually signify a turnaround. im not saying that the selling has stopped but until Greece defaults or some catastrophic event like that happens, I’m bullish mayne.

By: james

james — Sat, 06 Feb 2010 00:10:26 +0000

Hi, I can’t answer for Woo, but have you looked at gs on the 5, 60 and daily?
Broke out of Idan’s wedge yesterday to the downside. Broke up out of its new wedge today to the upside. Several days ago, I mentioned March 150 calls to you. Since that time I have traded those amd 155s intraday with 5 figure results.
Also, do you recall Fritz writing he would sell on Feb 4 win/lose and he was long gs. Seems I can recall something like that, but since I don’t follow him, I am not sure.

By: paul

paul — Fri, 05 Feb 2010 23:41:53 +0000

Maybe after you’ve dug yourself free? Hehe…say safe nas!