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09
Mar
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11:06am
Take a good look at GLD (Gold ETF). I mentioned how i expected 112 be a stopping point for this ETF despite what the market does. I said a good short there was possible, but now we have a beautiful ionverse H&S starting to form… 107 on GLD could be a nice buying point where the 50 and 20 SMA nicely intersect.
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——————- BEARISH RISING WEDGE ——————- if we dont get some weakness tomorrow im quickly exiting all positions. we must open tomorrow lower than we close today or im washing everything out and going to cash.
now they are pushing job growth on the back of the Government census workers being hired. the retardness is getting beyond my comprehension and if we get follow through tomorrow and break above my pattern than i have to quit for a bit.
if we just keep runing hotter and higher than MAX PAIN = DORK MEAT
March 9th, 2010 at 1:19 pm
the trendline stands at 1148 today. have to hit it today.
March 9th, 2010 at 2:18 pm
March 8th was your turn date. Why are you still doing this to yourself and your family?
March 9th, 2010 at 3:02 pm
…no trader has any idea for sure on how the market will behave….
..usually we have some exit plans…or expecting to decrease losses in order to close positions…
…my case..I admit that I was wrong…however I am still expecting some profit taking by MM…in order to minimize my losses…
..Richard probably is doig the same thing…
Spy115C Mar10 holding from .82 bought last Friday.
Holding half position. When we have missed a rally setup monday the following tuesday
has been explosive.
Calls are now 1.01 Huge position, will be holding into next monday.
Anyone else holding calls? What is your take, so many negative and expecting downside
you just know that zee is dead, 100%, absolute wrong due to his lacking math skills and
non experience.
March 9th, 2010 at 1:33 pm
don’t be mean jim. behave.
March 9th, 2010 at 1:34 pm
market could cup and handle.
March 9th, 2010 at 1:36 pm
the cup and handle was talked about on “chartpattern” on youtube a night or so ago
March 9th, 2010 at 1:40 pm
yeah. it passed the 61% retrace a while back, so we’re looking at a few options:
1) beginning of a wedge/penant
2) cup and handle
3) double top
i’m leaning more towards further rising to come at the moment.
March 9th, 2010 at 1:42 pm
but a dip first.
last week i talked about the top coming in soon in terms of EW.
March 9th, 2010 at 1:47 pm
im desperate for a close at 1148 to complete my pattern. if we stay at 1145 today the rising trendline is at 1150 and so on and so on.
March 9th, 2010 at 1:59 pm
I am actually would like to see it hit 1148-1150, just to get it over with. GL.
March 9th, 2010 at 1:49 pm
lol.
I suspect you see what i see. . .
market will follow oil, down
Richard man…. I got out of that AIG this morning for break even… 1PM comes around now look at this freaking thing… I was in the 35 CALL at 14 cents the thing printed a high of 1.15! So depressing…
March 9th, 2010 at 1:43 pm
sad. posted the target is $29.
we should be able to trade that for profit every month pre-opex. they will play that game everytime and clean up im thinking.
just be patient.
March 9th, 2010 at 1:46 pm
FRE & FNM also doing well
woo any comments on IOC and UAUA. I am looking to short
March 9th, 2010 at 1:51 pm
IOC – the rise today confirms a head and shoulders pattern. could be a huge gap down coming. however, we’re currently above a long term trend line. might be better to wait for a dip below that trend line before shorting this sucker. we might open below that line tomorrow and see a large dip after. if it starts to fall, i don’t think that waiting a day will make things too late.
if u enter short IOC today, there’s also a chance we could backtest the line, so even if it rises, it might not be a bad idea to enter a small test position, but the minimal risk comes AFTER the trend line break.
March 9th, 2010 at 2:00 pm
I went long at the open it stop me out within few sec then i shorted few times got stop out… looks like 5k shares traded for IOC can change stock price up to .65 cents
March 9th, 2010 at 2:05 pm
volume is WAY lower on this stock than on some of the other major stocks. it’s a little trickier. it’s also oil based and oil can be very oscillatory.
March 9th, 2010 at 2:16 pm
March 9th, 2010 at 2:30 pm
IOC has no recorded oil, its supposed to be a huge gas reserve with oil
that they can’t locate at its base or ‘legs’.
GS and MS have 10% positions apiece, they will ensure the market makers
drag this upwards until out of positions.
News o/night was china buying aussie natgas assets and IOC is doing a
promo of stock at Raymond James.
In past, they have made questionable announc’ts going into opex knowing
the stock and options are most subject.
IMO its GS and MS prop desks crossing this on a higher basis.
go long 70 calls into opex
Yes I was just looking at AIG it is going off the board what’s up with that?
March 9th, 2010 at 2:10 pm
Interesting…virtually no volume up until 1pm, then bam! Almost 20% increase in an hour’s time.
—————– CMA —————- current shareholders dont like the dillution. this propping up shares and announcing capital raises as the economy “recovers” quite ridiculous. one thing is said and the action is the opposite.
http://stockcharts.com/charts/gallery.html?cma
————- CASY ————- last year i was in this one short and caught
the gap down from $30 to $20 …… its doing another gapper today.
In HBAN @5.08 risking .07
March 9th, 2010 at 1:57 pm
Out of BUSE 4.04 break even.. no one in this party..
———— TZA ——— In 1120 @ $5.43 looks luike momentum is slowing !!! I hope ..:-)
March 9th, 2010 at 2:09 pm
When did TZA hit $5.43 today? I’m seeing a low of only $7.38 at 01:01pm…
March 9th, 2010 at 2:21 pm
Sorry my bad $7.43…;-(
March 9th, 2010 at 4:24 pm
Im with you on this trade.
Shanky sez getting close. I like the double top scenario. 1157 on the minis is where C=A from the way I see it. Since the dailys are embedded, I’m gonna wait to see if the 30 and 60m catch up. When they turn I’ll try shorting lightly. When the turn is confirmed I’ll jump in with both feet.
Hope this helps.
Do not be surprised if it blows on thru to 15,000 or 20,000 and we’re all wrong as hell on there ever being a bear market. Everything is just fine and the recession is over. New bull market baby!
(/sarcasm)
March 9th, 2010 at 2:22 pm
Bear markets can be marked by massive increases in the price of stocks if the real value in terms of gold is dropping through the floor. 20,000 could be way lower than we are today.
March 9th, 2010 at 2:47 pm
^ best stock market in 2009 was Zimbabwe. Devalue the hell of currency and
feed into the markets.
Look at germany, average industrial wage $75-80 /hr but a coffee will cost $12.
I added another 1000 FAZ @ 15.30 (so I now have 2000 shares at an average of 15.40)
March 9th, 2010 at 2:18 pm
hey morris, got out of that UCO (11.80) trade you posted awhile back yesterday for a nice profit. Was not looking good there for some time. Thanks. I always copy your trades. For today you have only bought FAZ and SCO. correct?
March 9th, 2010 at 2:24 pm
Yep, I have closed all of my long positions (probably a bit early) and I now have positions in SCO (1000 shares @ 12.90) and FAZ (2000 shares @ 15.40 avg).
Best of luck to you!
March 9th, 2010 at 2:37 pm
Morry has some good ideas, good to see you back.
Dunno about the faz trade tho, i just can’t see weakness in anything but the
sentiment being too bullish?
March 9th, 2010 at 2:46 pm
I don’t know Jimbho, it looks to me as soon as FAS hits 70 RSI on the daily chart it seems to sell off… It is also a point lower than it was last time it reached this level….Worst case scenario you set a stop and lose a few pennies… Upside you could get a few bucks…. Morris has posted very few bad trades… I think he gives some of the best advice on here since FL Guy is gone now…. I’m long FAZ by the way at 15.30 per Morris advice….
———— 1147 completes 3 legs up ————- USING CLOSING PRICES
im baffled as to why we have not hit yet. this chart may better explain
the market struggling here. maybe these lines are the guide and we grind
up to 1147 tomorrow morning. im going for the day
http://social.stocktock.com/photo/spx-mar-9?context=latest
March 9th, 2010 at 2:17 pm
nonetheless i added more short at 1145ish.
HERE ARE MY POSITIONS
GNW AMZN UAUA AGAM BEZ BAC XLY IYR F HOG NYT EW
most ive put on in the last few days. XLY, NYT and BAC are far out.
ill be very busy if we close above 1147 as that will go against my
charts and go against my thinking of evil market makers.
March 9th, 2010 at 2:33 pm
Richard – I think the same …we either reverse 1150 …. I have 1148-1148 ….. or we go a little higher 1153-1155 to squeeze everyone out
Woo – can you share where you would think of going short for the dip – also still looking for 1085 – 1093 or a higher price point now ?
Raising my stops for YRCW to .5049 (locking in .015 profit lol) For this much volume,, if we don’t close above 3/01 high,, I’m thinking pull back
& if PMI breaks 3.25 with some volume I’m in..
we will drop soon imho
aapl is still a beast…broke out of another trend line.
looks like it’s going towards my 239 projection from before:
http://stockcharts.com/h-sc/ui?s=AAPL&p=D&yr=3&mn=0&dy=0&id=p19885219021&a=173009294
March 9th, 2010 at 2:53 pm
thanks.
Had a huge order of SHORT SPY @ 115.
guess what the spys high is 149.999
BS.
March 9th, 2010 at 2:44 pm
thanks for the help zee, i went short the iwm at the high
March 9th, 2010 at 2:49 pm
*114.99.
I had a limit short at 115.00 ..
IWM had a similar move… 67.49 as the high.
VXX acting real nice, it is green as I am typing this!
March 9th, 2010 at 2:58 pm
I thought about buying at the open today, would’ve gotten toasted
————— IM STILL HERE LOL —————— Mommy playin WII with Marissa. its spring break ya know. gorgeous weather. wish they hurry up. sunny and 40. colder than the last few days but snow has been gone for weeks. very early spring.
THIS GAME IS EVIL. they are soooooooo trying to prop the market up. practically yelling at retail investors to dive into thier lies. but im not sure, after being burnt, they will come back. im expecting some weird news to explain market weakness in the next few days. the market needs to pull back.
even the ULTRA bullish at MOTLEY are skiddish of buying at this level.
anyone knows why this pullback
March 9th, 2010 at 3:09 pm
based on the action in oil and currencies today imho
They will kill the euro.
March 9th, 2010 at 3:10 pm
Profit taking IMO…
first time in a long time to make money, wow.
Bought EDZ at $46.93 with a tight stop
GS is now red..wow
I’m short – lightly short.
Looks like a bear flag on the 5min SPY chart could be more down side !!!!
March 9th, 2010 at 3:15 pm
LOL much more
now let s kill the euro.
March 9th, 2010 at 3:15 pm
be ready
his this a real sell off or just to fool me again to get fed
—goog—
—amzn—
shorting now…
1122 area again?
Bought some VXX with a loose stop. $23.74.
This could be the pivot high !!!! I sure hope it is then it would be a lower high and you all know what that means !!!!
..what a bear relief…let´s see if it holds…maybe it is only W4 to reach the top again…
..I amd so toasted..that I will burn this “thing”…if it inavlidates this whole bearish formation….
March 9th, 2010 at 3:29 pm
…sorry guys….typing error
..I am so toasted….that I will short this “thing” only if it invalidates this whole bearish formation…
I got 100% short on margin at 114.80
How does one explain action like today’s? I’ve sat out for the past couple of weeks just observing and making “paper trades” in my head b/c I’ve been on a losing streak as of late.
Take TZA, which I follow, for example. Down 3% at 1pm now almost back to 0% for the day. What’s going on?
March 9th, 2010 at 3:36 pm
preparation for destruction derby
March 9th, 2010 at 3:47 pm
I picked up TZA @ $7.43 earlier so far it has been a good trade but alot of time left.
oil and the euro to follow the rest is crap. Time will tell
E*Trade Sued for $100M by Actress Lohan
——————————————————————————–
Guys Check this out !!!! Watch the video too funny !!!
http://www.thestreet.com/story/10698…tscmarketwatch
March 9th, 2010 at 4:24 pm
Now that’s some funny chit !!!!
Hey !!!! WTH !!!! When did Zee start doing commercials for etfc ?
Best be quiet, the baby will sue me for accusing him of poor math&trade skills.
March 9th, 2010 at 4:45 pm
Wow, just imagine how much someone like our resident non-trader
could get by saying that etfc is spoofing him ?
Billions, they are toast, unless it requires a skill testing mathematical answer.
I am short MSFT, Tomorrow should be very bearish, SWBB
March 9th, 2010 at 4:27 pm
Sam is tomorrow the turn date ???
March 9th, 2010 at 4:40 pm
Yes sam/zee. We see you are short, very short. . . math skills.
March 9th, 2010 at 4:43 pm
check the oil futures last 24 h and see
March 9th, 2010 at 4:49 pm
Jimbho, I pick on Morris a good bit for his lack of teaching on this site, but you have to be getting tired of attacking Zee. As for Sam (big boy), different matter. Your insight to the market is so good, try to keep it up without Zee–I have actually made some considerable monies on his posts.
March 9th, 2010 at 4:50 pm
lol thx blackhawk.
March 9th, 2010 at 5:01 pm
Zee is sam. Some of the most dangerous trades i have ever
seen suggested.
FWIW take a look at his post yesterday as to how much margin
is required to sell a OTM call spread. Not even close to his answer
and suggestive of no market or account knowledge at all.
He scares the hell out of me. Pretending to know is more dangerous
than playing with handguns. G_d forbid someone take him serious. Or
me for that matter, do your own DD.
March 9th, 2010 at 5:14 pm
you don t have to play daddy day care, we are all intelligent enough i think, to make up our own mind.
March 9th, 2010 at 5:16 pm
Cannot prove that Zee is Sam, but if so, have problems as Sam throws out statements that can not be substantiated (similar to Morris just posting his trades (?))). Keep up the informational posts, both of you, as I believe the rest of the board appreciates.
March 9th, 2010 at 5:25 pm
Uhh.. I’m not Sam guys.
Idan/Woo can you confirm that me & Sam have different IPs?
March 9th, 2010 at 5:41 pm
they’re not the same. if they were, we would probably have done something about it by now.
lol jimbho, as said previously whenever i see your name I make sure to scroll my window down.. your essentially talking to no one because none cares about you.
Muathe calling APPL & the market pretty much..
http://www.youtube.com/watch?v=A3CLuDlaH0A
does anyone know his (Muathe) success rate at calling the market or individual stocks.
Woo, I just saw your post. If you think I should not post or my post is against the rull of your website let me know then I would never post again. I post my opinion and never insult anybody, My view could be wrong or right like everybody else. Anyway let me know if you do not like to see my post here. I respect
March 9th, 2010 at 6:23 pm
Sam, I am not Woo, but would appreciate some understanding to your comments. I have had this conversation with Morris, feel that the majority who look in on this site are trying to learn, not just follow one’s trades. The site is about information, education, not unqualified predictions. If I am wrong Woo, Idan, please respond.
March 9th, 2010 at 6:26 pm
don’t think he was saying that he did not want you here. There was a question posted about you using someone elses name and posting under 2 names. Anyway I believe your posts are appreciated here by some. this site is about making money and some people choose to insult others or constantly question/belittle their trading patterns/habits. I think people just need to stick to what they do and if they do not like what others do/trade simply ignore their posts. sometimes this site can get a little childish…however I appreciate everyone that takes the time to post here. Most here who follow the site daily know what to listen to and what to tune out.
March 9th, 2010 at 7:19 pm
..only my 02 cents…
..I am quite busy to follow the market recently and also this board. Unfortunately frequently some comments are rude, disrespectfull and arrogant…
..I really don´t know if this is your case, Sam. Anyway let´s keep this board in good shape and keep EDUCATION, RESPECT at first…if anybody disagrees he/she has the right to do so…but anyway we are civilized persons & traders….
March 9th, 2010 at 10:52 pm
I completely agree, maybe a stocktock forum guys?
oops, forgot to place a question mark after my post above—
…the longest row of consecutive greens in the entire rally was 8 days….it is also a Fibonacci number…it happened last November
…today we reached 8 days again…. Last November, after this bullishness….we had an unique deep drop and market ran sideways for about 02 weeks…after this, it started the Xmas rally….
March 9th, 2010 at 7:55 pm
The single best way of describing the market in easy terms, lol, a must read.
http://www.raymondjames.com/inv_strat.htm
March 9th, 2010 at 8:15 pm
…thanks…very nice text, indeed…
———- SHANKY ———– if you are still around. counting the rise from the last drop in ABC formation i used the closing prices directly to print with no roundin. my ABC corrective move as posted in phots and showing a bearish rising wedge has a max count 1147
———- anything under 1147 at the close im staying short for a pull back to FRIDAY ——
no target set yet. have to see the action for the next 2 days.
HOW DO YOU GET 1157? ………….. yas freaking me out mang
March 9th, 2010 at 8:47 pm
Everyone has 115.81 on spy. If we hit that there is also a good chance for a
reset and move much higher.
March 9th, 2010 at 11:11 pm
well 1157 would make a lot of people cover their shorts..
….something that may worth to check: XMI, a major market index, closed red for 02 days in a row
..is the trend changing?
http://stockcharts.com/h-sc/ui?s=$XMI&p=D&yr=0&mn=6&dy=0&id=p16705013139
March 9th, 2010 at 10:52 pm
What is the Major Market Index composed of? I do not think many people know what it is.
Thanks.
Also could Idan share what his hedge fund is up to?!
Haven’t heard from him in a while.
Anyone tracking short term price movements of gold? Do you have support/resistance points for gold index or for the GLD etf?
Thanks
Woo – pls could you share a quick update on whether you still see us going to 1155 or you think the fall is starting -
Also, what do u think would be a good entry point for a swing
Thanks as always