Idan to Trade Live at 1pm EST today!
Daniel Shporin
11:12AM
That looks like a potential intraday bottoming candle, around the 1090-1100 area. I’d like to see us pull back in the next few days. I don’t like these levels to go long, and I don’t like these levels to go short.
10:21AM
Hey, sorry I wasn’t able to be on at 10AM, I was having some internet issues. The market is selling off yet again, I have no positions on. I will let today play out and look for a better setup next week.
What are your thoughts on the market crash? Do people truly believe the “fat finger” scenario or do you believe in programmed selling?
ding ding, 3PM.
Market crapping itself now
my next market turning point is May 20th.
will be a rough ride the next 2 weeks.
the correction is not yet over !!!
Greetings old buddies, Decided to stop in and say hi, since being a stubborn bear for so long, is no longer going to get me ridiculed by some folks. No I’m not here to rub it in or celebrate any perma bulls losing money either. Just to say I’m finally ahead on all my double and triple leveraged etfs, and have taken some off the table, but left a bunch on the table, all shorts of course.
I’d like your opinions on how long and how deep you think this reversal will go. I’m thinking the rest of the year, or close to it, and that we see about 750 or lower on the S&P 500.
So, you came back to stick it to us????
He’s sticking it to us!!!!!
LOL, nice to see you back, read and study what the learned Fritz von Shortenstein has posted, he has
been balls on accurate. The shorts aspect is what i found interesting, the gov’t just has to find a way
of defeating our making cash.
Gold and silver, lots of it stuffed hard and carried quietly. Has anyone ever bothered explaining why this
is not a depression when the only 2 charts that are exact matches are 29-32 and now?
Much appreciated Jimbho old buddy, and will do. Fritz was always a good person to follow, I recall. Yeah, I think without blatant manipulation we would have gone down hard like this late last year. This year has just been about futures manipulation, and fraud as far as I’m concerned, until this past week.
Bulls are now running this one, watch out for 111.50 breaking back above.
I never challenge you but have to say your wrong, monday will be a bloodbath if we close down
200 or worse and i suspect we will. There will be no bailouts this time, europe thinks different than
us slaves to wall street.
If we confirm a breakdown of 111.20 (61.8% retracement from 104+ to the highs) then we got some problems ahead into next week.
No way.
Close in the 110′s
looks like 111.20 might hold..idan, where do you think oil is headed?
Oil needs to hit the support level at 35.60 first before i go long it, otherwise i’m not sure what it will do.
thanks
Damn, I bow down LOL!
I spoke too soon
I get mine in AH so we will call it a draw
still nobody likes being short over the weekend ???
I closed out some SPY PUT spreads today. keep the rest moving on. Still short EuroStoxx Futures, small position.
Happy weekend to everybody !
I’m definitely staying short over the weekend. I would question anybody staying long over the weekend.
i am not long just taken some chips off the table, as SPY spreads are limited and most of profits are there.
usually, when i have more the 75% of possible profit i take my gains.
Makes sens to me Joe, its never a bad thing to take some profits off the table.
going to sell most of short positions shortly (EEV and FAZ – both held short term) but leave a small amount over the weekend.
I am closing all my shorts right now. VXX was my best performer with 50% performance. 100% cash into NeXT week. Will give market update monday.
i dont care what anybody says… CASH IS A POSITION…. crazy markets….lock in those profits boys and girls!!!
Stay short over the weekend
296 stock trades canceled by Nasdaq (w/ list) http://bit.ly/azNpUR
2/3 of canceled trades on Nas, NYSE are ETFs http://bit.ly/cTyBr5
reduced all my short positions today (VIX call spreads, VXX and SPY puts). All other positions for more than a trade (MOS, HPQ) all hedged with puts.
SPY still not oversold on the RSI daily. Have a great weekend everyone! Idan, thanks for the video…awesome stuff!
will just be looking at potentially some stocks where down move could be overdone. won’t buy just yet…just making a list.
We closed under the 61.8 percent.. not by much,,,, but yes,, under.
We also closed underneath the trend line of Jul 2009 lows & Feb 2010 lows.
Next week will be up for the bottom fishers/dip buyers, and then the week after that, OPEX, will be down for traders who had missed this first down draft…thus completing this correction. A new pattern/cycle will emerge. jmo.
Have a nice w/end everyone.
big buyers of the SPY at 113 coming in A/H….hmmmm
F E T S Everyone !!!! (Fuck Everything Tomorrow’s Saturday!!!)
I second that motion!! Have a great weekend Jimbho, and everybody else too!
this week we learn what would happen when market goes up for months without any correction. Another thing that we learn is to realize when most people are bullish then what would happen. As i aid severl time i always check bullish blogs like PUG who is very bullish based on EWblog. when i saw he is talking for another rally toward 1220 then that was a clear message to me to go opposite and make tons of money. I told yeterday that today also will be beaish. I think this market is headinf to 1050 and i told you this several days ago
SWBB
Good points there. It seems like the perma bulls got so greedy that an 80% rally without any correction was just not enough for them. They all needed, demanded, and expected much much more than that !!!??? As the saying goes, bears make money, bulls make money, pigs get slaughtered!!!
Most Mondays market moves up.
Agreed, so a downward move would really cause more fear in the market for sure.
” I think this market is headinf to 1050 and i told you this several days ago” Sounds like you copied this word for word off of Pug AH update
SWBB
Cramer is going to be pumping AAPL as a Value Play on his show tonight, As per twitter
Have a look at the charts prior to 1929 and 1987 crashes. I had been warning about this for a while. This is why retails lose, because they couldn’t see distribution.
What were those candles post Goldman news before the blood on Tuesday 4 May 2010? Those are called “desperate to get out by the big boys”. Guess what? When short selling restriction kicked in on GS stock, that was the last clue that the impact will be unprecedented. After yesterday, uptick rule was in place. Monday morning, if stocks gap down more than 10%, uptick rule will remain in place until the end of Tuesday. If you are looking to short, you better hope that Monday is not a huge gap down. No one profits from this unless you’ve been short all the way before the Goldman news hit.
March 2009 to May 2009 – massive short covering and global margin call on retail bears
May 2009 to June 2009 – make you think twice about shorting
June 2009 to July 2009 – let you have fun shorting, and then…
July 2009 to September 2009 – make you think three times before shorting
September 2009 to October 2009 – reality check? not
October 2009 to January 2010 – make bears capitulate
January 2010 to February 2010 – first reaction and an early sign of a top. All you had to do was to add 84 calendar days to January 20 to get April 13 (fractal of July 2007 to October 2007)
February 2010 to April 2010 – sole purpose was to condition all participants to buy the dip and be extremely skeptical of any drops
April 19 to May 3 – final distribution, hedge funds needed to get out at Lehman levels.
May 4 onwards – you still don’t believe in P3, and positive divergences were showing up on some stocks prior to May 6. You think it’s all clear and look for one final high.
It’s not P3, it’s cycle wave C. This powerful movement has the ability to wipe out positive divergences. VIX still has gaps below, so if you’re bullish you should theoretically have a chance at getting out. I wouldn’t count on it.
may 6, i am not looking for a new high, but maybe a bounce then a drop, i sure hope we get that bounce because i dont want to buy puts at these prices.
“I sure don’t want to buy stocks at these prices…” – May 2009
Here’s a fun song from the 2008 crash..
http://www.youtube.com/watch?v=28I0JK0byLU
Enjoy your weekend everyone
Optic, thanks for the fun song / quite clever in its message.
If you are short, you are not going like Monday.
i hope you are right i have some puts for monday but would like to add more at cheaper prices
I am counting on it
my erx and uym are not looking good !
Zee – your predictions as true as anyone can see from nov last year on the chart … I think that speaks for itslf.