Trade Update: Idan is currently shorting AMZN at 131.75, retest of former resistance.
Stop is now at profitability at 131.60.
Idan will be LIVE TRADING at 1:00pm on today!
You can ask him questions by blogging on the intraday commentary
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Daniel Shporin
9:20AM
Gapping up 360 points on the DOW, awesome! This is an easy decision for me this week–Go Short S&P500 below 1120 and Long 10-Year Bond above 119’100. I won’t consider changing that trade till later in the week.
Idan Koren
3:20am
The SPY on friday managed to save a break of the 61.8% retracement on the daily candles, that made me somewhat bullish into monday. Of course, it doesn’t hurt to have a europe bailout in place to shove stock prices up 
. Here’s my daily chart of the SPY:
I’m hoping this thing gaps up to 1150. That would be a huge shorting opportunity. The $1 trillion package just shows you how this is a big deal. We tried unwinding things in Feb. and it shows that we can’t be without all the bailouts, stimulus. How many times can we keep re-loading? This is ridiculous.
Elliott Wave Counts – Do not let the EU Euro Defense Fund Deceive you…
(Wave I down still likely in progress, 50% retracement possible today)
EW Charts here:
http://newsusa.myfeedportal.com/i/elliott-wave-counts-eu-euro-defense-fund-downward-trend
IS this another 1000 point day ? today up up up !!!
They try to trap the bears, not letting them getting out.
Yes, that is our plan. However, there will be two push ups today to catch the bears more bears than just the swingers.
There’s no better way to suck in the last of bulls before the real collapse. To the moon, here we go.
They try to trap the bulls and not letting them getting out
I wonder if the market goes up 1000 pts today, will they investigate the fat finger who enters a B[illion] buy order, instead of M[illion]?
In TZA @ 6.43 risking .04
IWM
50% April High- 5/6 low – 69.01
61.8% April High- 5/6 low – 70.35
50 sma on the daily – 69.32
5 day moving average currently at 6.41
I hope some of you were short, especially Jimbho.
LMAO at some of you thinking the economy was going to crash hahahah.
I would love to know who here is making over $25/hour consistently. Probably FEW or NONE of you except sun tze and idan.
DAY TRADING=
WASTE
OF
TIME
lmaooooo keep on trading .
And where were you last week?
Sure, Idan changed his mind at 3:20am from bearish last Friday to bullish this morning, that’d make him money. 
Hmm, i don’t know if you rememeber but at 3:40 pm on friday i changed my mind to bullish if the market were to close above my 111.30 61.8% retracement
Schadenfreude just oozes, “I closed all long positions at 2:30pm last Thursday.”
and where was your call on friday of the HUGE bailout pkg and monday rally?
really tired of all the “told you so” “haha you suck i rock” back and forth, turning into the yahoo boards….
LOL good point.
Well unless something changes even more to the upside my down trendlines will not be broken at open.
if anything we open (maybe rally to confirm them) then down, you cant borrow/print your way out forever
I knew something was fishy about all those 7 digit SPY share purchases on the SPY A/H on Friday. I should have followed my hunches….
https://docs.google.com/present/edit?id=0AXeMgtXvB1-YZGQ2anZ4aDNfMTg2MzI1cXJmNQ&hl=en
CNBC just reports that they are now investigating the guy who’s put in the T(rillion) buy order at the market this PM.
Jimbho:
I never understand a person’s need to berate another person. Do you really have to text a total stranger on a useless stock board to get your confidence meter shot up?
Man if you even have a woman in your life, im very sure she wears the pants in the relationship.
anybody taking positions this morning? i’m sitting in cash patiently waiting, this action is crazy…. dont ever remember seeing an open quite like this!!
Same, I am just waiting. I’ll put a sell order in at 430PM today to sell Sunday Night’s low.
useless?
bought 6000 SDS at 30.72
short 350 APA at 98.27 (don’t trust this guy so have stop at 98.56)
STS stop moved to 30.75 willing to hold it
short 1000 X at 54.93 with stop now at cost
I got out of everything… was making very decent profit today over 6k but one bad play in X took back over 3500
I dipped my toe and bought 25 AAPL on friday at the close at 235 and put in a limit order to sell at 252 and it hit in the first minute, made $400
hello jimbho.
howdy?
shorted 500 BP 49.02
I am puting 30% Of my money short right now. Just bought 1000 shares Of VXX @23.80. My read on the market is as follows we never retested the upward channel for the Kiss Of Death. So this is a magnet for price action and short term we should trade to this levels 10975-11050. For the time being 500 pts will not hold for long so a quick scalp here with VXX IS IN ORDER. I will close end Of day or when it trades North Of 25.50
Took half off those ABT May call spreads I placed last Friday. Good enough for lunch for the week.
Bought back puts on those put spreads I placed to protect my longer term holdings (MOS, HPQ) near their highs. Now I’m fully protected on those holdings into June.
Attention to all BULLS out there !!!
Next bigger down leg will start between 14-19 !!
Exactly.
hello jimbho.~
alias
I am not a permabear, but this time the correction witch started on April 23, will take longer and will exceed the 10 %. But not be more than 20 %.
There will start again an up leg after this correction is over in the weeks to come.
Turning points are clear so far, but I will not be long before that.
I held short over the weekend and stll have the same positions. The spike failed to break the previous highs from thursday-friday.
spike confirmed a lot of the down trends i have drawn on individual stocks too
Take a look at TZA, 50ma and 200ma on the 60m chart ar about to cross at 6.20$ should be good support
————- TZA————— In @ $6.40
Check out this video you guys it’s 3 min long and the stock at the end is TZA which he predicts in 2 weeks will be $12.95
http://stockchartsvideo.com/financial-news-2.php?awt_l=BgvNd&awt_m=1dc1U7g8BIUdh4
out of my TZA @ 6.60 + .17
re entered @ 6.65
Out 6.70
Looking for a bounce of 1150
Bought puts on BMO.TO. I think we’ve just started another credit crisis. I will look for a rebound in the coming days and weeks to get rid of my long stock positions. I wouldn’t be surprised to see another down leg to test the previous low and then an up leg to the previous highs.
2 stops that I wanted to short at the open and since 7AM I am trying to call TOS to borrow them GS and TNA both are not available to short… man am I the only one with such a fked luck… take a look at both of these almost given up their day gain
*stops = stocks
GS didn’t get an invitation to the rally..
Traders that went short on friday
http://www.youtube.com/watch?v=3l7AYDTFvak
that is hilarious…but i am still short oil..i hope i do not have to chew my leg off
lol
alright i’m finally back from my honeymoon. that 100 point SPX move put a number on my short term SPX 1 month chart lol. the long term charts look great though.
welcome back woo.
Havent seen Zee’s best friend today
is he around?
let’s see if the 1149 area holds. if there is enough break, we could see a nice sized drop…
if it holds, 1159 is the resistance north of here i’m looking at.
welcome back woo!!
Hope you had a nice trip..
Welcome back..
thanks guys! it was a good trip.
i’m leaning towards an SPY short at the moment.
1149 just doesn’t want to have a solid break…at this rate i’m not going to enter any trades on SPY. still a lot of time left in the market though, so we’ll see.
200ma on the 10m EUR/JPY just gave a small bounce however I don’t expect it to hold. At very best it will make it back to the bottom of the 50 and get squeezed out by EOD. The 200 is also top of the gap window. It’s going to want to fill that sucker soon. This bounce was to big this AM.
JIMBHO.
HERES A JOB YOU’LL NEVER GET
HAHAHA
**This position is in Toronto.**
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Equity Research
Toronto Office
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is this the break? have a small SPY put position now. let’s see if i stop out or profit.
whew…almost stopped out… still in the game. not much riding on this position though. still good to be trading after 2 weeks of break haha.
ended up stopping out for an 8 cent loss on my position. oh well. i guess i eat lunch at noon instead of 1 pm today.
Hey Woo – welcome back
– hope you had a great break 1!!!
Falling wedge on the 1 min broken. 5 day ma @ 115.66
XME (metals and minners) just broke daily high
you can still draw a daily trend line that hasn’t broken just yet. i still wouldn’t lean bullish for an intraday trade.
I agree.. no clear direction yet… the bulls better bring it soon though..
yeah, the market is volatile right now that it makes it dangerous to hold positions overnight. you could easily get a 20+ point retrace drop into tomorrow. or we could get another 2% rise. it’s going to take balls to hold options positions overnight.
I agree.. Swinging here does not fall in the high probability trade category.
doesn’t china have some important data coming out tonight?
Buyers are not really stepping in yet..
5 sma 115.63 now (if you are watching a 1 min, that would be the 1950 period)
For folks holding TZA..
The IWM 50% retracement of the April high and the 5/6 low is 69.01. We hit 69 and dropped.
The Dow is right at the 61.8 retracement of the April high and the 5/6 low. Today’s highs kissed the 50 sma on the daily.
If you connect the march 09 low and the Feb 10 low and create a rising wedge out of the whole thing, today we have back tested that break down line.
That being said.. still no clear path.
The fact that there was mayor distribution and the damage that fall created to confidence etc,, makes me more bearich
5 sma conquered
and lost..
The IWM is pretty strong..
Hey Gang … 2 false prints intraday …. 116.65 and 113.52 …. lets see if these play out
Are these what you call flares?
I see them all the time. Thinking there was no liquidity for that one trade and went way up or down… How do you know they are false?
& at what time exsactly was the 113.52? wanna check my time and sales
interesting its disappeared now … it was around 12-15 – 12.30 …
Woos the expert on flares … but usually they play out in the next 1-2 days …
if it did play out, we’d see a decent sized retrace of the recent rise. flares aren’t an exact science though, but they’re definitely worth noting especially if they are a few points in length.
We are back to 1950 and the russel doesn’t wanna come down..
meant 1150
Folks wanna hold on to their small caps.. hmmm,, my favorites
vix lloks like it will close up for the day… maybe even at (or near) the HOD. good for the bears…right? with this sideways tight action i dont know anymore haha
?? refresh your browser
i show 25.5LOD 31HOD and current price @ 30.16 is that wrong?
Yes,, that is right,, but the vix was in the 40′s on friday,,, so it is actually down 26% from the previous trading day. That is bullish,, or less volatile..
anyone reporting earnings tonight?
i would buy some FLR but its up 7%
My ZOLT reports tonight, thats a LT holder for me in my roth. #1 Carbon Fiber producer
Doji day
1160 is the 61% retrace of the fall.
It sure is.. Would you dare to swing a short
?
maybe a TEEEENY position. for fun. but normally no haha.
Woo’s 1159.. here we are….
WTF with the jump the instant the market closed???????
I know very little about currencies…Can someone explain to me what the benefits are to having a currency that is fixed (like the euro) vs one that can be manipulated (like the $$$)?
Market never broke the first trendline I drew this morning which was across thursdays high and this mornings early high. Not so bullish there.
I can’t help but feel this thing is still on a crumbly ledge … . .. . Thursday proved even the big boys are scared to death its going to fall out from under them …. .. . . first sign of a drop and I bet it goes down like a $2 whore chasing a dropped crack rock. May get the first glimpse tomorrow.
Patience here will likely pay.
how do you figure that? thurs. was a glitch, i don’t think the “big boys” are scared.
I think we retest 1220.
108.20-108.40 on the SPY can still hold, i wouldn’t be so hasty to think 1220 will be retested just yet.
Nor would i be hasty to think that we’re going to 105 again.
It wasn’t a glitch at all, it was panic selling. Real live people were paper trading in the pits taking the market down at a major clip . . ..listen to the squawk sound clips …. guess the “glitch” controlled live humans too. Don’t let the two minute mega crash blind you, go back and actually look at the chart and realize that the market was heading down at a quick clip for TWO HOURS before the “glitch”.
Explain that.
Copying a post gednfer made on TTW, one of the other blogs I read …..
How can they buy it with so much confidence…….they leave clues.
Last weeks “glitch” was no glitch. It was a very carefully engineered, hyperspeed correction to the 200MA to reset the rally, and of course make boatloads of cash.
Why no double tap? Because what we saw WAS the SECOND tap. The first tap, which can only be seen on the ES 1&5min charts was executed the previous night within 1 minute.
Here’s the 5min for an overview of both
http://www.screencast.com/t/YTYwZjQyY
Anomaly the night before? 20K orders is not an anomaly. Thats computer engineering…here is the night before
http://www.screencast.com/t/NjA2ZTMwN
Here’s the next day…..the double tap….same low.
http://www.screencast.com/t/ODA1ZjUxZTYt
Now the trading machines have had……
A correction to the 200MA
A Double bottom
And oversold indicators galore…with buy signals screaming.
So what time is it? Its RALLY time.
Its scary to know they can do this……but its good to know.
Additionally, it seems interesting that someone else pointed out that the amount of money lost or withdrawn seems to be close to $1 Trillion …. close to the Healthcare bill cost …. or the EU agreement announcements …. was this just a cashing out of some of the money put to work at the 2009 bottom ?
Now you’re starting to get it…
EU announcement has nothing to do with the US crash, but the US taxpayers (that includes you) paid $50 billion.
Don’t be a permabull or permabear (or worse, pigs) as they don’t see through these things. Follow the money.
LOL – reading a lot of worrisome things out there Fritz … realising what you meant by enjoy your family … hopefully it won’t come true …
“Hope” is not a valid setup.
We’ve gone past the point of no return on March 5 2010, so it’s done. If you persist in helping others out during times of distress, you will have a chance at surviving the implosion. No guarantees of survival, but a guaranteed extinction if you so choose to be only looking out for your interests.
fritz what are the order of events you see coming, jim shepherd and some others are expecting a crash (have been for a while now) then a inflationary period what are you seeing.
thanks.