Idan Koren
3:12pm
We rallied up and then fell back down to retest the neckline on the 60 minute SPY charts. If it does break that, then it’s over for the bulls, but right now it looks like we’re rallying from it:
12:01am
AAPL looks like it might be breaking out some stronger descending resistance. HOWEVER, this will only happen if we break out of the 23.6% retracement and the resistance at the same time, right around 253.30 or so. What could happen is that we fall below it tomorrow, and then i’d actually consider shorting around that level. Here’s the daily of AAPL:|
Very very very interesting…Upcoming-Crash
Ride it the 1140-1150 and watch it crash?
http://www.youtube.com/watch?v=hM79IhkbbAg
That was interesting
Personal Income: Prior 0.3% Expected 0.5%, ACTUAL 0.4%
Personal Consumption: Prior 0.6% Expected 0.3%, ACTUAL 0.0%
BMO Capital Markets:
The anticipated oversold rally kicked into high gear yesterday, with the major averages here in North America registering some of their best
one day gains in months. Internal breadth data was solidly positive too, with a ratio of 12.5:1 advancing stocks to declining stocks on the
NYSE, and 36:1 up volume to down volume which resulted in a reading of .35 in the Arms Index – one of the best readings in months.
Perhaps the only negative on the day was the fact that NYSE Composite volume contracted by 1.6 billion shares versus Wednesday,
which actually supports the notion that this bounce is likely only a result of the extreme oversold readings in short-term breadth and
momentum oscillators, and not the beginning of a new uptrend. This is Memorial Day weekend in the U.S. so we don’t expect a lot of
action in the markets today, since the lack of volume after lunch will likely minimize any follow through to the upside that otherwise may
have occurred. We still believe that this rally extends to the declining 50-day moving averages for indexes such as the TSX Composite and
the S&P 500 though.
Got into TZA at a great price..
$6.66
Possibly backtesting the neckline of the inverse h&s…will look to go long there—~1090-1091–with tight stops of course
close enough….long SSO–@ 36.42….risking .11
and again coinciding with european market closing…
only 1.5K shares….now putting on trailing stop of .09
now wideing my stops to .19 as there is a possible inverse h&s forming on the 2min chart
alright….now going to bed…11:44PM in Manila..very long day…hope to wake up in 2.5 hours for the close…GL to everyone.
SPAIN DOWNGRADED TO AA+ OUTLOOK STABLE
man that hammered the market
I can’t sleep even though I’m so tired! Got stopped out @ SSO for a .22 gain…good enough for me..looks like almost everyone got their long weekend started…
I gotta think you have to be somewhat insane to even THINK about holding stocks over the weekend. So many landmines out there.
I agree with this. Not only because it’s a three day weekend, but a lot of stocks are sitting right on the verge of breaking, or have just broken some significant trend lines. Could really go either way into next week. Also the 1103 area hit could mean a more significant drop to come. The 1103+ would mean a break of a longer term H&S. Would be a bit of a game changer and would require some really good news.
50ma, 200ma, and fib are sitting here. Could break towards 1100 again into close. trend line is a little below that actually.
Long SSO and SPY at or around 1085ish…should I get the heck out at 100 and call it a wknd?
that should read 1100…or heck now
hm….it’s a bit dangerous holding over this weekend. Depending on how big your current positions are, I would definitely not hold a full position over the weekend.
Market might only head to 1099. there’s a chance we could break out, so you can trail stops once we get there, but who knows. Maybe sell half at a limit, and hold the rest to see how we go into EOD?
I personally don’t like the set up into the weekend and won’t be holding anything.
if we break below 1090 and 1089, I would take what profits you have. We don’t want to see a drop below there.
Gamblers hold over the long weekend. If Asian and European markets open higher on Monday and bang the tape higher again on Tuesday, we could see an explosive short covering rally on Tuesday. However, if Asian and European markets open lower on Monday and drops more on Tuesday, you know what to expect on Tuesday in the US.
Positive divergence was present on the daily chart early this week. This kind of divergence usually lasts a bit longer than just three days. The Canadian market is open on Monday, though.
Agreed. it’s really 50/50 going into the weekend. Pure gambling. Depends on how much risk you’re willing to take on.
I went a head and took half off around 1096, see if we hold 1090, if not I am out.
smart man =) I like the way you trade.
Thank you, I was a hedger by trade so at times it forces me out too early but other times it saves by butt….That being said I am going to take my chances for the weekend. Mostly cash so if we puke on European news/North Korea etc etc….I will have to live it.
I am done for the week, heading to the beach, everyone have a great long weekend.
good luck.
1099 bam!
Heading towards 1090 fast..
Brian Shannon now..
http://www.stocktwits.tv
Traders,, I’m reading up in using the ‘Market Profile’..
This guy uses it for futures and has great results:
http://www.screencast.com/users/FuturesTrader71/folders/Webinars
Does any one have any experience using it? thoughts…
Greetings gentleman, hope everybody did well today. The ending was good for me, but nowhere near made up for the hammering I took yesterday. However I do believe it brought momentum clearly back to the bears, and once again was non-confirmation of yesterday’s rally. It seems bulls are only being allowed 1 day rallies, never 2 days in a row, kind of a reverse of the action for the past year.
Also we closed at and below last Fridays levels on the S&P and DOW, but above on the Nasdaq, still positive for bears I feel. I decided not to take any profits and am comfortably holding all short positions going into the long weekend. Hopefully this bear is not skinned alive Tuesday
Good luck to everybody, and hope you guys have a great holiday weekend, don’t think about the market for at least the next 48 hours!
The combination of you darn fear-mongers and the 2nd attempt to get through 1100, I bailed on my SSO long. NOW I am done….Closing right below 1090 makes me laugh…Talk about 50/50 trade!! Did we break the neckline, did we not…Oh the humanity…
probably no body here, but i thought i would buy more dec 65 and dec 50 puts on the spy
larry pisavinto, not spelling his last name right, but expexts some action on the down side between the 2nd of june to the 20th and a low on the 10th of august,
i will put my 30 percent more of my account in puts on tuesday if we get a bounce or not down too much
Shanghai interbank lending getting tight, curve flattening…
Check it out, from one of my buddies at a multinational insurance company in their bond group…
http://www.marksmarketanalysis.com/2010/05/bank-liquidity-strains-in-china.html