12:43pm
Market keeps moving around the channel support.. up and down. I’m flying back today to California, will be more active tomorrow!
12:19am
Currently the futures are down about 0.8% with the EURO making new lows below 1.19 dollars. If we open below 106.82, we’ll be opening below the channel support. The next really strong support will then be 104 for a finish of the H&S formation on the SPY:
SHORT-TERM: COULD SEE HUGE REBOUND MONDAY BUT WILL SEE A LOWER SPX CLOSE AHEAD
I see rebound on Monday and Tuesday down to SPX 1020-1012. If that holds, we could be for a multi week side to up consolidation before next down leg.
Got a feeling we open slightly down, have a couple brief rallies, and then sell off for the last 2 hours or so.
that was a pretty bad hit with HERO ….. Had 50k at $3.09 with a .20 stoploss. hit today. lost 10G in 2 days…. will try to buy back again at a lower price and holding for much longer
Why did you buy that stock? Why at that price? Why was your stop there?
I figured ( some figuring) it was a good buy at that price for long term but still with a stoploss in place i felt safe. this goes just to show ……. dont buy because you think things are cheap……my $10k lesson for this week
I feel your pain and your excitement.
I use to play patiently.. a few thousand dollars here and there then I got bored.
I tried jumping in for quick big gains like that last year.
Jumped in for 10k shares here and there thinking I would cash out if the ticker goes up a penny or two only to lose $100k last year from many of them combined.
Learned to never jump in for too much and also to never touch options regardless of how sure I am.
I still read in envy and start looking at options prices when I hear people making 10-100% in a day from option trading or just making $10k here and there (morris!)
Must not…… must.. stop myself…
Looking to add more FAZ, I was hoping for SPY to rise a little more first, but I don’t see that coming. Going to enter 1/2 position. GLTA
i wonder if 1060 will hold?
seems like we want to go down and test 1050 today.
Added another 400 shs FAZ, holding 800 shs now (only position in trading account), not planning to add (yet).
The wide volatility overnight reemphasizes how volatile the current environment remains. WoW vix 36.21
400 shs of NYSE:AGU
in for a bounce.
tight stop.
stopped out.
waste of time trade.
GOLD UP +22
I thought GOLD was going to chicken-out at $1240. But it broke it and is still rising. +25
Cmon SPY, you look lovely in red. Green is not your color.
Thanks
only thing making me worry about this drop the past 45 mins is that the VIX is still negative. SPX negative and VIX negative too…hmmm…
Whenever this happens there is about a 65-70% chance we see a green day the next.
well, we can say that chances of green day tomorrow has decreased
Yup, VIX was up over $1 last time I checked.
looking to get long some AAPL under 250. Maybe today?
I wouldnt do that if i was you but its your money anyways… The whole markets depending what will happen tomorrow and Wed could go down huge. best of luck to you
Sorry but whats happening tomorrow?
tomorrow is the spain spread announcement and Wed is bernanke’s testimony if I’m not mistaking….
Run for the Hills!! Spain is announcing stuff!!
if you like AAPL under 250, why not sell some out of the money puts at a level you feel comfortable owning it? take in the premium and take adv. of higher IV
because its an IRA
ahhh…well buying call spreads for dec or 2011 might be a a more efficient way to go long AAPL
I’m watching that 1055 level on the S&P very closely. If we hit it and bounce off I may close a few short positions. If we hit it and break through, I’m thinking we get to 1050 fairly quickly sometime this week, and then get to 1040 shortly thereafter. What do you guys think?
I like your plan. When the downturn began, I held short while lots of people were calling for the market to turn back up. The last month was my best month trading in a while. Right now I have ~ 1/3 of trading account short (all in FAZ) and I’m not planning to sell until I SEE a strong turnaround. I feel the downside is much stronger than the upside. Thanfully the position is up just under 3%, so I’m playing with “house money”. Also, after losing a lot on this over the past year, I feel a little more comfortable trading this (FAZ and FAS can make you panic).
By the way, I am not a technical analysis guy, but I read a fair amount of blogs. On in particular has recently called my attention. He called the drop in Europe a few days before. His predictions for this week are scary. I cannot reallly comment on his trading history, perhaps someone else can. http://www.xtrenders.com/ The weekend blog entry is the one I was speaking up.
Go FAZ and GLTA
Robert_Tax_CPA,
Thanks my friend. Your FAZ should do very well I’m sure, and I’m holding a bunch of it too. I now have 9 short positions and just one long position, the SSO I picked up late in the session today. I was thinking we’d have a little bounce when we hot 1050 and I’d take a quick scalp. Didn’t happen as we now know, and I’m looking to get out to that early tomorrow with a small profit or small loss if need be. I’d love to see overnight futures up big, so I can sell that SSO at the open for a good profit, and then watch the sell off the rest of the day as my shorts make me money.
Good luck to all of us!
Lower highs and lower lows made today look promising for the bears. Got a feeling we sell of and close at around 9875 on the DOW and 1056 on the S&P
Typo above, I meant “sell off and close at…”
Just sold 1,000 shares of SDS at 36.42, for a 2k profit.
Wow, looks like I should have held it a bit longer. Just got nervous when it hit 1055 twice and bounced off it. After I sell, it breaks through of course
Oh well, profit is profit I guess, and I held all my other short positions, so I’m feeling pretty good.
be happy with the profit and move on to the next one.
tshirt,
Your right my friend, and will do. Thanks for that, I needed it!
overnight lows on the /ES was hit and getting a mini bounce…bulls better hope for any bounce going into the close or else this could be a very bloody red tomorrow…
Just bought 1,ooo shares of SSO at $.73
I mean 1k shares at $33.73
next stop……104???
Wow, that SSO purchase looks pretty dumb now, but I just have a feeling 1050 may hold as support on the S&P and we’ll get a little bit of a bounce tomorrow. Hate to be long this market and just looking for a scalp on that trade. Will sell tomorrow if it hits $34 or drops to $33.25.
I’m sorta with you on that. Bought UCO at close.
I think market will be lower a week from today, but counting on a bounce tomorrow.
kenjisan,
Thanks for the message my friend You’ve made some very good decisions on this board in the past, and seem to know your stuff. So its a comfort to hear your with me on that move going long on the close. I’m thinking the S&P will at least back test the 1055 level and I may bail out at that time. I can see your UCO play working as well, and hope it does.
So lets see those futures go deep in the green overnight, make some money on our longs, and get the hell out of them before the closing bell sell off tomorrow!
TRAN, RUT and SOX all close below 200 SMA….this slide could turn into a crash very soon…
woah there….
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=3&mn=0&dy=0&id=p27506267435&a=184607634
woo, it looks like it’s “bearly” (hahaha) pierced that pink trend line. I think it will hit the trend line just below it. I’ve been 90% cash and 10% gold since Friday. I’ve been waiting for an oversold bounce to short. Any thoughts?
Smart way to play the market. I haven’t been giving out too many solid recommendations because of the market movement. Gold is one of the few areas I’ve been more bullish in.
Market started breaking down on a number of levels, but like you mentioned, that blue trend line may hold. I’m not holding anything into tomorrow.
Market might just continue moving sideways and stay in between those two trend lines. I’m sitting patiently till the right signals shoot off.
Don’t want to brag, but I told you all of these wave movements back in November 2009.
-zee
http://social.focalequity.com/photo/future-cycles?context=user&xg_source=shorten_twitter
Interesting.. so looks like you don’t believe in new lows and we should be buying in around S&P 985?
Yup.
If S&P 985 breaks.. I am going to quit the market because we will see 3 consecutive -1500 point days..
Pray to god 985 does not break. If it does, all cycle trends will point to Dow 0.