3:33pm
My guess is we test 103.88 for sure on the SPY. You can see the 5 min below, that’s the 38.2% retrace of the whole last move lower and therefore i think 103.88 on 38.2 or 104.70 on 50% will be incredibly important levels:
TRADING LIVE VIDEO at 1PM EST
3:13pm
GE is likely to bounce on the support area that we are at now (14.10-14.12) on the daily. Seeing it at 14.50-14.70 won’t surprise me, it is very oversold and needs to get a nice little bounce in it. I’m a buyer of that stock at this point for a very short term bounce.
goo
3:12pm
Yes, i’m buying some UNG as it’s on it’s way down here… hoping for some more pull backs to the low 8s too.
2:11ppm
UNG just hit the 8.30 mark that i said was an incredibly important level. As you can see in the 60 min chart below, it has a left (double) shoulder, a head and it could be ready to build the right shoulder. With it hitting 8.30, my guess is that it’s going to fall a little bit to build that inverse right shoulder and i can buy it at 8.00-8.20 and put a stop right below 7.97:
12:00pm
A lot of people had criticism on the trade I made shorting GOLD at $96.36 for my Alerts & Analytics service well right now.. we are making a 4% profit on that so far with a profitable trade. GLD seems to have borken it’s very strong 119.5-119.7 support line and has a long way to go… turns out we were right 
11:32am
It’s Google’s time to shine. GOOG has been doign awful for a while, and is very oversold. With the hit of the 50% retrace (which we predicted), I want to be buying this stock right here hoping for at least a retest of 462-463.
10:55am
Will be looking to buy some CALLs on the SPY very very soon.. i want to see the inverse H&S on the 1 minute break out at 101.75 first. Or i’ll wait for the 38.2% retrace which is at 101.1 on the SPY and SPX at 1009.. but in any case we’re talking about a few tenths of a %.
10:50am
SPX hits my targets PERFECTLY…. that’s amazing. Nice little bounce coming in.. a break of 101.78 on the 1 minute is an inverse H&S.
10:47am
JPM crashing with the other banks… If you’re in short on JPM make sure you have a trailing stop that is making profits but the only supports i really see are 34 and 32 right now… far far away.
10:42am
As per my live charts, which you can see above you… 101.35 strong support on the SPY fibs… 1012-1015 very strong support… i think we can get a market bounce here.
10:38am
Unloading all my puts here at $101.62 on the SPY.. we just hit my target for this sell off… i’m now looking for a retest of 1040.
10:32am
AAPL is getting ready to bounce on a support line here after a major collapse in the first hour. $245.50 buy with a stop in the high 244s makes sense to me, plus the SPY is getting oversold here:
10:19am
EUR/USD showing a very nice inverse H&S formation on the 4 hour charts. That could help the market bounce:
10:14am
I am thinking of covering my SPY puts right at around 101.70 or so… with about 180-200% profit.
10:04am
We are starting to break the BAC flat neckline for it’s H&S formation. Take a look at the daily and see. The way i would trade this though, is i would wait for a retest of that neckline and go short there, even though it’s not too late to pile in, i rather get better entry points with tight stops:
9:52am
WYNN Â (60 min) is getting closer to a very important support line. In fact, there are two lines: 1. 38.2% retracement from the whole fall, which it is going to retest again (important level to break for bears to confirm double top). Right underneath it we also have an ascending line that will form support. Those two should create a great buying opportunity for WYNN. However, if we do break that level (at 74.40-74.50). I think WYNN will join the rest and accelerate downards:
12:47am
Here’s the SPY daily chart that I had on my video last night. You can see that we do have a bit more to go to reach the 38.2% retrace at 101.5-101.6 on the SPY… we might see a bounce only then, but i am preparing for a retest of the H&S neckline back to the 104.65 level very soon and then i’ll put back my shorts on. I’m currently holding a few puts (took most of the profits yesterday):
12:01am
If you like using Leveraged ETFs such as FAZ, FAS, TZA, TNA, SKF Â and are interested in likely targets for the market, look no further than our own Woo, who continues to be right on the money.
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currently hitting the 5min 50ma and bounced a bit.
thsirt2,
Just saw your question regarding ICE. No, I sold around the $123 level last week. Sold all of my longs last earlier this week and have been enjoying going short, until my PLD purchase this AM. Just a quick trade on it.
nice one.
here’s TMV that i post in the subscriber section. my month old $40 minimum projection hit today. Most should have gotten a good position in at $46.83 into the drop today. good times!
http://stockcharts.com/h-sc/ui?s=TMV&p=D&yr=1&mn=1&dy=0&id=p54339256698&a=195425973
Just sold some more of my TZA AT $8.40 for a decent size profit.
BP is back above the 5 year trend line. anybody buying?
Woo or Idan,
Do either of you get the feeling we’ll see a rally in the last 15-30 minutes, bringing us up to the 1028-1030 area? I’m having a feeling we see that, but would prefer we stay where we are now or go lower.
Right now, it looks more likely to see a rally to 1028-1030 than a breakdown… i don’t think this market is going to want to break down now that we hit 38.2%.. the momentum has changed, and although it’s hard to see it yet.. it’ll become obvious on a break of 1028 upwards.
Idan,
Thanks for the quick reply and great insight, I really appreciate it!
like i mentioned earlier, i wouldn’t be surprised if it happened, and that’s the ideal close to have people remain guessing. then it’s hard to hold bullish or bearish positions overnight since we haven’t got a strong break north.
it’s also why i had my stops so tight earlier on the drop.
we could go to a minimum 1038 retrace of the drop to 1010 from 1083.
Woo,
Thanks for the quick reply and great insight, I really appreciate it!
i’m going to dip in BP a little for fun. see what tomorrow brings. hopefully it’s a confirmation trend line hold.
moment of truth…first time in a while no 3:30 selloff..actually ticking up
EOD market will be green. So much for that crock o manipulated BS.
yup, idan called that one.
Yes and so did I lol
i called it too! i said 1028 close would be ideal
You all did
So are you still looking for your projection to 990 Woo ?
Idan or Woo,
I’m holding REW (short tech) and am up about 15%. You think I should dump right now or hold. I’m really on the fence, as its not too volatile compared to other short ETF’s I’m holding, and I like that factor.
Let me know ASAP if you can.
thanks!
hey man, not trying to be a jerk… but do you need Idan/woo to wipe your butt too?
You need to figure out on your own to take profits or not
Your definitely being a jerk, now get off my back!!! I’ve been taking profits all day bud! I’d like their advice, is their a probelm with taha?????
woosah everybody. it’s fine to ask questions. there are people who are more seasoned and people who are newer to trading or changing up their strategies. let’s all be calm =)
ERX hit a trend line resistance today and bounced. not sure about that one.
Woo,
Much appreciated my friend. I just sold REW at $25.70 for a nice 17% profit
I thank you again my friend, catch you tomorrow!
A problem with that, I meant???
nope, not going to break 1028 today.
let’s think good thoughts for tomorrow, lol.
closed right where i said it would back in comment 48 at the trend line to keep things as ambiguous as possible.
http://social.focalequity.com/photo/woo1month-339?context=user
good times =)
I TOLD YOU SO!
Thanks SAM (Kidding).
haha i was kidding too =)
Woo – any thoughts on Ford ? I bought a few Aug 10 puts when it hit the 200 Ma at 10.61 …
better chance of a retrace north first. i wouldn’t be surprised if we moved a bit sideways or rose into the 1038 zone tomorrow. i’ve only got BP going into tomorrow.
oops, meant this for your comment above on SPX.
Ford I’m not watching at the moment. I don’t like trading car companies at the moment.
More than 1 million times I TOD YOU MARKET GOEW TO SPY 101. Go and look today what happened. EVERYTHING I said happened EXACTLY AS I TOLD YOU. I TOLD YOU at SPY I cover all my short and I would go long. Look at what I said yesterday and see everything I said happened EXACTLY as I TOLD YOU. This week. MY portfolio is exploding from money and profit and I do not know what to do with all these money.
SWBB
very nice sam. good call on the drop=)
what are your big boy thoughts from here? keep going long for a while? or possible more drop after a retrace?
I do make a HUGE money in either direction, that is why my portfolio is exploding from money. Today after I amde several hundernd percent onmy puts I bought calls exactly at SPY 101 (AS I TOLD YOU ALL YESTERDAY BEFOR ANYTHING HAPPEN). and made another HUGE money into upside. In overal I do expect to see a bounce coming into next week BUT any bounce will be sold off by big boys and we will head lower, All we need to do is to stick with big boys and do not let them sepearte from you.
SWBB