2:59pm:
SPY still having some hard time breaking a small ascending resistance level that it’s dealing with on the 5 minute. 109.20 is also strong resistance and it’s fluctuating around it. If it closes above 109.20 into tomorrow, could be pretty bullish:
Idan Koren to Teach Basics of Technical Analysis at 1PM EST/6pm GMT LIVE followed by Market Analysis
2:55pm
GS 5 minute seems to be breaking out of some strong resistance at 141.. you can buy it on the retest here, and put a stop below. If it closes above 141, we might get a nice rally for this stock… otherwise i think we go lower:
10:52am
It looks like the market is forming a bear flag over the last 30 minutes, it already hit the 200 SMA 10 minute once.. if it reaches it again we might break through and start heading towards that 107.20 level.
10:31am Does the SPX close the day below 1085? Total Voters: 60
POLL OF THE DAY:
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10:30am
SPY now has broken down the 108.60 level or 1085 on the SPX (notice how i gave that possibility in my video last night, saying it could happen early morning). With that, the bears can finally try and use 108.60 as resistance and take a short, with a tight stop above.
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GS rumor about SEC settlement
Bingo what I tell ya!! It’s a fricken joke. Will be a really big up day tomorrow go long go strong nothing will stop the train to paradise!
haha. =) very nice.
yeah i’m very happy with my TNA position. I think i might let go of it tomorrow though.
Still a bit weary of a possible large drop.
nice break of the wedge:
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=7&dy=0&id=p34871438491&a=160222837
there’s a 3 week trend line here on the 1 month chart though. should be some resistance.
market also a bit overbought.
Another funny joke now they will settle with GS unreal. GS rips people off they get a slap on the wrist pay a few million in fines and back to business. GLTY
Isn’t it miraculous how the worst news of the year coinsides with the reform bill being passed and GS settling and the oil leak fixed? Hmmmmmmmmmmm and you wonder if the market is manipulated or not?
well i bought some calls on amd so you know the earnings will be terrible
it’s up 5% AH cha ching!
zee has to be happy about that one =P
definitely, that chart looked horrible before hand.
lol.
despite the current move, it still needs to get above the $8 mark where the 50ma and 200ma are sitting. if not, we could just see a huge drop.
we’ll find out tomorrow morning.
that is cool!
hahah nice, unload them tomorrow because the rally might be short-lived, I have no clue.. last time AMD gapped up like 8% on INTC’s earnings, now its only up 4% on it’s own earnings report.
strange. lol
Idan, has the H&S been negated yet? Do you think we will break back below and crash? Thanks.
It has been negated.. but that doesn’t mean that if we go back down to 104.70 that it’s not STILL there… as long as we are above 104.70 it’s negated.. if we move below 104.70 then the H&S stands.
Got a limit order to buy back my GOOG at 473… well now I own it
wow, just got back home and checked up on things…
i’m now in love with POT and AGU.
god bless them all.
i can’t believe i bought right at the exact bottom…very abnormal, lol.
my vxx isn’t doing that great but whatever,
now the problem is when to sell…i always have a problem with that.
Bloomberg was interviewing traders in the pits, they said the rally at the end of the day was a lot of short covering. Trying to draw conclusion from this but I am not sure what exactly that means.
conversation on the pit:
“why the hell is it rallying??!?!?!”
“i have no idea, probably short covering”
“how do you know?”
“how do you NOT know?!?!”
this bloomberg interview = useless
conclusion is this the same thing that happened off the lows in 09.
starts with short covering rally, then the real rally kicks in.
we are going higher.
WOW $550 million fine on GS securities fraud! Looks like they will have to cover their tracks better next time. Nobody goes to jail just pay the fine and go back to rolling the market.
that’s nothing to them, it’s like 1 executive bonus.
why is GS profitable every trading day?
we know GS isn’t going to change anything. none of the banks are. it’s kind of sad.
Yes and the real sad thing is you know the price of the stock will go up and there will be people that will buy it helping the major crooks in Wall street to pay their fine. Now they will plaster the TV president as a hero on the front page of the paper as he is signing the reform bill .Talk about perfect timing eh? Oh and while he is on TV tomorrow, as he signs the bill, he will announce that the oil leak is fixed and take credit for that from his great leadership. Meanwhile all the unemplyed are cut off and GS walks away free to steal more money go figure.
Well, that was cool…
Unloading my positions this and next week.. let’s see what I get..
Volume is small.. and just like INTC +7% gap up, it was shortly lived [if you re-call I shorted it].