Woo:
2:18 pm EST
SPX 1 month
Let’s see if it can break.
FSLR:
I like it. I put a ring on it.
Idan
12:30pm
I am very surprised that ANY bank in europe actually failed this rather lenient stress test. It’s important to read between the lines, and while most of the huge banks DID NOT fail the stress test, quite a few of the smaller ones have, especially in spain. And of course, these tests assumed no sovereign default risk, which i think is bogus.
11:58am
An interesting read:
Quadrillion Dollar Debt: ‘Day of Reckoning’ Looms
What Will Happen as $1,000,000,000,000,000 in Global Debt Winds Down?
By Elliott Wave International
A thousand trillion in debt can’t be wished away or swept under the rug. No one can “forgive” the debt. The consequences of unwinding this debt could be as massive as the dollar figure itself… Read more.
11:52am
Market moving up slowly here, this is an indication that we can continue to move even higher on monday. Currently, we are bound by that ascending channel support (now resistance) and it’ll be interesting to see if the bears shove us down at the end of the day or let the bulls rally us back into that channel. I’m bullish as long as we stay above 108.60 into monday:
Tze
9:47 am
A good and concise summary of what July has been like for the markets.
Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com
The month of July has been a roller coaster of a month. Since options expiration ended on July 16th the up and down action has been outright violent. One hundred point moves on the Dow Jones Industrial Average have become common over the past week. This morning the major stock market indexes are surging higher to start the day on the back of positive European data. It has been a long time since the markets have reacted positive to anything out of Europe.
This morning it is important to note that the U.S. Dollar Index is trading down sharply. In my opinion this is the real catalyst for the move higher today in the stock indexes. Remember when the dollar declines the major stock indexes will inflate. Today the market rally is broad based as most sectors are trading higher.
Technology stocks seem to be the leading group as Qualcomm Inc (NASDAQ:QCOM) is trading higher by 2.64 to $38.80. F5 Networks Inc (NASDAQ:FFIV) is also soaring higher by 8.75 to $81.87 after a positive earnings report. F5 Networks Inc should have daily chart resistance around the $82.50 – $83.00 area. Baidu Inc (NASDAQ:BIDU) is also trading higher by 1.88 to $75.15 after a positive reaction to earnings.
July has been one of the most volatile months in quite a while. This type of choppy action is likely to continue as the battle between the bulls and bears is just heating up. Every time the sky looks clear the storm clouds come rolling in. The opposite case can be made as almost every sell off or decline seems to reverse higher the next day. Today is a perfect example as the markets are trading sharply higher after yesterday’s sharp downside reversal. Take this month in stride as July has been a month to remember.
Tze
9:44 am
Good EW update from Milen. He posted this on FocalEquity Social.
This is the direct link to his blog:
http://oneelliottwavetrader.blogspot.com/
thinking to short amzn again
..What do you guys think? Stock has going up so much from last drop.
Woo
Do you see some good resistance here at 110.5 to 110.6. Im thinking of bailing out of TZA if goes up much more.
Woo – where do you think we pullback on SPY now or what would you be watching for ?
posted a 1 month chart up top.
if it breaks that, you should bail.
Thanks Woo – just to confirm if it breaks the top yellow line it hit then get out … right ?
well tna is hitting some resistance. we’ll see if it breaks out or not.
This is what the 6 month looks like though:
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=7&dy=0&id=p20470276254&a=160222837
And it’s not good for bears short term. lots of trend line resistances broken, and the RSI trend line is broken and now is support.
How about long term money (401k stuff), add some S&P at a break of 1106 or go ahead and buy?
doesn’t hurt to wait. it’s like less than 1% away.
I knew you would say that…so patient. That’s why I pay you the big bucks
Thanks
anyone whats the vixx doing ?
VIX down 1.17 to 23.46
hhhmmm !
Continuing to drop -1.28 23.35 fear disapating as planned watch out.
It was testing the 200ma
http://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=3&mn=0&dy=0&id=p20699988574&a=204018771
200ma = 23.39
Woo, bought Aug 150 calls for 3.30 stop at 3.00. Do you mind if I ask your call strke and stop?
oOoOOo, not bad. they’re sitting in profit now then.
i’m sitting in august 145 strike. Mine are avg’d though since I bought earlier today also.
The recent ones I bought were @ 4.90
I think 140 will break before the day is over. and we could open on a gap higher.
My current stop is at 5.00, just to be safe, but I’m not too worried. I’ll probably take out my stop at the EOD,
I’m willing to hold until my positions until the long term 3 year trend line breaks where FSLR is around 138 or so, but that’s a long ways down. I would lock in your profits with 3.40 stop now. The stock is holding up steady, and it looks more like consolidation under 140 than anything else. I’m fine with seeing a drop into tomorrow, and will probably add more to my position if we see a drop with the 138 area holding.
good luck!
Thank you,
I am new to the site and love reading posts. Do not trade a lot of money but I enjoy making money iwhen I can!!!! Will move stop next week I only have 13 contracts so I gave myself some room.. Thank you and the operators of this site. Ya’ll do a great job. Young and hoping to gain as much info as possible….
PDC
the weekend might result in a good amount of decay. but the potential for a move higher is definitely strong.
A move up is what I am looking for. If I get stop out so be it, It would be nice to get that gap up on monday morning!!! Then, I might sell half and see what happens..
PDC
Idan,
I have TD trading platform and trying it out, but it has alot of stuff to play with. I have not been to sleep in 2 days and still trying to figure it all out. Not trading from that platform yet but looks great. Thanks for all you do. FCX got played both ways!!!!!! When I get my account balances up to my target I will be your new customer!!!!
PDC
Market will sail into close another +200pt day bulls rule bigtime! Be long be strong the train to paradise is unstopable!
I am still in my position at ISRG. I told you yesterday this is goign to explode higehr. I have my stop at 325 now and keep moving that up. I told you big boys are in ISRG.
SWBB
isrg always does well in earnings. solid company. has been for many years, and will probably continue to be. nice trade.
wow they really don’t want FSLR breaking 140 hahaha. We’ve hit it so many times it’s ridiculous…
it’s coming.. Had someone tell me they are shorting at 140?
i wouldn’t short FSLR here. it has a LOT of support. unless you’re playing it for a one day retrace.
if we don’t break 140 today, it might happen over the weekend on a gap up.
if it falls, as long as it holds that long term trend line, i am happy.
just saw a crack above 140 haha, but the bid wasn’t taken. very interesting close.
it’s a friend of mine, i tried to tell him. I thought it was a great close .01c from high is always nice. Now the fun (waiting)
yes, 140.04, close but ah its a little down
AH in friday pretty much means nothing. we’ll just have to wait till monday. good luck everyone.
Woo what happens if the market starts selling off going into election times? Most stocks are correlated with the SPX.. soo watch out by going into calls into the bearish of months.
What will big boys do monday ??