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/
can I please be sam for a minute?
oh please ! for just a sec?———————- idan————————————wooooo————————-tze——————-wtf!
…do you really want to be that in tune with the big boys?
i’m still out of town, if you can take over for me today that would be great
Oh let sam take over he has been up all nite with the big boys and watching the markets.!!!!!!lol
Haha, yea who are these “big boys” anyways. Maybe Sam works for GS LOL.
I just posted some good stuff from Social. Very busy today as well with the services.
Well here I go (as Sam):
I TOLD YOU GUYS ALL THIS TIME WHEN I WAS BROWN NOSING THE BIG BOYS THAT THEY WILL BE SHORTING AMZN , AND ALSO I TOLD YOU GUYS THAT NON OF YOU KNOW ANYTHING AND I’M THE BEST AND I NEVER LOSE MONEY IN THE MARKETS BECAUSE I HAND WITH THE BIG BALLS, I’ MEAN BIG BOYS.
Now I’m me again:
well after all this time being short on amzn and trading around my core position in it to lower my cost average, had some good days and some bad days with it as I was in and out. But Idan, you know that I’ve been on this stock for a while and I ask about it from you almost everyday because i was so passionate about the trade of a “Floating island” and of cousre it happened(well you know what they say: a broken clock is right twice a day )
Anyway my final position was short 8600 shares on margin( to the gills)at about $122+ and covered last nite after the markets close at $102.46 I must say that was my best trade this year so far and i wish trades like that would happen everyday to all of us over and over. Anyway just woke up at 730Ny time and going to work witha big fat smile on my face .
OK, JUST ONE MORE TIME……………………. I TOLD YOU SO AND IT HAPPENED EXACTLY LIKE I SAID IT WOULD BECAUSE I STICK WITH THE BIG BOYS AND THEY WERE IN AMZN…………LOLOLOLOLOLOLOLOLOL
Nice trade.. Very nice trade !!!!
“They say money can’t buy happiness? Look at the smile on my face. Ear to ear, baby!”
Very nice!!! Kudos to you.
I bet the big boys shorted AMZN all the way from $150. There are a bunch of these AMZN like stocks that are about to top out. They are mostly in cloud computing space.
yo stock tockers
whats going on
my plan is go short s n p at 111,121,1130
i think they will surge this up knock out all stops and then surge back down and let nobody in , thats what they do , go on the 4 hr chart to 09 2008, before the big drop they spike it up knock out stops .
good luck thats my game plan
what will bigboys be doing sam ?
i’m no expert on ew but ,if this is abc (wave 2) in wave 3 (if u know what i mean ), it cannot pass 1133 (wave 1), if it does its not wave 2 and god knows how high it will go
rock on !
yow all sleeping ?
the stress test mayl shake everyone out , bulls and bears .
anyone know what time its coming
Noonish – After FTSE close in London !
rumors swirling yesterday that they would be surprised with an early announcement…france was a little testy that the US would be able to trade the #’s and not europe….that rumor has seemed to die down….all are expecting all market moving banks to pass….hmmm…will be very interesting to see which way it goes..any guesses?
I do find the timing of the announcement a little odd…you would think europe would announce with all their other news like we did with our tests
are they splitting the news ?
European bank stress tests are going to sink in during the weekend. But the biggest market mover in my opinion is not going to be Europe but rather China.
ok my imagination did not happen. seems to me that even big boys do not know what direction they should go. I saw some big double direction strategy that big boys are doiing. I see tons of resistence from here until 1135, and I just want to watch if marke want to get there. It is 30 point, that is ok I will watch it just and if market get to 1135 I will buy pull back on SPY, but that does nor mean there is no stock to go long with. For eaxmpla just look at F. I told you 1 million time abot F and UAUA.
GLD is near to get a sizable bonce, I am watching it to get in at any time.
SWBB
The stress tests are set to be released at noon today no?
Noon eastern time. So to be on record Sam you now long UAUA since over 22.50? Cuz I’m betting against you here.
would also short X over $47, look to cover at 46.50 but if market looks weak let it ride short, other possible short play is DE over 62.8
I’d wait on that X trade… that stock is too strong right now.
Well my shorts are doing nicely, but I think we still have another 5% before a bottom so I’m holding.. that’s where the big money is made.
be long, be strong.
we are going higher today…big boys told me so last night in a dream.
Boom, boom, boom…
(Sam impression) I told you so.
covered my MSFT short at 25.7 eh SS @25.95
i am such a puss, currently below 25.5 where my orginal limit order was at
amzn has rallied up. I am putting another short again
get ready for da shakeout stocktockers !
so u think we’ll go down…any target before we start the resume upward. I’m thinking we might retest the 1070-1060 area for the shakeout.
i’m gonna short at 1112 and 1130 if it gets there.
i think they will move it up , if they move it down i will not chase it ,
anything can happen , the market is rigged , but you must have a plan
good luck
Where’s the volatility gone? I can’t imagine doing this with a vix of 15.
THERE YA GO LETS GO
short s n’ p at 1130 if its got the legs to get there ,
bulls will die today !
looks like the market stuttered a bit on the criteria of the tests being based on a 20% plunge in equities…will that be enough to make test legit
market @ lod.. common
all you bears wait and let it come to you , don’t chase it .
today will be a bull trap , they gonna all get sucked in . lol
Look at Ford, Sam, you are king!
post under one name please.
sam-zee-exaltedangel09
it’s getting confusing!
————– YRCW ————– YRCW is breaking out..This stock is going to 0.80
Check it out
http://www.stockchartsvideo.com/fina…1cdVYc9hf2Udh4
It’s time for Peter Navarro to buy….
He said he would buy more if YRCW hit .30
http://www.thestreet.com/_yahoo/video/10...
I’m not that good with EW’s, but I do believe. This video is very interesting, and I believe the girl really knows her stuff.
Any thoughts from EW’s would be appreciated. Me, holding short through a little more pain (I hope)
http://www.youtube.com/watch?v=XK3gb55T_MU
The stress test for Europe will be the same crap that the US had and will mean absolutely nothing. Look for the train to paradise to keep chugging up up and away. JMHO
Perhaps even bigger crap. Everyone knows EU banks are 2x less tranparent than US banks. No worries though – Geithner taught them well.
Why dont’ you guys just do a somewhat pair trade. LONG AMZN and SHORT NFLX. Looks like a pretty good trade off for me.
TZE What do you show as your next cycle date for a move down?
I think September
FAZ MA crossing 13 /34 (or kissing), not recommending (I’m holding expecting more pain, but hoping to catch a drop). GLTA
Probable scenario after the Europe stress test is announced: All banks are all better than expected and will be fantastic for global marketplace. Result for US markets: Stocks will soar over 100pts by EOD.
gone short spx 1095 stop at 1104
Hey everybody, I got back from my trip to the Bahamas. Whats cooking? I would have to say these stress tests are going to be rigged so 90% of the banks will pass if not more! Its in neither country’s interest to let the markets fall and announce that the world is basically bankrupt! I am long on ATHN
right on, one failure, and I was surprised it was a German Bank.
Taking off some of my Ford from yesterday at 12.55 (bought at 12.06), the rest i’m trailing the stop by 15 cents.
check out the toppin tails spx 1 hour
where are we going from here..I am still hanging on to my sds…anyone else
sounds like we are back to square one…greece debt is the problem and if they default the dominos will fall elsewhere…isn’t that the question the market had in the spring
Up up and away. Those stress tests show 9 of 91 banks that failed? Yea right that was not a stress test it was a laugh test paleeesse. People riot in the streets because it turns out only 7% of banks failed.
exactly…lol
they wanted to restore confidence…i think it did the opposite…just shows they are up to the same this… hiding the problems (like Lehmnan)….no retail investor is going to trust the market …ummm except maybe us
Long some SSO at 36.3 for a trade, seems strong
or not
sold 36.75
Mother fer, they ran it to 37 in 5 minutes after taking it down to 36.4 INSANE
GE increases Dividend to 12 cents
I am thinking about shorting the 10 year bond using TBT as a swing trade..Thoughts ????
I think we end flat to lower…doesn’t sound like these tests did the job
do yo guys enjoy my STRONG picks. Yetserday I said ISRG is STRONG, just look. I posted this yesterday.
SWBB
Nice triangle on the 10m RIFIN target is 780 which is also the neckline of a small IHS on the daily. Things could get interesting here for the financial sector! If you’re playing with FAZ/FAS just a heads up. UP is the operative word.
I respect all people who follow elliotwaves BUT Someone who understand Elliott wave tell me what is the benefit of EW. EW has a lot of flexibility, which means for example if they say 1200 in s&p is the top of wave 2 they simply change it if price pass it. Even if s&p rally and pass 3000 and then come down then they say ok now that was the top of super cycle and 30 years ago we made a mistake in our count, but do not worry we just fixed it and now we are ok. GL. Really what is that? Why do people ever risk their money by this way? No one in the world can ever predict futures, even big boys. Why just not buy when big boys buy and sell when big boys sell and why not just stick with boys instead of EW.
SWBB
Also GNK is robbing $$$ from both the bulls and the bears today. Flip a coin if you feel lucky. Daily chart…double inside day.
Bank tests blah blah blah. I say stay long until the market shows us different and the market so far hasn’t gave us a reason. The market is bullish as long as it stays above 1050
The market all morning has been fairly flat…
We’ve just been trading within the wedge:
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=7&dy=0&id=p20470276254&a=160222837
we’re cracking slightly above the line right now…
WOO Hoo!! TNA rocks!!
Thanks Woo
good times.
the short term 1 month is hitting some resistance here.
looks like we’re headed higher. all that consolidation near the top of the wedge was definitely bullish.
let’s watch for 1106.
Woah AMZN is almost back to positive territory.. woo I hope you kept your calls!
i did. decay alone and volatility tore them apart still. I’m out now. Lost 50% on the trade. Luckily it was a very small far out the money position for a gamble. And I was down WAY more than 50% at open. gotta salvage what you can haha.
Like I said earlier up up and away EOD + 100pts. The train to paradise is unstoppable what more can I say. Be long be strong anybody that tries to short this market is going to lose.
Just be cautious….it’s that mentality that causes bubbles, which eventaually burst (I remember day trading AOL and Yahoo years ago, thought it was the easiest $ in the world).
Personally, I beleive SPY will not go much over 1110 or so. Yet lots of calls for 1130 +, so who knows.
P3 believers say P3 cannot come until all the bears are bullish.
Cycles are giving a higher probability of a start of a new bull trend.. it will only be confirmed upon a break of 1130 on the S&P 500.
post under one name please.
sam-zee-exaltedangel09
it’s getting confusing!
thats right i will short 100% if it gets there
Sam is not zee ! Let’s not get into this debate again!
bears wait for market to come to you , they will knockout all stops now and suck in more bulls, lol
Keep dreaming.
not.
we are going higher.
this is a bear trap coming.
you will see , it will not pass spx 1132 , the bears are waiting there for you guys , all bulls will die there .
great see you there, 1132 is a nice profit from here!
http://stockcharts.com/h-sc/ui?s=FSLR&p=D&yr=0&mn=9&dy=0&id=p25752866209&a=195865936
i’ve been sitting in FSLR stock.
and i picked up some calls this morning on the break of the trend line. the follow through looks nice, and i think i might pick up some more.
if 139 breaks solidly, i’ll pick up more.
a beautiful 139 break =)
is nobody joining me on FSLR?
Sorry Woo – I can’t afford it
Now that we broke that hard resistance of 1100 watch it soar to 1130. Bears are done. Major short sqeeze gonna wipe em out go long go strong.
You know I’m in…bought a few hundie at 137.44.
good times.
i realized i don’t really have much of an upward target for this haha. technically it can just keep rising to 150+
we’ll see how it reacts at 142.50
Hmmmmmmmm we just broke 100pts imagine that eh?
Freefall on the dollar= markets soar to new highs book it.
*applause* good job. keep locking in that money.
That’s exactly what i am doing having too much fun today. Now if TZA gets to $30.25 load up on it long but not until. The upward momentum of the market will ride to about 1125 then play short.