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29
Jul
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3:45pm
Market found resistance at prior support at 110.90. Well now support will be the prior resistance at 110.45. If we break that to the downside, the selling will strengthen into close.
2:37pm
SPY market still remains bullish, the only place i’d consider shorting is if we fall below 110.05 or even more risk aversely after 109.92 for today. Here’s the 1 minute line of support:
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12:55pm
XLF inverse H&S still intact, it would not take much for it to rally back up and shove higher. It is actually right at support from it’s former open highs a few days ago at 14.53.
12:10pm Is BP ready to go to new highs? Total Voters: 14
BP seems to be hitting that $39 mark today for the third time, this could mean it could be ready to break to new short term highs. Here’s POLL OF THE DAY:
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11:44am
If the dollar will start rallying again, it will have to find support (and make a low) at a higher place than the former support. A great place for that will be the 200 SMA daily on the UUP at 23.66. I think it might turn around at that level or slightly lower at 23.48 (on the 61.8%). Anything below that will start looking like a massive Head and Shoulders formation.
11:37am
GS could be getting ready to break out of the triangle formation pointed earlier. It did have a small fakeout above it over the last hour, then it fell back down to find support at the bottom of the triangle formation only to form a beautiful bottoming candle. It could be ready to shoot higher:
11:33am
SPY should be finding some type of support around the levels that we’re at. We are now around 110 on the SPY. If you rather wait, you can buy the SPY at 109.10, but once it breaks that level i become more bearish. Here’s an interesting video about the S&P from INO. http://www.ino.com/info/594/CD4204/&dp=0&l=0&campaignid=3
12:01am
Futures are slightly down but basically flat. I don’t see a big move happening anytime soon. I think $110 at least is going to hit before we get a stronger bounce, and there’s a chance for us to fall all the way to $109.12.
The stocks that might get some strong action, and will be looked at in detail soon:
AAPL, GS, XLF, FSLR. We will look at all those charts in the LIVE TRADING (on video) at 1PM EST.
VIDEO UPDATE ~ By Chris!
Leave your thoughts on the blog to the following article:
Technicals vs. Fundamentals: Which are Best When Trading Crude Oil and Natural Gas?
By Elliott Wave International
If “fundamentals” drive trend changes in financial markets, then shouldn’t the same factors have consistent effects on prices? For example: Positive economic data should ignite a rally, while negative news should initiate decline. In the real world, though, this is hardly the case. Just read these four oil price headlines from July 22 and 23. (And get FREE access to EWI’s latest energy market forecasts!) Read more.
Glad to see volume substantially higher on today’s sell off compared to yesterday’s. The VIX did NOT confirm the sell off however, which is a bit concerning. Finishing the day with a sell off was encouraging, as was closing below yesterday’s low of 1103. Really wanted a close below 1100 however.
Took some profit today as mentioned several hours ago, but letting a bunch of short positions ride into tomorrow and really nervous about what we’ll get. I could see overnight futures being heavily manipulated and a huge gap up tomorrow morning, and sideways action all day, not giving us shorts a chance to get out
Really hope that doesn’t happen.
I’m seeing a really big down day coming sometime soon like 3-4%, and would love to be like 90% short and 10% cash when that happens, and not the reverse, but this getting chopped to death and squeezed all the time is killing me, especially with the decay on these bear ETF’s.
In any case, I’m ahead on about half my positions now, although not much, and behind on about half, so just trying to figure out when to make my moves, and hope I’m quick enough. Thinking SRS and DRV will pop in a really big way soon, so looking to add to my positions there.
Bottom line, unlike the last 2 days where I predicted a sell off for the following day and was very very glad to be correct, I have no idea about tomorrow, except to say I really hope for a big sell off
Good luck to everybody, and see you tomorrow!
July 29th, 2010 at 10:24 pm
Yes I hope Big sell off too soon …
Have a Blessed night
July 30th, 2010 at 3:13 am
AAFLC8 ,
Much appreciated my friend, you do the same!
Scary Numerology Closing # today..
SWILB and you’ll guarantee WIN
July 29th, 2010 at 10:07 pm
Don’t you mean swbb Sam?
July 29th, 2010 at 10:23 pm
Well we also have the Illuminatee Boys -Skuul and bones People
I’m wondering- did big Ben know something about GDP report and perhaps his gloomy recent speech was a warm up speech to hopefully soften any blows of a bad GDP report.
July 29th, 2010 at 11:38 pm
I think so…
I am tempted to fire my last 25% right here. I will wait the sentiment release and will decide. I am still park on the bull side holding the following positions:
Long TNA 1500 shares @ 39.39 stop 40.25
Short VXX 1500 shares @24.80 stop 24.15
I am in a good position (Green) to go all in and maintain my stops for a no risk bet to the upside. I want to wait the sentiment and see the market reaction. This sell off smells like a bear trap and I would like to see the bears move the $INDU below 10350 and 10115 for me to change my view of the market movng into the fall.