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:
LIVE TRADING (on video) – 1pm EST/ 6pm GMT EVERYDAY!
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:
Loading ...
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.
Today is going to be a relatively light data day (except for Jobs, and NG inventories). But watch out tomorrow, because it’s going to be filled with important news.
Here is today’s schedule
Weekly Bill Settlement
52-Week Bill Settlement
Jobless Claims
8:30 AM ET
EIA Natural Gas Report
10:30 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
7-Yr Note Auction
1:00 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Enjoyed your video Chris…
If you don’t know where you are going you don’t need a map. We all are going, by
transference, to a place where you make as much money as you want. This amount of
money is much more than you need.
The Game Plan, your map, is based upon your trading business plan which is THE incentive
for going to the place to make money. The trading business plan starts with your present
capital and includes 8 levels of doubling, the effectiveness of your performance as
compared to your beginning performance level. There are two caveats you will have to
include in your plan; how times will change in terms of the worth of money, and the
possibility that you may have done some of these doublings already, if you are not a novice
currently.
There are two other parts to this Game Plan: the markets and YOU. The markets are there
now, offering money, and YOU are reading this in your present state of existence. By
connecting you to the markets and enabling you, your business plan (wealth building) will
become a matter of record over time.
Confidence will come to you during this endeavor. It comes from your mind as you build
your mind, successfully, to take advantage of the opportunity.
-Undercover.A.
Once the game plan is clear, an iterative refinement process ensues to afford you, a trader,
the 8 doublings of performance for taking that money out of the market.
The above, scopes and bounds the opportunity and the process necessary to go from the
NOW to the place where you, as a trader, are able to realize what the market offers to you
at all times.
Acceptable stocks have price rates of change that are seen to be in the range of 5 percent
per day. The ES typically moves in a range of 15 points a day. Any person can see this
happen, have a plan to make money from these price changes, and carry out an approach
to transfer this capital dynamic from the traded markets into a personal trading account.
Public records that describe these three elements abound.
1. Position Trading Stocks
Position trading stocks is an approach that involves carrying out the process shown in the
chart on page 11. The left QA (Quality Assurance) part of the chart is designed to yield an
up to date Universe which then can be traded as an EOD (End of Day) data oriented effort.
The right side of the chart deals with the ROI (Return on Investment) performance
characteristics of making money by using this Universe of stocks.
The basic principal is to trade a very high quality Universe as measured by earnings and
price performance. Stocks are obtained nowadays from Stocktables.com and the default
setup for getting a list of approximately 125 stocks is done by setting limits on the RS
(Relative Strength) and EPS (Earnings per Share). The price range is arbitrarily set at 10 to
50. The list is sorted by increasing volume, to assure that the order of appearance of the
stocks corresponds to three scoring values going down the list from top to bottom (7’s, 0’s
and 1’s). Over time the stocks migrate up the list. The list can be pulled at the frequency of
every 3 to 4 days.
All stocks on the list are graded to determine their repeatability and reliability and
consequently their Rank which is a measure of the daily money velocity in percent per day.
An initial analysis sheet is used to do this, either manually (A good drill for getting to expert)
or automatically by Excel. The chart of the stock is also annotated with formations and
Initial Analysis Sheet (IAS) designations at this time.
Stocks are then placed in a set of review portfolios according to their contemporary scores
(7’s, 0’s, and 1’s), whether they are owned, and if they are being considered for purchase
(a HOT list).
Daily evaluations are made using logging sheets. The logging sheets represent monitoring,
analysis, decision making and timely action as the 16 columns are traversed. Logging
sheets are kept for each portfolio. Clearstation.com is an example of a place to keep
portfolios that can be accessed to do the daily routine in convenient bulk viewing groups.
All of the above is kept in three ring binders and, periodically, new annotated charts are
pulled from the displays used on the PC monitoring platform.
12
The Hot list and the owned lists are given special attention on a daily basis. A log sheet is
used to assess the HOT list and the daily analysis sheet is used to complete the monitoring,
analysis, decision making and planned action for the next day on owned stocks.
The progression of wealth building continually accelerates. There is no point where the
effort becomes saturated (as mold would as it grew on a piece of bread). The progression is
a consequence of the continuing acquisition of knowledge, skills and experience.
At some point, while also holding a job, EOD trading becomes the principal source of
acquired wealth. When this occurs it is time to consider trading full time. Monitoring stocks
full time, instead of just in the evening as an EOD effort, changes the effectiveness and
efficiency of making money by position trading. You move from EOD data to real time data
in a more revealing fractal (usually the 15 or 30 minute fractal). This means two things: you
get to see the actual peaks forming, and you can also consider changing the duration of the
hold period to only incorporate the period of highest money velocities.
Both considerations greatly increase the return on investment (ROI), and replacing the
income of not working usually happens over a short interval. Coupling this with the real time
commodities trading opportunity completes the full picture.
Trading stocks only during their optimum price velocities is called cross trading. It involves
emphasizing the money velocity of the hold period. As stocks are monitored in real time, it
is possible to rough out their time rate of change in value. This applies to owned stocks as
well as HOT list stocks. When an owned stock begins to wane in capital appreciation, it can
be sold and the capital can then be used to buy and hold a stock whose capital appreciation
is growing better than the just sold stock.
Children watch cartoons. Adults watch other more involved subjects and stories.
Traders who are coherent and have differentiated minds only watch reruns in red and black with backgrounds.
PEP and its applications: PVT, SCT and SSR are binary vector reruns based on deductive reasoning. What is cool about binary vectors is that they have no uncertainty. This fits in very well with how a child advances in looking at cartoons and going into the more difficult “run dick run” level of stories.
Pool extraction. One pattern….nested fractals…one routine…..MADA…. closure each cycle of MADA. Small vocabularies. One order of events. An interlocking structure.
Here is what I am saying. We are reading using a binary vector orientation. Lets say our channel only does African animals living in a defined neighborhood in a small African community. How mentally developed do we have to be to get Little Black Sambo straight after seeing it 50 times. We all know by now that butter is made out of very tired tigers.
Read Andrew W. Lo’s, November 13, 2008, comments to the house.34 pages with hilarious graphs). He explains the financial crisis is partial caused by not graduating enough PhD’s in financial engineeering so the the financial industry can keep up with the products the industry is creating that have caused the present Depression.
Get real To get rich you need a vocabulary and a differentiated mind like someone who gets that tired tigers turn into butter.
B2B 2R 2B Peaks and troughs.
VE’s, extension and fanning occur and ONLY occur AFTER POINT 3.
The pattern is a V, P pattern.
Because fractals are nestd and each fractal has patterns going through an order of events, in time it is possible to read each bar of the market relative to the prior bar.
To beat everyone who is trading the markets is simple.
Why was the bookshelf filled with torn and tattered children’s books? Why did children get to know every word of every book?
They annotated and they did logs. They could fill in the log BEFORE the day happened.
VE’s cross the ltl going from right to left. Faster fractals either complete or not. This is known by annotation of volume and price. ve’s and VE’s happening concurrently are even more fun.
Trending days keep you in a slower fractal for a day or days. But the beat goes on and on in the order of events. Take the torn book off the shelf and see the same words on each page as you turn the pages one more time.
Kids are coherent and they don’t bet. They know they know the tiger turns into butter.
Fanning it a new point 3 just like a VE could be a new point 2. (not always as was pointed out. (If so a nw point 3 will occur at the end of M1.)
4 out of 5 people reject all of this. It is tough to learn the vocabulary of the markets in a binary vector language. To gain certainty is a small price to pay to not be gambling, betting or predicting.
The Committee on Oversight and Reform listened to Lo and a lot of others. So, will hedging sliced and diced stuff be limited to just ten times the underlying? Who cares.
PEP and its applications provide immunity. Going across one half a day on the ES is the annual income of the hedger’s corporation. PEP EXTRACTS from the pool.
By doing MADA, which includes annotating and logging, you get to have a vocabulary that lets you always “know you know”.
Read the prints in the Expert thread. In two days with one contract the guy made 1/3 of tha value of a contract. Count the minutes he was in the market. Don’t worry that the print is incomplete. In six days he could double his money. What would it be like if he used MADA, annotated and had a vocabulary to run a log?
What is it like to always “know that you know?
Take a log and fill in the three rightmost columns with the interlocking order of events on the three fractals. Do it 5 times and see how fast you get. Do it 10 times and see how your vocabulary improves. Always put in the P’s and T’s on the volume column.
Do the log in real time giving yourself 4 to 6 rows for each five minute bar. Watch what you write in the YM and ES column. Notice you write the same thing in the ES column after you write it in the YM column. notice the S/S changes color BEFORE you fill it in on the YM column.
How long does it take to print your first logging sheet? How long does it take to annotate your first day?
How long does it take to memorize Little Black Sambo?
How long does it take to sand down (440 wet and dry) the hull of your sloop? What does two gallons of anti barnicle paint cost? How many refills is that on your sprayer or did you get a supply tube? lol….
thank you for your kindly word
I hope you guys enjoyed my STRONG STRONG post yesterday. I said million of times that 1105 has to be broken in two 15 minutes candle and you saw we got the first one but at the last minutes that the second candle was going to be printed BIG BOYS came in and printed a very nice bullish reversal candle. That was a clear message for me that we are going higher and since market was going to close in an half hour then a gap up today was highly probility. THIS IS HOW STRONG I FORECAST GUYS. you saw that i mentioned 1105 million of times and how IMPORTANT that level was to find out what big boys are doing.
This is how I MAKE HUGE HUGE HUGE HUGE HUGE money, not based on wish and guess.
SWBB
Jesus, men, do you have some kind of fetish posting HUGE HUGE stupid text
DMGD?
(diminutive MG Disorder)
haha
A nice reversal candle on the 30 min SPY chart now, if 111 gives then 110 should be inevitable.
SWILB,
RY.TO just unloaded 1000 shares at 54.50
easy $2,500 risk free.
SWILB
still holding 4k Amzn short at $116.79 will add more at $114.50 with a strong volume of course.
is that the right spot to add more idan or woo?
TIA
I want to see AMZN break that prior 10 minute low at 114.95-115.. that’s when i thin kit will actually fall much lower.. as of now it can still rally against you. If i were you, i wouldn’t let it go too much more above 117.50.. there should be a stop right over that level.
Idan, I missed your video this morning, what are the levels on GS to watch? I went long at $151, is there any resistance until $160?
Woo whats your take on a short on FSLR?
IKnow you were talking about going long yesterday has your outlook changed?
TIA
ALL BEARS
don’t chase it
hold !!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=N1NupxasQWs
What did I miss? Why the market selling off??
no real reason… it just really wanted to retrace first before flying higher (as mentioned in my intraday commentary).
but does it have to fly higher ………………….lol
Seems like it these days right at the end of the day miraculously there is major buying to ramp up the markets into a relief rally mode but i’m convinced that pretty soon the one with the shinning armor wont show up at 3-330 to help the longs anymore and it will be the begining if the end…..bulls to the slaughter house as people are tired of eating that pig meat………Hey I’m kosher should I send my RABBIE BIGGS to the rescue….. HAHAHA
There is the SPY 110. Does it hold?
I am firing another 25% to my longs VXX and TNA at this juncture. I am holding 1500 shares of VXX at an average price of 24.80 and 1500 shares of TNA at an average price of 39.39. I am placing my stops at 24.15 for VXX and 40.25 for TNA. For a no risk trade chasing a big push higher to the 10800′s. I might get stopped out at which point I will evaluate an entry point. If this holds I will take off the table 50% of my longs as we get closer to 11000s.
My cash portfolio is about 25%. I would not be concerned about this sell off unless we the 60 min SMA average currently at 10380′s. I wrote before that 10350 is a key level and should be the ultimate support.
I would like to clarify that I am short 1500 shares VXX average price 24.80 and Long 1500 shares TNA average price 39.39. My target prices are:
VXX 16-17 range
TNA 52-55 range.
I will take profits sooner though and my ride a smaller % to these targets.
\
JROD, what is your VXX stop being that you are short?
My stop for VXX is right above the descending triangle base that was broken earlier this week. That is at 24.15.
Sold my SPY puts for a nice profit. 1100 breaking is not a good sign we may see 1090 today or tomorrow but I’m not betting on it, if 1090 breaks then we’re looking at possible retest of 1050.
Sold 1/3 of my August SPY puts for small loss. Will sell another 1/3 at 109.20. And let the rest of August ride down to 106. I have massive Sep and Dec inventory from the 2 week rise and would just as soon be out of August.
The august ones must have pretty high time decay now that we’re within 30 days of expiry. If you have longer out expiry puts maybe consider holding as the daily Stoch and RSI on the SPY looks to be wanting to turn down.
My Augusts are all 111′s in the money. I will never sell Sep or Dec puts until all my Augusts are gone. I promote and/or buy put options on up days. Other than technical levels, the VIX and the “shape of the VIX” (I think it is called the Vega, but I have my own ways of measuring it) and being a fundamental long term bear, I don’t look at anything else for fear of information overload.
So this acts as a hedge to your overall portfolio in addition to being long stocks or is it just the way you trade?
The huge bulk of my holdings is in TIPS and a few stocks that I sell calls on when I own them and sell puts when I don’t. The portfolio described above is the only active day trading portfolio and it consists only of puts or if any in-the-money puts get deep enough, calls are added to strangle the profits. I have lost a lot of money in this account since April of 2009 when I turned bearish after 1 month of a correct bull call, however, my trading techniques have hopefully improved during the last year of extreme pain.
Woo or Idan.
Why does it tell me that I’m posting too quickly?
haha… it’s a stupid thing that wordpress has, if you post twice within 1 minute.
hehehe…I guess it keeps sam in check
GOOG has broken down it’s 482.50 or 483 level and has a beautiful H&S formation on the 10 minute. Who’s thinking of shorting the name?
This a head fake sell off GS still green and going up something not figuring here. How would the market all of a sudden sell off that hard? On what?
If 149 on GS breaks again, i’m going long.. If we break 147, i’m going short.
By what caused the market to sell off so abruptly so fast?
Nothing at all, the market was trading the technical levels.. the market really needed to touch 110 first, no matter what (as explained in my last 2 intraday commentaries). So the gap up was just a small little bull trap.
Just as I thought just another little trap.
Ds appreciate your comments very much but when do you think this ” train to paradise” will derail and crash and burn and get destroyed and demolishes all bulls that have fattened up? TIA
Idan – can you share where you are getting the levels from 110, 109.2 etc …
109.12 is a very important level, it’s the 38.2% retrace from July 09 lows to the highs (you can see how a lot of daily candles in the last 2 months have hit 109.10-109.20).
110 is just the prior resistance based on where we had highs and then fell back down. So when you break prior resistance, a lot of times you retest it first as support before going higher.
Sold my BGZ @14.77 that I bought 2 days ago @14.5
I should have kept my orginal limit order at 14.9 Bummer
everyone watch the yen or fxy…prob what’s driving this
We just bounced strongly off the 50 day SMA @60 min $INDU. I expect a strong afternoon rally to perhaps close green or slightly red.
U.S. stocks fall on reports of Fed deflation talk
By Kate Gibson (MarketWatch) — U.S. stocks fell to session lows Thursday after a Federal Reserve official said the central bank should consider bringing back a program to purchase government debt should the country appear headed towards a period of deflation. Federal Reserve President James Bullard made the comments in a paper released Thursday, the Associated Press and others reported. The Dow Jones Industrial Average
SPY 5 min stoch showing a positive divergence and bounced off the low of 109.41. Bought some tck.b.to and su.to sep calls. If we drop to 1090 and bounce I’ll be buying more calls.
long BGU at 46.48
also AAPL at 257.1
Just took a few of my short positions off the table, as advised by some of my friends on this board yesterday. Now sitting about 65% short ad 35% cash. Still feeling we go lower today, but want to start being more conservative, and still fear the markets may go higher one last time before a major sell off this fall. If not and it just goes down from here that’s fine too. Love to see a close today below 100 on the SPX.
Way to go!
Thanks Jeff, appreciated the advice yesterday, and glad I sold those positions when we were around 1097 on the SPX. Still thinking we go even lower soon, but have some fear of a rally tomorrow, so selling and taking some profits lets me rest a little easier tonight. Good luck to you tomorrow!
Here’s part of the reason the financials sold off. Bullard had some negative comments. Also there was trigger set off on CSCO when it went to 26.00 which was a 10% move @ 10:41 AM. Market is still very nervous but just remember it can rebound just as fast as it sold off.
sorry. sick today. the wife gave me her cold/flu.
@jusbreal – Woo whats your take on a short on FSLR?
IKnow you were talking about going long yesterday has your outlook changed?
TIA
—–
FSLR went from being a lovely chart, to an ugly chart. the earnings has messed with what would normally be an easy breakout of a number of major long term trend lines. Look at this:
http://stockcharts.com/h-sc/ui?s=FSLR&p=D&yr=0&mn=9&dy=0&id=p91201526620&a=195865936
The trend line couldn’t hold, and we saw what happened at the break today, causing a dip to the lower trend line.
If we break below the low 140s, then we’re going to see an even larger drop to come. The overall chart is still more bullish, but i haven’t traded FSLR over the last two days due to earnings volatility. I really should have traded the drop under the trend line for a good short, but was in bed.
well I missed the trade as well and i’m sure it won’t be the last one for either one of us but more importantly rest and feel better.
Woo – take care of yourself – there will always be more trades
idan, what about AMZN chart
If it breaks 116, you might have an intraday short. The best short is on a break of 114.95-115 though. But if the market remains strong, you can even go long above 116.60 for an inverse H&S on the 1 minute.
Gentleman,
I’m thinking about getting rid of one of the below 3 positions, and would like your advice. Which would you think I should hold/sell:
DZZ, SCO, EUO
Hi GTROD,
You should have sold SCO when it hit $14.90 yesterday. I bought SCO @$13.80 and sold @$14.60 yesterday. I am looking to reenter the trade again when USO reaches $35.50 level again.
Oil ETFs are very volatile, you should grab your profits fast and run. GLTU!
Anitang,
Thanks my friend, and that makes sense to me, was kind of feeling I missed the boat a little on dumping SCO. My buy price is $13.78. So I’ll look for the next bounce over the next 26 hours and then most likely sell.
Thanks again for the reply!
GTROD,
Are you looking to unload your DZZ shares when GLD hits it 200MA @$112.17?
I bought DZZ @$15.53, stopped out @$16.07 yesterday. Looking to re-enter the trade when GLD hits $115~$115.50 level again.
Idan, any thoughts on GLD?
Thanks!
Anitang,
Thanks fort he question. Really undecided on the plan for my DZZ, which I know is not good. I think the figures you meant to use in your comment above were $11.53 and $12.07
My buy price on DZZ was $11,73. Your idea of me selling when GLD hits its 200MA is a good one, and I may do that. I’d really like to make some pretty good profit on that trade, but if it drops to the 200MA that should be good enough, so yeah, I think I’ll make that the plan for now.
However if it breaks that level and drops below convincingly on the same day, I’ll probably hold and set my stop at the 200MA when it becomes resistance.
By the way, what do you think about EUO?
My bad. Thanks for correcting my typing error. While you are waiting for your target (200DMA) to hit, I’d suggest you to put a stop on your DZZ trade cuz when gold runs, it can be very fast. If I were you, I’d get out of the DZZ trade if GLD opens above $114.50 level, then at least you can bank some profits. There is always another trade. Just my 02 cents.
Sorry, I don’t follow EUO.
GLTU
Idan, Is it too late to get in on XLF?
It’s not too late, but you should realize that you’re not getting the best entry, and that you might need to keep your stops much wider.
Thanks Idan. Will be waiting for a pull-back as to keep a tighter stop.
Great call earlier Sam – appreciate the insight; NOT
dsavil (sry if misspelled). – I’m short hoping some of the ew analyis is correct; many predicted change in trend. Long is very possibly the better trade now (vs short) or it may not be; just for your own sake don’t fall in love with either side. I truly believe the medium term trend is down and I also believe many will be caught off guard when the market surprises; ie when everyone bulls and bears call for 1130, it may not hit. Unless of course Sam keeps shoring himself out to big boys for bs tips. Glta eve u Sam I am
Anyone else feeling we’re about to have another down leg before closing bell? I’m hoping so, but also thinking we may go down a little more in the next hour or so.
Hi Idan, what about CX
Will look at it first when i get back in 10 minutes.
Basically, you can buy it here in the 9.30s your stop can either be 9.20 or if you’re more risky, below the 9.17 low.
I usually don’t like to buy on weakness, the best buying opportunity is a break of $10 as mentioned a few days ago.
But if you HAVE to buy it.. it’s now. It actually makes more sense to short it if it breaks the 9.30 level.
Woo,
Where are we in FSLR from EW count stand point? We are making higher low since low at 2008 and every huge drop were bought? Are the action from 2008 low all corrective moves and we are getting ready to break the 2008 low and tank to 50~60s based on EW counting?
SWBB
from EW perspective, it’s been moving sideways for nearly 3 years haha.
VERY IMPORTANT FROM ME VERY IMPORTANT FROM ME VERY IMPORTANT FROM ME
I Just bought a HUGE HUGE HUGE HUGE HUGE HUGE HUGE HUGE HUGE amount of GLD at 114.. Do not say I don’t say my trade. This is my tarde.
SWBB
there’s a possibility this area could hold, but the 200ma is also below here in the 112s. we’re near the 50% retrace. will be interesting to see how this trades.
i like your trade. i was thinking the same think. I guess my bigboys hang out with yours too!!!
Idan, Woo, Chris
GS looks like its breaking upwards.
I got in at 149 today…where do you think it can top at in the next couple of days/week?
thanks
Thanks woo, I did not know FSLR has been moving sideways for nearly 3 years, I am glad you told me. haha
SWBB
yeah…in terms of EW it’s a little ugly to count. it looks like a 5 wave finished, and then 3 waves down…and then 3 years of sideways movement, which pretty much leaves us guessing as to which direction it favors long term.
mostly relying on 3-5 year trend lines at the moment and fib retraces.
market still seems bullish to me. hit a trend line and bounced at lows of the day. 1136 minimum still looking like a good possibility.
sorry, not to be confusing. this is a slightly longer term view than the comment below.
Some RSI resistance around here. VIX is sitting above the 200ma. Still kind of iffy short term.
couldn’t break above the RSI on the 6 month. 1 year RSI broke south. VIX more healthily above the 200ma. TNA can’t get above resistance.
one important thing to note. we’ve hit the 50% retrace of the complete drop from 1220-1010. so although we’re currently sitting more bullish having broken above a number of trend lines and fibs, the market doesn’t need to head any higher before making another large drop.
That being said, if 1090 breaks, we could begin to see the first step of major falling of minimum 10 points. of 1070 breaks, we’ll see a much larger drop.
in terms of the upside, we’ll want to see 1140 break before we can get out of the 61% retrace of the drop, and begin having a much stronger long term bullish bias.
So they talk about deflation to scare the market on a day that oil and gold are positive AND the markets recover from the lows. How is that for a contrarian indicator?
The big question is if this is just a back test of 110.60-110.85 with more downside to come.
I took profits on some of my calls. Just holding SU.TO calls now.
Sold my BGU at 47.4, could have made more but 1.5% in a day aint too shabby…
RSI cracked.
VIX on 200ma.
TNA back above 44
VIX below 200ma
Well like I said earlier market ends green with yet another miraculous recovery from being down 100 points. Same ole same ole BS. Read it like a book.
Still a half hour to go.
No worries my friend, we’ll see a lower close by tomorrow.
I’m holding SU.TO calls for Sep and just bought some SPY Sep puts. I believe we’ll see 1080-1084.
Ok, sold my SU calls as well for a nice gain. Just holding the SPY puts now.
looks like the bulls couldn’t crack everything north.
I can’t believe what a fake of a reversal that was. I’m not sure which is worse a reversal that doesn’t follow through to close or no reversal at all
a reversal of a reversal that was never really a reversal =O
One of many paradoxes in the market.
Then after close they rip away the little profit what a crock.
I think FSLR is a buy. Price did not tank as I thought and that is a sign that price should go higher. IMHO
SWBB
Here are the changes in FSLR guidance in second quarter, compared with FSLR said last quarter.
Acting hyperkinectic after hours. It upped its full year earning guidance from a range of $6.80 to $7.30, to a range of $7 to $7.40, but revenue guidance for the full year was taken down, from a high end range of $2.7 billion last quarter, to a high-end of $2.6 billion in the second quarter.
The big change was in First Solar’s cash flow guidance, down from $725 million to $775 million projected last quarter, to $575 million to $625 million of operating cash flow.
just dropped a lot a little after u said that haha.
still not a huge move as it normally does though… the night is young. we’ll see how it opens.