12:29pm
Idan is taking a break today because it’s his birthday, which is understandable. However, i’m echoing something he said earlier today. If 111.00 breaks on the SPY we will get a lot more downisde. But the TRUE level to break of 109.85, and eventually 109.00 to confirm a clear breakdown in the markets.
Todays action is not good for the bulls, they should have broken out of 113 and gone higher, this week might end red.
can’t get posts to register I give up
Just short one liners is all
Miraculous comeback will happen
Consumer report will be better than expected at 3pm
Consumer report will be better than expected
Told ya I saw it coming
should fine support here and rise into closing.
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=2&dy=0&id=p99426657299&a=160222837
only problem here is the RSI’s aren’t very friendly for the bulls on the short term or long term charts…
Way too overbought on the 5 minute. and hitting resistance on the 60 minute.
Still can break north more as the 6 month chart is saying north.
if bears can pull it under 1115 into close, they’ve got a chance.
Market is doing exactly as I predicted green EOD.
very nice =)
It will end flat to down a little as I predicted.
nICE acting like SAM is good.
i sold my spy calls WAY too early. oh well. profit is profit.
hit the 1120 minimum i was talking about.
I am too early to enter short, late in taking profits. This is tough market to trade.
Looks like I need to develop Dip buying attitude to survive
yeah….normally i like to wait for breaks of support and resistance. the last few weeks i’ve had to modify my trading to take smaller positions and trade bounces. a lot of sideways action going on, make it hard to gain decent profits.
yup, buy the dips it is.
Like I have been saying all along this market is unstopable. Long and strong on the train to paradise. You can see with all the bad news we had the last few days it didn’t even faze it. Big up day on Monday!
i think you are right.
agreed, I gave in today…100% cash in trading account. Just happy I made enough profit on last market drop (w/FAZ) to equalize the loss this go around. Back to “afraid to trade”..but will nibble on some longs once things calm down in a trading day (or so)…or so I hope. GLTA
Does anybody seriously think this is not a rigged market? How in the frick does it go from down 160 pts back to basically flat? Anybody playing short will lose period be long and strong.
i got some TNA into close. Market is showing a good amount of support. Should be fun next week. If bears bring it down huge on Monday, that will save their asses. otherwise we’ll be looking at 1136-1138 really soon.
Bear won’t do sheet Woo. They had their chance today and again failed miserably.
Quit complaining. At the end of the day all you have is your P/L.
If it’s rigged, stick with BIG BOYS.
+500 up on the day.
Holding short some overbought CANADIAN stocks.. won’t say the names as they are thin volume..
I’m not complaining it’s a plain fact.
bought 5000 HPQ 41.75, CEO is out, doesn’t justify 10% drop in price, good earnings in 2 wks as well
nice!! good luck!!
I would join you however, I have never traded HPQ before haha .
… looking at the blocks traded between 2:45 – 2:50, this wasn’t the market at large but rather a single (big) player squeezing the rest. I am quite hesitant to feel bullish about today’s action. While on the surface it may seem as a strong bullish reversal day, the volume was lackluster and although on the daily chart SPX bounced off the support (the lower trendline of the ascending wedge), it looks more like a flat top to me than a bullish flag. I bought some $s to play with but at this point I am pretty undecided as to which direction to use my $s for.
Woo, TNA seems to have underperformed the bigger caps today. Why do you prefer the small caps?
Sorry, correction, I was looking at the wrong chart.
if the bears bring it down under 1115 into monday, and then use that 1115 as a springboard resistance, it can take the market down huge.
wherever the market opens on monday will be crucial to the short term outlook of the market in my opinion. that 1115 area is holding way too many support/resistance clusters and by monday/tuesday it will have about 5-6 solid formations bunched up there.
not taking any positions into monday is the safe move. that’s why i pulled my SPY calls, and switched to TNA. wanted to take the risk on the slightly bullish close, but not take the big risk of a strong drop into next week.
good luck!
HPQ, over 44 open Monday I bet
Yeah, 42 looks like a good support. I’d be a buyer even at 44 though.
-NEXT WEEK STRATEGY-
-Looking to Buy more AMD in the very low $7 range.. $7.00-7.20 would be nice!!
-Looking to SHORT AEM (Gold Miner) in the low 60s.. [already short 4000, hedged with short puts]
-Looking to buy USD/CAD @ 1.012ish
-Waiting to short markets upon touch of 1200 !!
-Waiting to go heavy long upon touch of 1075-1100 !!
There you go.. My trades 1 week in advance. I do other trades but if I told them here.. my edge would be gone as you would just copy my strategy and make so much $$$$
One strategy which I can tell you though is to buy C on every 5% dip, at the close, and sell at the open.. auto-trade this strategy in excel and it’s likely made you over 10000% returns with no drawdown.. GL.
Oh yeah, looking to go long 10-year yield @ 2.75..
It seems that some folks here on this forum haven’t as yet learned that in this business there is nothing new under the sun with regard to a “Technical Analysis Secret” in the market. And further, that the “Real Technical Secret” to the market is that there is no Real Technical Secret.
Technical Analysis was and always will be, a necessary and viable means to creating consistency and replicability in what you do in your analysis. This is critical and essential in defining what one believes to be their edge, nothing more, and nothing less. But to believe that there is any “magic technical secret” in the arithmetic games, that once discovered will lead one to untold riches, is the absolute height of pure folly.
Wake up and buy the coffee,….that is of course,….if its above its 200 day MA and K crosses above D.
Is that you Zeeshan? I know it’s you.
http://www.trade2win.com/boards/general-career-advice/82458-19-year-old-asking-when-time-leave-prop-shop.html
Poor guy.
They have drugs that can eliminate condition but i guess he won’t take em? He should invest
in lithium, the drug not metal.
My personal resume?
In my final year of highschool I had to fill in for Bernanke as his lack of skills with the chicks was leading the
world into depression….I got paid $14 an hour and all the Q/E I could carry.
Running the fed was a cool job but as a very mature 19 year-old I knew it was time to run the world and
applied to head the UN.
Job running the world gave me a raise of $1 an hour to 15. Sweet, all those starving hot chicks
never say no to a dinner date
I bought TZA (3X Russel 2000 short) at the close at 31.44. The hammer candlestick formation that we got in the S & P today usually signals that the uptrend is over and the downtrend has started. The only thing that is holding the market up is the falling US dollar. I am now market neutral as I have TC (Thompson Creek Metals) long which are balanced with TZA
My technical analysis is telling me that the uptrend is nearly over. We had 3 pushes higher. Momentum is falling. This is the time to look for short opportunities and not long ones. Once US dollar stabilizes and starts rising, I will sell my TC long and add to my short positions
The reversal today tells me the upthrust is in place and that Ben is gonna rock the world with more
Q/E next week. The market sees that and Ben never does anything the market don’t like.
2% on long bond, gold to 5K.
Faber sees the same thing. Last ditch effort to inflate via endless Q/E. Mark Faber is a famed Austrian
Econmist and got his doctorate fully at 22 (amazing feat)/
I agree. I made this point a couple of days ago (regarding the possible Q/E causing additional $ weakness). Even though I converted a small portion of my trading account back into $ today (my base currency is EUR), I think the 1.32-35 resistance will not hold.
However, while there may be an initial market cheer, it might be more of a Pavlov’s reflex rather than a genuine reaction (and therefore short-lived). I think many people will question how effective the Q/E can be and how effective it has been so far. I wouldn’t mind this to happen though – a rally without much conviction could produce weak internals and appealing short setups.
Good points. I agree that there is a possibility for another Q/E. There is also the possibility that he may not do it at this meeting. I have 3 reasons for the same
- The economic numbers have not turned down yet.
- Deflation argument is weak. Commodity prices are rapidly rising due to ag commodities issue in Russia
- Tim Geithner is talking about “summer of recovery”. A Q/E is admitting that the stimulus did not work
Its important to have two strategies in place: 1) if there is a Q/E and 2) if there is no Q/E
I personally think the probability for another Q/E is low at the upcoming meeting.
The dollar is back to Feb lows (10% off its high in 8 weeks) and the market has basically traded sideways. Do you really think more Q/E is gonna make the market rip higher? I have doubts. Until we close above 1131 I think we are putting in a reversal doji with another lower high. Nest week has some critical economic data with inventories and
Woops… Next week has critical data with Inverntories, FOMC, CPI and Retail Sales. We should have clear direction by Thursday morning at the latest.