I thought i would video it up for old times sake. Here’s my daily video, i’ll be flying to israel tomorrow so i will be a little MIA. Leave your trades and thoughts below!
Intraday Commentary ~ 08/25/2010
– August 25, 2010Posted in: Intraday Commentary, Stock and ETF Models
not looking good for the bears.
based on news and sentiment we should be down much more than we are/were.
seems like the short term bottom is in.
and there is the short squeeze
—CIIC—— 5,000 @ 0.68….CIIC also just had a positive MACD cross, another possible signal this could be a runner shortly.
CIIC is profitable, making $0.08 over the first 3 quarters. It is down from a 52 week high of $4.75 to $0.65.
Might see 2-3 days of consolidation.
Nice sell off at the end. Looking for a good sized down day for the markets tomorrow.
Good luck to everybody, see you tomorrow!
I bought some SU.TO Oct calls. I believe we should see 1065 in the coming days.
In case you guys are still interested:
Here is the SPX 20 year trend line that was regained today:
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=1&mn=0&dy=0&id=p95512902212&a=184607634
I played an SPY sept 106 call position from 2.18 to 2.37 (roughly 1050-1058) based on this break above on the long term chart.
Sold at 1055 due to oversold short term RSI and the trend lines in that area:
http://stockcharts.com/h-sc/ui?s=$SPX&p=5&yr=0&mn=1&dy=10&id=p56457325333&a=181738042
SPX 6 month:
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=7&dy=0&id=p84818218713&a=160222837
also showed support in the mid 1040s back above that descending trend line. closed right below that retrace at 1055.
VIX:
http://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=1&mn=0&dy=0&id=p49452874216&a=204018771
Drop below $27.83 fib support allowed for more rising in the market.
No positions into tomorrow. Was going to hold some of my TNA but sold.
We had some server issues today. Apologies. Things should all be fine now. I’ll be able to intraday post tomorrow.
Well, I go sleep for awhile and the market finds legs and rallies. XLF managed to regain support but still a lower low and lower high from yesterday. We’ll see what tomorrows unemployment number brings, a good one will be used as an excuse to rally for sure I think.
Like I said earlier before the site went down, the market would end green and that it did. That goes to show you take profits when able and this down trend will not go quickly it will be and up and down gradual movement down. I knew something was up when FAZ had bid/ask prices a dime lower that actual price, something I never ever saw before so the tricks and games they will play will never end.
We may have an unconfirmed inv H&S on the SPX which is not confirmed yet. The top H&S is confirmed though. Too much bearishness in the air now so I’d expect a modest rise at least.
Way I see it the rest of the week will be green. Todays unexpected drop in housing numbers didn’t mean anything and tomorrows unemployment numbers are expected so if they come in better than expected(which I believe they will) market will rally with a vengence. JMHO
I was thinking green for a while too. Stopped out of Faz, happy with 9% return, VXX now underwater (400 shs) but I am ok holding this (I hope). Prospect of tomorrows jobs report kept me from buying TNA towards EOD. Safer to evaluate in AM. Hey, if I’m lucky, bad jobs report drops market, better opportunity to buy TNA. GLTA
Tomorrow is another POMO day, something to consider if you are short.
Hey Robert ,
What is POMO day ?
Anyone else looking to short AAPL now that the H&S is breaking down? Looks like it either closed today while backtesting neckline, or wants to backtest trend line hitting around $246… and if it can’t break back through this line to the upside, this stock is the one to short. I think it drops quickly to $200 level (which just so happens to be the flash crash intraday level)..
anyone else think that traders are expecting some kind of positive announcement from the fed on friday..maybe something re: taxes?
UNG is 6.23 now. 42% drop from its recent top. It maybe close to the good time to buy.