9:26am
GDP revised down 1.6%… which is still better than expected. The spy though is off it’s highs.. will be an interesting day.
Poll of the day – Open till 8:30am Where do you see real GDP? (answer before 8:30am) Total Voters: 54
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5:45am
Here’s a daily chart of AAPL… we talked about what happens when $240 breaks. And we are right on the verge of breaking it again. The first time was a strong fakeout due to a reversal in the markets, this time we might be ready to fall all the way to the daily 200 SMA at $231+. The only thing that could save AAPL after the break is if it comes out with news about the new iphone sales. For now here’s the chart:
thinking of going long at 1060
crap, might not get the chance now
i’m going to wait till monday.
on weakness i’m in
yep looks like they are closing on the highs and going for the 1065 resistance
Hit the bleepin 107.11 already SPY.
hehehe…it will Rob patience my friend. Are you taking some short at that point?
belive it or not, stuck short, but at this point won’t sell until gap closes. Yes I have patience, (just can’t stop watching 1 minute charts, which can make you crazy).
Yup, I can see that. I’m contemplating buying puts on SPY now or Monday as the gap hasn’t closed and we could move up to 108 by Monday, I’d be buying puts at 108 though.
It should close the gap on the SPY at 107.10.
i’m shorting from now to EOD
I think they are going to take this one back into the end of next week…then maybe more drama….have a nice weekend
AS the SPY will hit 107 today clearly looking to keep on going UP UP and away. Bears got slaughtered. The train to paradise is plain unstopable. Never win against the Fed they have more money plain and simple.
I told you that recapturing the nasty support is very bullish, sure enough happened exactly as I said. I explained the big boys action in breaking that nasty support so easy. and Look for retest the nasty support I have been talking to you for last few days and then a huge jump off that nasty support is what I am predicting to happen. SWBB
Sam – can you share more of what you are seeing huge jump up or down and from / to what levels … this will make the post more useful.
Good to see you still posting
Anjali, Make sure you check my chart at this address http://bigboysactionwallstreet.blogspot.com/
I was expecting the nasty support to hold for a couple days then break, That is where I sold my puts with huge profit since I bought them at S&P 1028, I was expecting the nasty support to hod then break hard, but insted I saw big boys broke the support so easy, then I explained in y chart and blog that this could be a fake break and recapturing that nasty support is very bullish. Sure enough just like always I was 100% correct. Today we recapture the nasty support and now I am looking for a huge rally to come next week, So probebly next week we will retrace to about 106 to test the nasty support again and then huge rally to come,
SWBB
Any thoughts on where you see a rally too … I am seeing 108 or even 110 possible after a retest on Monday … if we don’t get a retest that would make me more bullish …
BTW – I like your new style of writing much more … more details and less I told you – makes it much more friendly on the blog …
Nice change
Goldman’s Technical Update: Bearish, With An “Ultimate H&S Target Of 900 http://www.zerohedge.com/article/goldmans-technical-update-bearish-ultimate-hs-target-900
I like this headline
…. Also interesting that GS is down 1.5%. Even C, which I thought was being investigated is up.
Does that mean I’m on God’s team if I’m short?
Nice one – link to the presentation …
http://www.zerohedge.com/sites/default/files/Goldman%20Charts%20That%20Metter.pdf
ok… ok… party is over bad weekend for me….
Another interesting one from zero hedge. I just put on video w/article. http://www.zerohedge.com/article/robert-shiller-says-double-dip-imminent
PS – gap did not close. Hope this is not Anji’s bull flag…(sry in advance for misspelling name, I need a spellchecker).
No issues Robert … its Anjali
Be careful with your shorts … I see a possible retest of 105.65 if we move down from this level …. of 107-107.10 … however if we don’t get it, then get out … momentum showing 108 easy and 109.60 -110 also possible
thanks, I understand. Relatively small postion, but I suppose it’s the hunt and not the kill..so I still enjoy trying not to lose.
There is still so much uncertainty IMO. You visit some places (like Daneric, who has been calling this very well) you would think the world is going to end.
I may hold this through pain to see if 1040 –> 1010 really happens. The EW’s who I think are really good are calling for a rise to 1060 / 1070 ish first before the real test of lower levels.
Just wish I was watching this AM when I could have bailed much cheaper. One day I’ll learn to trade AH, which is really what I wanted. Guess 2nd best is not hold overnight
Gr8 weekend to all.
Got today very wrong. Set odds of this kind of spike at 1% yesterday. I had 4 reloads at various highs and only 1 profit taking at absolute bottom. All reloads in October, profit taking in what remains of September. Spent a lot of cash but feel good about my trades.
The fact that 106.5 held for the move up is bullish …. we may need to go back and retest the broken channel line at 105.65 …. but would not like that level to break ….
After that pullback, making sure it holds … we could go up to 108 easily…. momentum also showing 109.6-110 possible … with the way we closed, we could also see a gap up on Mon nothing weak about the close …
I hope my posts helped some people today …
Helped confuse me
Kidding. Great posts, we missed ya.
I think we are still in no mans land. Market is Skitzo. Bad jobs report Tuesday could mean bloodshed, or more headlines like this from Zero Hedge
zerohedge Best DJ headline ever: DJIA Futures Surge Above 10k After GDP Revised Lower
On 08/24/2010 when everyone thought market is breaking down huge I posted the below message in my blog and I predict the fake break and the rally exactly what you see today. Just read my post below that posted on 08/24 and pay attention to the last part of my post that I predicted exactly what will happen.
—————————————-
My post on 08/24 at http://bigboysactionwallstreet.blogspot.com/
Everything has been going EXACTLY as I said so far. I have two charts here. one shows my important nasty support was tested today, the second one I change the nasty support from close to close and you see today we close below this trend line (VERY BAD). I thought we should close above and after a few days rally breaking this nasty support, but big boys were ANGRY ANGRY today and did not care about anything, they just sold sold sold. OK now what is the next move?? This is a god question BUT since today something happened that is a little strange to me, I am going to be very careful. we may see a fake break down, that means big boys continue selling off and when everybody think OK now that line is broken lets go and get in , and then big boys punish them and reverse and capture the nasty support (in this case market will become very BULLISH). SO SO SO SO now I am STRONGLY watching big boys and will find out. HEY BIG BOYS I WILL FOLLOW YOU wherever you go. GO GO
I like your new way of writing a lot more – lets continue that way …. much more friendly and collaborative.
Yes I agree .. more friendlier
Thanks Sam