POLL OF THE DAY - Your trading preference!
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Happy New Year to everyone… will be taken the rest of the day off 
10:00am
GS is trading over 150.. .this is the time to be buying goldman and put a stop below the gap fill in the 149.00s… makes a lot of sense to be buying this.
9:38am
SPY breaking out of that descending channel (depending how you drew it) but it’s going to deal with the 200 SMA daily now again… and if it breaks that we have the neckline of the inverse H&S formation at 113.00-113.50
9:32am
Have you guys ever thought of the gold daily chart as a massive ascending wedge? Well my guess is that we get a bubble like rally above the resistance of the wedge only to finally crash down and start really breaking down on gold. But for now i’m bullish:
6:30am
Here’s the SPY daily, showing that we are still somewhat in the descending channel. That said the futures are pointing right now to a higher open. We will have to see how the jobs number comes out, and see if we break out of the channel today, or fall back down and start making our way towards the bottom of the channel.
I keep getting friend request emails from focalequity. I went to my profile and told it not to email me for anything and I continue to get them. I hate to put focalequity in my spam filter.
kk we’ll figure it out today. Thanks for letting us know..
Is anybody playing RIMM… as you can see below in the 10 minute chart. There is a nice bear flag after a massive drop. I think people should consider going short when the support breaks at 44.4 (and ascending). ANY THOUGHTS?
Oh nice, I like the feature that we can post pictures in the comments.
Idan – seems like RIMM may goto 47.5 at least and could even goto 54 … the bear flag may cause a short term drop though ..
A double bottom at 43ish would be a no brainer buy …. not sure if we get it ….
Anjali, I like your idea about RIMM, First time I see your photo, You are beautiful Anjali
SWBB
Thanks Sam …
Futures up look for unemployment numbers to be better than expected as usuall and market to push higher. I expect SPX to break 1106.
Yes – me too … looks like that inverse H&S I mentioned many times yesterday will play out … tgt for that pattern was 112.1 – 112.3 ….. 113 is just above.
Here’s the data that’s coming out today. It’s the heaviest data day of the week:
Weekly Bill Settlement
International Trade
8:30 AM ET
Jobless Claims
8:30 AM ET
EIA Natural Gas Report
10:30 AM ET
EIA Petroleum Status Report
11:00 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
30-Yr Bond Auction
1:00 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Yes – though the highlight of the day will be the oil inventories and 30 yr @ 1 pm …
Highlight of the day was jobless claims and international trade.
Well there ya go just as I suspected imagine that lol. Market is going to roar today fasten ya seatblets.
I’m long …. joining the ride ?
However …..going to be very careful as we reach the 112 – 113 area …
Yes definitely long today Anjali and going to get some more BP. I have a strong feeling that will start to move up with the news from their report yesterday.
idan,
good morning..so jobless claims up a bit…i still can’t figure out why this market is on roids, but ehhh…
so yesterday i got in on V on the breakdown of 70, and looks like it might gap to backfill resistance…you gettting in??
your target still in tact that a 10-12 point drop is coming?
Check again bro jobless claims are down some 20k.
Jobless claims fell so we’re getting a bounce… Visa however DID breakdown… so what you should do is find a good entry (the closer to 70 the better) and put a stop above 70.5 ish and hope Visa does the 10 point drop… otherwise you get stopped with only 1-1.5% loss.
Idan,
GOOG looks like it will have a good opening…would you be a buyer at this point?
$478 looks to be some resistance…if it breaks above where does it go?
I think this 478.50-480 is going to be tough to break, almost worth shorting and putting a stop above. However if it does break it shoots up straight to the low 490s.
good strategy…at this point it can go either way…I think the better chance it will go to the low $490′s.
It has been trading at a discount to the rest of the market lately and it’s just playing catch up
dummping my CRUS at the open and buying some SCRL, looks like a better chart
Nice nice.. got yourself a nice 1.5-2% i see.
I am glad I have your approval, lol Got in on 150 shares in premarket at 67.75
Well look at that Visa making new lows.. after being up 1%+
still in…come on..
oh idan,
your call on CRM still stands? most overpriced?? lookin for a target
Yeah CRM.. is still a short for me.. i’m barely down now.. i’m hoping it goes to 111-112.. again we have better data to back it up and entry points on our alerts & analytics service.
The expense of converting my puts to strangles last week was well worth it. I’m happy to make 50% of this rise instead of promoting and praying.
yeah man.. you got a little bit of what you wanted
Here comes the reversal for today. SPX high 1110.
UNG just slumped over. Is it a good buy at 6.26?
Bought some long UNG @ 6.28
In for long GDX @ 53.00
I meant $53.05
Be careful on this till we bust the highs clearly …. tight stops …
I hope you had tight stops …
Sold my Teck puts for a nice gain. Considering going long RIM here but there is a neg div on its 30 min so I’ll wait a little.
— RINO — Sold off under $14 any thoughts about a position here…
———- RINO ————- 700 shares @ $13.88 stock sold off from $14.75 in matter of minutes…
I could not resist..
Midday broad market update
http://bidhitter.com/observations/midday-broad-market-update-for-992010/
20 year chart
Couldn’t hold the break. May have seen highs for the day.
6 month
The other reason why we hit the peaks for the day.
Double resistance. Two major trend lines crossing at the peak on the 6 month chart. There’s a potential for a large drop here.
Anything over today’s peaks is a huge bull signal.
that 1088 is going to probably be where there will be the first major layer of support if a drop does occur.
Thanks woo
for last two days while most people around the world were bearish and thought market has to falll. I was bullish and I gave you the exact price time stock and everthing and I went long and even yetserday when people asked me I said I am still long RIMM. Now I booked a huge profit off of my trade this morning once RIMM reach 46, as it was very close to the target I gave 2 days ago. WOW vey strong trade. Now I am still intersted to see more pull back on RIMM to get in again, beacuse I guess this should get to around 47.5 and if we get a surprise earning then easily 50 or above, Usually RIMM a huge mover after earning and it is hard to imagin it will fall hard this time after a hug fall, but who knows if big boys stll are short maybe they are going to oush it to 40 even and then explosive rally off from 40. Who know, I make money in short term but in future if any explosive rally sart then that is agood sign to go long for a longer term
SWBB
I agree Sam … I see 47.5 upto 54 on RIMM as possible … if we get a fall back to 43 it would be a great buy …
This market is getting very close to the upper wedge. It is moving slowly so my up targets are moving down since the wedge upper wall is descending. That being said as of today the upper wall is at 10550. If you want to short wait until 10500s hit and place your shorts accordingly. Market failing to reach 10550 is bearish and will mean that we will take down the lower wall currently sitting at 10120 or so. If this lower wall is finally breach we will break 10000s and will at least move to the 9600′s. I am riding 1000 shares of TNA that I bought around 35.50. I am closing this trade right now. I am seeing weakness in the market and I will not be surprised if we have a violent swing lower. VXX is becoming really cheap so I am dipping my toes into it buy 500 shares at 18.70…..
Although everyone in the world are thinkng that market has topped out and now we are going to reverse, I strongly say that there is 95% chance that is noon sell off is another trap from big boys. I think we will have another explosive rally in next day or 2, so I may go long SPY call around 110.85, just a few call for having fun with big boys, of couse I may be 100% wrong, who knows. only big boys knows. I don’t know. lets see what big boys do for me. Thanks big boys’
SWBB
Although I beleive market will go higher, but I decide not to take risk now as we are very overbought, but if market go higer as I expect inot next week thta will be a sweet short opportunity. For now my indicators are nutural
SWBB
my TZA is back in profit haha.
Still think the tops for the day are already in.
Patience pays
BTW – the inv H&S we just backtested the neckline … till we close below 1100 … I think we can still try for 1 more push up …
not out of the question. We bounced off two short term trend lines on the 5 minute 1 month chart.
Overall there is still a bear flag formation that hasn’t been broken. We are finishing 4….bulls have to break the 1010 highs to break formation and get that momentum for new highs, if not, this will lean heavier towards an overall low 900s.
Yes – that is what I think to … we have a 5 to come …
based on the wave structure if we completed a 4, then where can 5 goto ….
well overall from the 1220 down…i’m still seeing a possibility for low 900s.
For the current movement, if we do head south, the short term area is probably the low 1000s.
This is all only if we don’t cross north beyond some major resistances though.
short term a bit oversold now.
two short term trend lines here…bears would want to break under and consolidate under those trend lines.
bulls should try and break the H&S formations forming and take it back up to retest the highs.
ahhh…..woo thinks the tops are in and sam thinks the dip is a fake out…Woo vs Sam….hmmm who will win out? Any guesses
sam might win =)
i’m just watching 1010. i’m fine bailing on short positions if that area is crossed. if not, i will fight it till the death =)
sorry meant 1110.
Woo – do you mean 1110 ?
Also, I was thinking we completed a 4 of c or 3 up with this move down to 1101 ….
i was leaning more in your favor woo…however, always a little leery of a major selloff going into options expiration..i think we have one more push up between now and next friday..i don’t think we break the 1131 level just yet…will be interesting to see if we close above or below the descending trendline we broke this am..GL
I just realised the inv H&S neckline that I was talking about is also the backtest of the TL from the April highs after breaking it earlier today … hmmm
why is there so much difference between vix and vxx ??
Because VXX doesn’t track the spot price of the VIX; it tracks VIX futures (short term).
how’s life been morris? good to see you back (or around).
All is well! I took your advice and started trading options and it has been great so far. I didn’t know what I was missing! I hope that all is well with you and yours.
Once you go to options you wouldn’t go back, welcome back Morris.
yeah…i remember you were trading specific stocks/etfs and didn’t hold them for long periods of times and you were nailing some really good entries and exits. That’s perfect for options. glad to hear things are well.
life is good. saw a hand surgeon yesterday, turns out i have a broken finger with a ruptured/split tendon. but otherwise, can’t complain.
Hi Morris – great to see you back !!
Idan, Woo
Good call on GOOG showing resistance around $480.
I am looking at the charts more carefully.
If it breaks above $480 and confirms this thing is going to $495 within days
They will push it up into close with the days highs.
They tried But only just kept it green –
Looks like we are running out of steam going higher on this manipulated move up
She needs to come back down
Final thoughts for the day…Market seems weak but do not be fool by it yet. We still could see another 200 point move and then sell off. The upper wall is critical for more upside. If we trade with a strong bull candle above it we will see 11000s. However I bought VXX to start positioning myself for the downside in case we fail to break 10550. I would not buy TZA now since we could still see a nasty move up and VXX will not sell off as much since. In short these are crucial times for direction. One thing is sure if we fail to break the upper wall, 10000s will fall and another bear market will start (or resume if it never ended).
This is very typical of TOPS, not bottoms. At major tops stocks consolidate into a few hands. At the same time that money is flowing OUT of the market, mutual fund managers have a larger percentage of their available cash invested than at any time in recent history! That is a contrarian indicator, again it is a sign of a top, not a bottom:
thanks walt! appreciate the analysis and the chart below.
Hey Walt Thanks,
So You See the markets going down big next week ?
thanks
is this 4 real?
Well, the XL Tees are Tall if you are not XL yourself.
No plans for an XL hoodie right now, sorry, they are really limited quantities and Large is the biggest for now.