11:00am
Incredible reversal off the 113.20 level… we see gold higher, dollar lower… spy higher. Next week we will start our LIVE trading and talk more about these levels so stay tuned!
10:09am
We are getting a massive plunge.. it seems like 115 did hold as very strong resistance… If 113.20 breaks i’m back into trying to short with a stop right above… we could have a -2% day if 113.20 breaks.. will be very interesting. Here’s my daily SPY:
My trade today is to short BIDU right at opemn, The price is around 105 in premaekrt. this is a swing trade and i am going to hold my short to drive this down to 92 and book 12% profit.
Do not say i did not say y trade. Look
SWBB
ouch! you must be getting killed on your long rimm trade.
down, HUGE.
No way. He existed with HUGE profits at the top on RIMM and bottom on BIDU. Just wait, he’ll be along shortly to verify.
very nice on the BIDU short though
yes, that was a good one.
iLets see what happens to BIDU went short at 102.50,stay with SAM
I picked up some VZ Nov $33 Puts yesterday it looks toppy to me though may run to 33.50 area before a real pull back.
I also grabbed some Nov F calls as it looks ready to break north out of its wedge.
ISRG is very weak. I will short this at a bear flag toward 295
SWBB
Attached is my list of insane stocks that are way too expensive and should be followed for weakness in the future (I am not saying you should short them just yet).
NFLX
AMZN
AAPL
CRM
FFIV
And the most insane stock is:
BIDU
These valuations are crazy and they are a time bomb waiting to explode (talking about bubbles)….All these stocks will outperform the market when the down trend starts….
BIDU –
It’s trading off of future growth.
EPS 5Y : +57.51%
EPS THIS Y : +41.45%
The problem is it has $2.61 in assets for a $105 stock, that’s a 40x Sp/BVPS Ratio!!
here is how I see next 2-3 weeks (mid October) and I will trade according to my plan
/NQ retested 2000 and I see next stop 2060
/GC retested 1300 and I see next stop 1260
SPX retested 1140 and I see next stop 1175
EUR/USD retested 1.34 and I see next stop 1.37
we could get there even sooner than mid October. for me this is not the time to go long or short.
why?
first – it is the EOM, EOQ window dressing and POMO sound like deadly combination for bears
second – low volume up or down
third – huge jumps after-hours then when market open we barely move
forth – we can make more money in currency with less risk (currency war); for example yesterday SPY stay @ 114.5 all day EUR/USD from Hi-Lo made 81 pips but we grab 89 pips in 3 hours
that said here is a $ 01 05 15min chart
http://www.screencast.com/users/prozor7/folders/Default/media/88838f53-1078-4a38-8b3d-b88c7d20ecc3
if you ask why I do not take some long position answer is very simple – we are in bear market and I do not see economy recovery only manipulation that will crash
How bout that mini crash in AAPL?!? I shorted bidu yesterday for a quick day trade. I tried getting in on BIDU put again today at 106 but it collapsed too fast on me when that aapl dealio went down.
They’re gonna make it look weak early, then hit us upside the head after the POMO auction.
Best to confirm this with Big Boys, Sam.
Had to sell the IMG.TO Nov calls for a loss of 35%. It went sideways while gold was going higher and then it dropped, frustrating.
Bought AGU.TO Nov 78 puts. Looks toppy with a reversal bar yesterday.
Still hodling SU.TO Nov calls.
watch out if she breaks 32, next stop will be 30 for su.to
yes, I’m keeping an eye. There is some support at 31 as well. It hasn’t really reflected the price of oil. When I bought the calls oil was 3% lower than now.
question:
why are you buying options in toronto and not the us?
do they act the same way?
i’ve never gone that route because of the lower volumes.
You know what I don’t like the currency change when I buy and sell in US $. I’d prefer the US market liquidity but in Canadian. When I short the markets then I go with the US markets because the US $ usually goes up when the market drops. I only trade selected options in Canada. The ones that have decent liquidity.
SU, IMG, ABX, AGU, TCK.B, RIM. It doesn’t give me too many option for trading the index though which sucks.
How do you hedge against the US $? Even if you have an account that doesn’t trade back and forth in and out of US $ eventually you’d have to convert to Canadian, no?
1132 is the low so far on the SPX. That may hold for the day.
The high of today on the VIX is hitting a long term trend line. If that breaks higher we’re in some serious trouble so watch the 24.30-24.50 level. This high being from mid May of this year.
Is it a similar chart on the VXX – I dont see us close to any trendline on the VXX
The same trend line on the VXX falls around 19 but VXX is at 16.80 now and it looks like it wants to go down more. So it’s a very different story on VXX.
Man, dollar tanking, gold rising again. What a mind game.
We need to close that gap at 112.50 on the SPY.
Weak report on consumer confidence sinks stocks
Stocks retreat after consumer confidence falls to its lowest level since February
http://finance.yahoo.com/news/Weak-report-on-consumer-apf-3886001718.html?x=0&sec=topStories&pos=main&asset&ccode
Pish whats consumer confidence sinking in front of the holiday shopping season ? Obviously that is a reason to buy!
Picked up some BIDU Puts for Oct & Nov the only downside to these trades working is I’d have sam to thank for bringing it to my attention.
BIDU is a screaming short.
Midday broad market update http://bidhitter.com/midday-updates/midday-broad-market-update-for-9282010/
were you ong $AAPL tdy in the morning?how did you handke this crash?
hello everyone,
i don’t post much on this board, however, in regards to SAM…call him what you will, but the guys F..King amazing and spot on so far….FSLR touched the 150 and extended as he said, so lets wait for the pullback and load up…now BIDU…call after call..
i’m only thinking perhaps SAM is the BIG BOY…maybe a professional trader on wall street? hey, whatever the reason he is spot on, give him a little prop but SAM becareful..either you are a trader or know of one, no one wants to get busted for insider trading..if i had a few of your calls, i’d be rich with all your HUGE profits.
anyways, i’m ranting..but did buy some BIDU put…lets see it tank to 92 so i can pat you on the back.
Makes up for his short gold long RIMM fiasco?
Not.
The only reason SAM is great is because he’s an analyst, not a trader.
Traders are biased. Analysts aren’t.
I see….
so make sure enter all your buys at LOD and exits at HOD, right? Is it only certain brokers
that have that function?
Good luck to you and sam.
My view on the market is posted below. Right now the daily moving averages are showing a cross over from below (Red square box). Very Bullish signal. This should be the fuel that the market needs to retest the top at 11200. The green line shows what I think the market will do in the upcoming days. From this point on we will sell off at least to the 10800s again. If we bounce from the 10800s market will go to 11800 as predicted early this year. By the way I did say in August that we were going to see 11000s again. I will start shorting via VXX and TZA once we get to 11000s. No sense to chase this smaller portion of the rally since the rug can be pulled ahead of time….
IOC Interoil up 8*% on huge record volume. Signed joint venture and the resultant short squeeeeeeze
will propel above 100 before they announce a split.
Congrats to Jimbho for calling this as a long @$49 as it just passed 73 a few minutes ago.
His call on northern gold is up 87% and SAC.V is at all time highs. South american silver and palladium play.
Jimbho’s site is making me rich without staring at a screen all day long.
What is Jimbho website? I liked his work and shared info with him a couple times but I see he is gone from here.
ditto. link?
He has a mailing list, he told me about IOC at low-mid $60′s
well how do you get in contact with him
zmansenergybrain.com
(not sure if he owns that site but posts a lot of insight on oils/gas)
email alert list via jimbho1@gmail.com
Does guest posts on micro gold mining cos at stockhouse.ca and his calls on
MAR.TO KAT.TO RR.V BTO.T NGM.V VAL.V & SXR.V
have all been at least doubles and a 4 banger on mar.to which was taken over just
like he said by SWC -Stillwater Mining. His 7 bang on RR.V not likely to ever be repeated.
WARNING: Goes long on lots of pennies without stops, super dangerous imho.
Thank you very much Prince
A Diamond Top is considered a bearish signal
Nice chart Walt. Do you expect a test of $80 to test that declining trend line one last time?
Market doing the same thing as yesterday as it runs up.
Opps I meant to say market is doing opposite of yesterday as it runs up.
SPY broke day high pushing for 115
Going to run it up EOD 100+ points and BP pushing for 39.00
Hmmm BIDU down today,what does Sam know
BP hit 39 GOLD 1304.4 holy moly!
Dam BP is on fire!! 39.80 and then falls back fast WTF
Wow S&P again stonewalled at 1150
Never saw BP spike like that except when it dove from the explosion. Something is up and that is OIL.
Here is why BP soared today and I would recommend buying this. It will be in the 50′s very soon. Shares of BP (NYSE: BP) surged into positive territory over the last 30 minutes of trading amid a story from the AP reporting that the integrated oil giant and the Obama administration could be in settlement talks related to fines from BP’s debacle in the Gulf of Mexico.
Louisiana Representative Steve Scalise told the AP that a settlement would forgo a legal battle between the two — a fight which would otherwise tie up funds from reaching those states affected by the massive oil spill which plagued coastlines all summer. Apparently BP and the administration are now negotiating to decide whether BP should be found “grossly negligent” for the spill.
After opening this morning’s session down more than a percent from yesterday’s close, shares of BP remained in the red throughout much of today’s session. It wasn’t until 10 minutes before the closing bell that BP shares turned positive; the stock closed today’s session up 1.6% to $39.33.