Woo:
10:34 AM PST
Idan is away for the rest of the week. I’ve been pretty busy at work because I have a business trip in Washington, D.C. coming up Sunday – Wednesday. I’ll help facilitate the intraday until Idan gets back and I take off.
So the tech sector is hitting some strong longer term resistance with a number of these stocks at breakout points or even all time highs. The market is also hitting some strong longer term resistance here. Based on the longer term inverse H&S formation seen below, I think we’ll at least touch the low 1160s.
Here is the long term resistance on the 20 year zoomed SPX:
Here are some tech stocks that are near breakout resistance points:
T -
AAPL -
AMZN:
So what this may boil down to…is what sector brings the market towards that eventual 1160s area (if we get there at all). If some of these stocks above breakout, we could get the whole market breaking north of that 1160s resistance and going much higher. On the other hand, if another sector brings the market up, or if we’ve already hit a top, then we could see the beginning of a market falling much lower to sub 1010 that we saw earlier.
If you look at that 20 year zoom chart you can see some flares or really long candle wicks. All the long flares to the north side have pretty much been met. Now there a whole lot of flares to the downside that haven’t been met. Generally this is more bearish and my bias overall is beginning to lean much more strongly to the downside now.
in DUG at $56.32. haha, might be the all time greatest or all time worst play, but chart seems like it is hitting bottom support and can break out soon.. will have to watch it.
obviously today’s Oil move is interesting, but remains to be seen if oil breaks out.
Looks like VXO creeping up and USO/DUG forming ascending wedges….might see a quick drop in Oil soon.
good morning to all
Http://www.spoofee.com explains why amzn should be falling over
Sam where u at? Not sure what to play w/o my boy guiding me.
Wow market down BIDU up big,big,big
rimm up 2%
you’re kidding right?
you’re right, 2.6%…my fault
Good morning. Is it just me, or do others still feel bullish about the market?
Wow sold my TNA that was an easy $4,000
Everybody is waiting for tomorrow`s GDP numbers. I wouldn`t be surprised to see some profit taking today.
Agreed today and before the GDP number tomorrow is a great time for a slump. That also sets the market up nicely for a big rally once the GDP number comes in as “less than horrific” which is all we need for 300pt rally
Dollar tanking once again SMH is green i do not think today will be any big selloff..
Anyone explain why
TNA is down .21% while TZA is up .44%???
Isn`t TNA bullish and TZA bearish? The market is down so it makes sense.
Oh great. I finally gave up on crm this morning and got rid of puts. And right after crm falls over. Rarg. Worst timing ever
Finally getting a nice rally in Suncor. Holding the AGU puts at break even.
Sold the Suncor calls for a nice gain. Holding AGU puts.
Go congress! I absolutely love the idea of spitting in the face of the country (china) that is backing our failed fiscal experiment of printing our way out of a depression! It’s not like china could come out and make one press statement to the tune of “we are going to reduce our purchasing of treasuries” and cause our country to run overnight into financial crisis part 2…..
Go go gadget Citi group Calls I bought 2 days ago!
Midday broad market update http://bidhitter.com/midday-updates/midday-broad-market-update-for-9292010/
Where is everyone? Not even sam/zee is posting after his short gold, long rimm/bidu and the massive
gains that resulted?
I guess everyone is over at Jimbos site making real progress?
Hey Prince,
How has Jimbo been doing? Does he just cover penny stocks? Is an insider or what?
Send him an email and let him answer for himself?
Covers mostly very junior oils and golds/pgms. Has covered IOC from $11 (now 70)
RR.V -Rainy River Gold from .80 (now $9) and TGC / TKO.T Taseko Copper for
very nice trades/holds.
Sam and the big boys insiders?
Its now or never… If the market does not go down now…. It probably will make new highs for the year soon.
Inverse H&S forming on SPY from Sept 27th …
Who else is buying DUG?
posted an update above. good afternoon everyone.
Went short on FSLR at 150. Everything is happening according to my plan I told you a week ago
SWBB
be careful sam.
if we don’t get back under that line, it could be dangerous.
currently sitting SPY long. looking for the 1160s to jump ship.
Picked up some C DEC $5 Calls . I have a soft spot for Citi.
sam..
oh sam…give us an update on BIDU..what does the big boys doing to it…choppy choppy…no likely
It’s in a wedge right now that it’s been in since it bounced from the selloff am yesterday. Break of 103.68 rapes the bears , break of 103.17ish does the same for the bulls. IT’s getting very narrow and should be resolved before market closes I think. Unfortunately for my puts my bias on this action would be to the upside
I’m sure sam will just wait till it pulls back to claim his “awesome” call, or wait till a melt up to say he saw the big boys fake out the bears and amazingly bought at one of the lows in the past 2 days.
i agree with your analysis…i’ve got in in a pendant since this am and broke already, just retesting the support about the mid 103′s. also, there was a massive bearish engulfing on the 60 min from the 28th…generally chop around a bit then down she goes…but then again who knows…maybe SAM toying with the board and raking in the dough going against us…since he might be the big boys.
nonetheless..Sam, you’ve been spot on…one more call baby….cmon BIDU..tank already
plus the RSI is overbought…the STO is coming down and the MACD is flattening and turning south…alll poins to the downside, but MM’s may just have this hanging around at these levels to piss people off.
go figure
hmm looks like it broke down out of a slightly different wedge then I had drawn. Potentially good for us shorts if this confirms and sells into close.
come on market…break north already so that i can sell my position. don’t want to see a big dip first. if that happens, i’ll probably add to my long position.
Woo – are you looking for it to tag the pink line on your 20 yr chart …
yup.
there’s a chance we could drop first, but i’m willing to hold and see. it coincides with the 2-3 year inverse H&S as well. low 1160s.
Cool – there is also a mini inv H&S on spy 10 min with tgt of 1168 right now that i mentioned in the morning ….
if it drops till where could it drop ?
scary thing is that it can drop to 1120s and still keep moving sideways.
True but we have the miraculous recoveries like today. Print more money, Gold goes to new highs, and they now think sinking the dollar along with more lost jobs will take the economy out of depression(which they deny we ever had and that “their” recession ended last year which we all know is the biggest crock of sheet) for a recovery and all is rosy. Like I have been saying for months the train to paradise is unstopable.
yes, but it will drop in a heartbeat, leave all smart persons like you to reconsider. Look for flash crash 2, so nobody wins, except Wall Street.
Wow, left the last post close to 5PM–better check Boeing stock!