2:14pm
So far we have a very nice reversal candle on the daily, will the bears hold this down?
1:52pm
I was 1 cent away from getting stopped out.. but here we go again.. moving that stop down to 129.30… that’s a $600 profit. With gold now putting a top, the dollar is strengthening shoving markets down… this is a potential reversal.
12:44pm
Constantly moving the stop down on my short gold to close out more profits… but i’m also widening the stop instead of trailing it.. hoping my short could become more of a swing trade rather than an intraday.
12:39pm
Moving the stop to 129.70, making sure I am making at least $200 off the trade.
12:30pm
Idan goes short GLD at 129.92 with a stop at 130.3. That’s only a 0.25% stop. If this doesn’t work out, will take another short upon another break of $130.
11:33am
Is it the end of the gold rally? Maybe or maybe not.. but one thing is for sure, the best entry is coming right up! With GLD having a H&S formation on the hourly it’s clear that the neckline is at 130, providing us a great chance to go short on a break of $130 and put a stop right above $130 neckline to minimize risk!
3:00am
Jobless claims at 8:30am today, could set the mood for more rallying or a reversal back down. The key is to look at the eur/usd for some direction. If the dollar strengthens we could be in for a push lower, if the euro continues it’s rally, up we go to a double top formation.
The only person in the world who told you go long on Tuesday and wednesday was me. Go and look at my posts in past 2 days. While everyone was selling and going short madly, I was buying and went long huge huge and now I am postive huge huge. Still people say no you say afterit happen. Look.. lok at my posts look at the dates and look what hapened. Huge profit
ISRG is a great long after some more dowside. I have an order to buy huge at 245
Look at AMZN. i do not know what will happen after earning but if after earning today it rally tomorrow toward 180 then that is a golden opportunity togo short huge
GS is near its top, but still has room to upside, I am looking to go short at 165
SWBB
Yes jobless claims will be better than expected today. I bought some TNA at close yesterday to cash in on the good data.
USO is very weak and is a great hsort in any fake rally
SWBB
Market has to rally no matter what is going on in economy. big boys just pushing and pushing.
If today we fall then tomoorw we will rally
I will tell you once i get a sell singnal, but for now, no sell signal
SWBB
sam, nice call for double tops
Good morning. Does any one get the same feeling that today we will open in the green but today wont be that strong of a rally and might even get close to the red?
you stole my thunder, i do get that feeling !!!
Banks turning red !!!!
I told you so.
Huge profits yesterday. buy at 1160 sell at 1180. Massive profits.
Me and big boys make HUGE, HUGE profits just like I posted to do yesterday.
Powerful call by me and big boy. Just like I say.
More powerful profits again today.
Double top is here with big head shoulder to come.
Will book big boy profits this afternoon with big boy then go out to lunch with big boy at McDonalds for Huge profit big Mac.
SWBB
Is this really necessary ????
GEE, One would think with all that money you are making ,without any posted trades of what you buy and sell, that you would be able to afford lunch at a decent restaurant lol. MCD did have good earnings though lol.
You in a better mood today Day Trader?
You and your filthy mouth were a disgrace yesterday.
Really, I felt it was justified. Now lets leave it at that.
Wow we hit 11,200 on the Dow I figured that might be top for the day
Dow up 90 points but some banks red and the all important SMH red as well..
are there any events/announcements planned for today that could pop or drop the market?
i’m bored and want to day trade something but i don’t want any surprises.
uranium plays – usu -urre -uec- urg all doing quite well plus EGHT snd i trade PMI alot
thanks.
best uranium play imo is
u.to
trades with price of uranium, no risk of a mine flooding, etc.
not really a fast money thing, more of a buy and hold for 10 years.
a solid double or triple your money investment.
Bought 10,000 TZA @ $22. Dow at 12,000 is a my mark for a good place to dump longs and start going short for a short correction of the market.
TZA has support at 21.99 lol
very nice call–what do you consider short correction?
short term gap fill at 23.47
VXX keeps breaking decending wedges to the downside. I always thought decending wedges have probability breaking to the upside. Does anyone have thoughts as to support level?
not really.
it looks like such a tempting buy but it keeps going down.
as i posted the other day i think we are going up to the 1220 area so i’m holding off until then.
i did own vxx.to but sold it at a loss last month, glad i did.
Yesterday I wrote about two scenarios and the criticality of today action. So far we are up and big therefore escenario 1 bull is what is going on:
(Bull) Scenario 1:
1.- This week we are forming the second candle that the market puts above the 200SMA on the weekly chart. So for bulls it is critical to finish the week above 11000s and the more above the better (200 points or at double top) will be ideal.
2.- That will set the stage for a consolidation week toward the end of October perhaps testing the 200 SMA on the weekly even with a fake move again below the 11000s that will be quickly bought. This is your green light to higher highs perhaps 11800s or more
3.- At this point the stage is set for the FED announcement of more stimulus and the rally will continue till year end with an upside of 8-10%.
4.- Why is tomorrow critical?. Well from a bull camp you could think of yesterday move as a buy the dip scenario and a shake up of weak bulls (There could be another next week under this scenario). The confirmation is then tomorrow with a follow up of today push to confirm the first candle above the weekly.
What this means for the bears?
You are limitied to play retracements because the trend is up…
Unless we get a huge drop tomorrow friday we have a confirmation based on the break of the 200 SMA of more upside. A break of the top is not going to happen until the FED announcement. Meanwhile we can be several fakes down all of them to test the 11000s and the 200SMA. This will be your buying opportunities and the upside is about 8% at these point. I see us going to the 11800-12000 band in the DJI perhaps by end of this year. Bears will have to wait until end of 1st qtr 2011 when the down trend will start again.
you ever feel like right after you do or say something in the stock market it goes the opposite way
Cramer Pumped CRUS yesterday and now getting crushed !!!!
Doesn’t surprise me. If you listen to CNBC and Cramer you will not only become dumber but poorer too.
NFLX puts are looking very cheap…. hmmm…
sold my 170$ put.. up 120% but only playing with small money here
out of the ETFC, $1k gain, didn’t do what I thought, short 5k DE 77.55
liking it! Risky but liking it.
The market is up but the “BUY” volume is getting smaller…….is there a a tree falling?
there they go again, trying to shake out the weak longs.
sell you weak longs, sell.
I’m eyeing the Q’s for a good put entry. I just don’t see it going past $52.
seems like a good one to short if you think we’re going down…near it’s 2007 level, crazy.
did you pull the trigger on this one?
Tomorrow is another POMO day. I don’t know if I want to go short today. I actually bought some calls on it to sell tomorrow and then maybe go short then. This POMO thing is messing up everything. It’s every other day.
I agree, I already load some put, wait for load more. which point is a good entry?
My trailing stop. Stop me out at 22.90 Made $8,500 on TZA. I have a meeting with my employees so all have a good day and be safe!
if you don’t mind me asking what has been the biggest loss you’ve ever had on a trade?
Midday broad market update http://bidhitter.com/midday-updates/midday-broad-market-update-for-10212010/
where is idan these days?
I have tons of appointments.. i’ll get back to the groove in a week or two.
Just shorted gold.
how much downside do you see?
The H&S only targets about 1.5% downside, but i think this could be a bigger correction… maybe 10-20%… for now i’m playing it intraday, and if it continues to fall… i’ll turn the trade from intraday to swing.
nice call…there it goes.
covered 1/3 DE 76.32, shorted at 77.55
No more economic news until next Monday. I think we’ll grind higher on SPX to 1200 before we get a small pause and then hit 1220.
it’s looking more and more likely that this will happen. I don’t think we’ll just double top like people have been talking about…
The potential for a rise to 1300 is looking more and more likely.
wish i had held my ZSL calls longer. in terms of EW AGQ has hit it’s top. Will look to get back in.
My stop on gold now at 129.51…. that’s about a $400 profit.. hoping gold doesn’t stop me out.. and falls another leg from here.
This chart is over a year old. I need to revise it, but the end of this rise going to low 1300 still possibly exists if the fibs play out correctly. I definitely didn’t perceive such a strong correction happening and lasting as long as it has.
I’ll try and redraft this over the next week or so.
Here is everything updated to a cleaner version:
The lines in this chart are not actual trend lines. They are just letting you know the important wave structures.
Bears still have a shot at trashing this party. Again I am 100% cash and waiting for the week to end to see confirmation. We need to finish the week below 11000s or price action below the 200 weekly SMA to declare all green for the bulls. If the bears are out there they will push this market down hard tomorrow (perhaps in the afternoon). Here is the Bear case:
Scenario 2 (Bear):
1.- Market is trying to break the 200SMA (Weekly) and this week is critical for the bears and so far resistance of 11150 and 11250 have save you from further losses.
2.- Observe closely this week price action and next. Since we need to maintain the second candle below the 200SMA for a failure of the rally we need to close the week below 11000s.
3.- If prices hold the 200SMA with no two candles above it until FED announcement then when the FED announces you will see a spike up but you need to sell it or short it because it will be a fake upside.
4.- Why is tomorrow critical?. I think that if the move down yesterday was the first signal and today is Big Boy (sam quote) action to get rid off the weak bears. The direction will be given tomorrow if we have a down day.
5.- If we go down we could test the bottom of the channel around 10600s and we will see from there what happens
Correction. Above I meant we need to finish the week below 11000s to declare all green for the Bears (I said Bulls above)
Be careful this market has not shown its true direction just yet….
yup still waiting.. but gold is definitely looking awful right now.. and the fact that this could be the turnraound for gold, could mean the same for the dollar.
Sam what are you doing? Dont want to hear tomorrow you bought long at todays low, wanna hear about it today.
are you serious buddy?
It’s so weird having to go against logic and go long. But with all this money being thrown at it I don’t think we’ll get a meaningful drop until November.
Sold my SPY puts for a 50% loss. Have to change the game plan. Every other day is POMO up to Nov 1 so we’re only going one way.
The key value for the bears is to trade below 10975 when the week ends. If we do this the market is headed down….If we end up the market is going up. When I say up I mean we will break the double top in November-December
1200 is next JROD. I’ve thrown the technicals out the window for now. I’ll be using the non-POMO days to accumulate longs up to Nov 3, and guess what there is another POMO day on Nov 4. that’s when I’ll be buying puts most likely at 1220.
How Spy 1300 sounds to you?. I think that is where we are headed if we keep the price action above the 200SMA before month end
Hey that’s possible in this “print all the money you can so the people don’t revolt” world.
When I say down we will test the bottom of the channel and then the 10000s
Look like sp is froming topping then move down
DayTrader made a lot of nice calls recently
market still has a ways to go.
i say 1198-1199 minimum. if not higher for this short term move.
Hi Woo,
I got out of my goog calls yesterday for break even.
not sure if you have your calls, but if you dont have a position, would you add now? it seems to put in a base and started moving higher slowly…
appreciate your comments…
yeah i stopped out for dead even, which makes me lose money on trading costs so the broker wins haha.
i’m back in though. it’s still oversold, but i’m willing to risk a closer strike.
611.24 acting as support again is good news to me.
Thanks
I feel sick about this thing. I’m waiting for close to 1200 to short, but until then I’ve bought Dec 52 QQQQ calls with the other half still in cash.
Made $600 on my gold short (stopped out now)… waiting for re-entry on a back test of $130.
any earnings plays after the close? I was thinking of getting long some CAKE
bidu – Options action shows the market is bullish on bidu, but their main source for income is advertisement and Google trends shows advertising is down in the US. I can’t pull data for China on google trends, but July-Sept, Dow and Hang Seng was about the same. P/E is high and the stock rose about 40% in the last 3 months. I think I’ll short them.
Took a short here at $102.50
Slightly bearish on AMZN too, but their kindle / vod service has caught some spark last quarter. Not sure if this will give them another blowout quarter or it just won’t meet their expectation
Wow VXX back close to lows of the day. The Fear index would suggest we are going far beyond 1200. If we break double bottom, it looks like a good short.
i think AMZN will rally after initial drop, but uposide is very limited and I am expecting to see a crash in AMZN after a fake rally.
SWBB
So you’re saying… AMZn falls a little now.. then rallies to new highs and then craches.. when are you buying or shorting it?
Idan, I guess the top is 166, It won’t go higher that that, but tomorrow I am not going short. I will wait until monday then we probebly willsee a fake rally toward 166 to make a double top, then i will go short.
I do not know why this stock is in this price. PE is very high and it has to crash, but big boys keep pushing and pushig, but i guess they can not push forever. it has to come down one day.
SWBB
i also was going to add that 166 may act as a short term top and we may see a new year rally toward $200 then the real crash will start at 200 toward 100
SWBB