We moved our server overnight, to make focalequity load up much faster!
1:09pm
So the SPY is obviously forming another reversal candle on the daily. Here’s the 1 minute.. if we break back below that red line we will fill th gap support, and i think we can see a total momentum change.
1:01pm
And here we go AMZN is going to be a possible shorting candidate as it’s breaking back down below the ascending resistance (as i said it would last week):
8:00am
I am purchasing more MJNA as we get closer to Nov 2 – prop 19. Also nov 2nd is elections – hope everyone’s voting!
12:25am
We are staring at RIMM’s gigantic push up after we got rumors that RIMM might be a potential takeover candidate. With Rimm’s gigantic rise to $58 former gap resistance, the daily now is starting to look like an inverse H&S formation. With a small right inverse shoulder yet to be built, i expect a pull back from the $58 level and then a shove back up. I believe buying the breakout of $58 will be a good trade, but you can also preemptively buy Rimm on the pull back as long as you have tight stops below strong support levels such as $55 support.. etc..
I will continue to build short positions this week, including at the open on Monday based on futures data. I will dump any shorts if we get above 1235 in the weeks ahead, but I doubt we’ll reach that level. We’re coming to some strong short-term resistance levels in my opinion.
The dollar has been getting murdered since QE2 has been mentioned, which is why the market has been screaming higher. Everybody’s been riding the Fed’s coat tails, but it’s starting to build too many imbalances. These currency moves are historic- they’re not supposed to move at this velocity…for a reason. People are going to start jumping off the bandwagon soon and then it’s going to hit hard. Just when you think a trend is your friend, the rug can be pulled underneath. A fast move up can bring a faster move down.
IF we get above 1235, I’m going to sit on my worthless dollars till I see a better setup to go short. It may never happen- the market can turn into the 90′s stock market bubble again with the way the Fed is creating asset bubbles. What I’ve learned in trading is that ANYTHING can happen and for no apparent good reason. Fundamentals are worthless- it’s all about the trend and hedge funds making money hand over fist at the expense of others. But you better believe I’m all in when these moving averages point downward. The biggest ponzi scheme this universe has ever experienced will finally come to an end. I’m going to brush up on my Mandarin now.
Good luck this week!
My other predictions include the Republicans picking up the majority in the House, but not enough in the Senate. That will create gridlock on the Hill. Then, I’m expecting a large financial instutution to face another liquidity crisis and it is looking more and more like it’s going to be BAC. These events and other similar events including currency wars/protectionism happened in the 30′s. We’re still experiencing a high correlation to the 30′s. The Fed, Treasury and SEC will do everything to slow down the pain/freefall, but it will happen…it has to happen. We need to deleverage. We can’t keep rolling over this debt.
based on my accurate and strong commnets below that I posted on Friday. Again like always I am 100% correct. I bought a huge huge SPY cals on Friday and now I am goign to sell them with huge huge profit right at open. I told you we will gap up.
Now , am i going tshort right away. NO I am goign to book my huge profit now and just watch to see how price action we will get. I may even wait for one full day to enter my huge another trade.
HUGE huge profit
SWBB
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sam says:
October 29, 2010 at 6:44 pm
The best opportunity in the world is on Monday if we gap up huge like last week. Then I am going to load a huge shorts right at Nasaq douple top. Nasdaq will be at its April high if we hopfully gap up on Monday the I expect a huge sell off off the nasdaq high to start, but since we will have election and FOMC i think we will rebound and then end of week we will see off again. Ok lets hope for huge gap up on monday following huge sell off
have agood weekend
SWBB
For last several week and days I keep teeling you that big boys are long huge. I am positive that we will rally hard toward FOMC and after FOMC relase we will get a spike to a new high around 1199 to 1204 then a sell off will start. This is just my guess and I am willing to see this opportunity to make tons of money huge.
SWBB
Idan, I belive RIMM is in a final stage of its rally and should start beaking down huge. IMO. They will not be able to compete with AAPL in a longer term and that is why big boys do not like to invest on it. The take over is just a rumer and I can not rely on it.
SWBB
I TOLD YOU SO.
I keep telling you no one listens to me and powerful predictions from big boys.
Last week I clearly write big boy wants market higher and clearly its so easy to make HUGE profits.
I make money no matter what happens because me and big boys go out for burger lunches and big boys tell me all kinds of secrets and how to make money.
I will clearly right here what happens next. Market will go up and that when I load up on puts. Market will go down huge because big boys want to shake out small boys. This means HUGE profits again for me.
I right that again, very clearly so you can all see.
Market will go up, then down.
This is just my guess and I am willing to see this opportunity to make tons of money huge.
SWBB
Sam, In spetember you predicted RIMM go to 35 that was not happen. Based on your prediction, I sold my RIMM at 44
well then Plu100, you are a lost soul.
listening to the nonsensical ramblings from sam is like recording yesterdays football game on a Betamax videorecorder.
sam is the work of someone who needs some industrial strength meds and serious time on a psychiatrist’s couch.
he is a fake trader, playing with fake money and the fact he is still able to post here is beyond me.
he’s done HUGE damage to the focalequity.com brand IMO.
Be careful about your comments on Sam, you will get a warning from the moderator!
Sam was accurate for a lot of times but not 100%. That was why I trust him a lot.
When he said 100% he did not count wrong forecast.
EVERYONE is 100% accurate if they do not count wrong forecasts!!!
Anybody buying some MJNA before tomorrow?
Nope I think it is a pipe dream. IF it gets approved it will actually drop the value of the goods and run alot of the “mom and pop” shops out of business. They will have to grow twice the amount to make what they were making illegally. If anything the land out there is the winner as it’s price has shot up bigtime. JMHO
If it gets approved the industry goes from a 500 million to 32 Billion..
Trying to short AMZN at 163.. let’s see what hapepns.
Got Shorts?
Waiting for 118.60 to get short the SPY itself for an intraday trade.
Think 1 min SPY chart above is for the wrong date, Idan
Sorry about it.. fixed.
did you guys enjoy my huge accurate forecast. booked huge profit this morning. Now i am shorting. Market will rally again into FOMC and we may even get a huge spike up after relase news, but that it where i am gopign to sell my last long and start shorting.
SWBB
Ya fslr long and fxi short have been spot on.
I am surprised with the good news that came out today that the market is not rallying even more. I would not be surprised by EOD that it goes back to near flat if not red TBH. My take is the elections are already baked in for the Republicans to take the House and not the senate. IF they take the Senate also then watch it rally hard. As far as the QE2 is concerned it will be approved but they will not let as much out as anticipated and instead feed it in slowly over the next few years which IF that occurs the market dives. JMHO will wait and see how it unfolds.
hmmmmmm imagine that the market turned red
Yup… and i went short right at 108.60 as mentioned above.
Hi, Idan
The use, sale and cultivation of marijuana is currently illegal under federal law throughout the United States.
Can you explain why you buy MJNA? Is any good news for pro-19 passing? If pro-19 is not pass, what’s your plan.
THanks
Akira
Go look at what Pro-19 is… it legalizes the sale and use of marijuana in California in order to help California to get out of deficit by taxing marijuana.
Most likely Pro-19 will not pass but will get appealed (this will go to the supreme court eventually). BUT if there is ANY hint AT ALL of any push towards legalizing marijuana then MJNA is the best company to profit from it’s legalization.
They have opened over 3200 distribution sites in the last year alone for this sole purpose. It’s a penny stock, and completely a speculative play.. but i’m only putting 2-3K in it.
If Pro-19 does pass (very unlikely) then MJNA’s industry becomes 60 times bigger, and hence it’s valuation will probably go up at least 5-20 fold as they are THE ONE COMPANY that can distribute NOW and not in 6-12 months.
Federal law prohibits the sale or use of marijuana but pro-19 would be the one proposition that will overwrite federal law solely in the state of California under strong restrictions of course.
No it will NOT overwrite federal law. All Prop 19 is about is for “medical” use and no it will not go to 32 Billion. IF it gets passed it might throw another 2-6 Billion into the California coffers keeping in mind California has like a 19 Billion deficit currently. What they are hoping will happen is that the current dispensaries and future dispensaries will be taxed where as at the moment they are not collecting taxes on the revenue from the pot.
Rut ro JP MORGAN is under the gun again! Under investigation by the SEC for improperly catorgorizing assets. These fricken banks are all scrambling with their BS.
There is your short JPM bigtime.
Timber!
Got Short YET!! I do and have been…
told you we’re on the move.
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=2&dy=0&id=p40803397477&a=160222837
1177.7 is that green fib. should be pretty strong support.
got a trend line break for a pretty strong drop.
then 50ma/60 min for another strong drop.
SWBW
i think we’ll close green above 1183.37 50ma/60min
and continue higher for the short term?
yup. could be wrong.
but i still think we’ll go to low 1200s at least.
So today’s reversal means nothing? Tomorrow is another POMO day so who knows we’ll probably get a green day.
today’s reversal landed right above a fib and a trend line and bounced hard.
if we break under today’s lows, then i would say we can begin shorting stronger. market is still allowing for a move higher.
Well…. got stopped out on my SPY short of 118.60 at 118.15… but at least got some cents off of it.
mind the gap, what POMO stand for?
Woo, thanks for TA analysis for SPX. Daily MACD for SPX already shows divergency.
Hard to ignore. Shooting Star fail on TL. Doji followed by Spinning Top. TL Support.
boy, VIX’s 6th day rise is the longest streak since 08? tell that to VXX
http://www.bloomberg.com/news/2010-11-01/vix-advances-for-sixth-day-in-longest-streak-of-gains-since-january-2008.html
TL???
trendline
Thanks, see it now.
The VIX pierced through the upper boli. band today. The last 5 times this occurred the market was down the following day.
Natural gas is selling below coal. That can’t go on.’ – T Boone Pickens UNG – He’s BEEN saying that for a while now
How “don’t fight the Fed” works in practice, i.e. through relative nominal yields.
http://chart.ly/y6samfj