11:25am
GE can be a great short coming in RIGHT NOW… a break of that 15.95-16.00 level is a breakdown of a H&S formation circled in white, make sure to put a stop above:
11:22am
Keep the trailing stop on the GOOG short here…you should all be having a 1-2% profit currently.
9:57am
XLF is breaking back down a major line today after sitting on it for support. That major line happens to be at $15, we had a week fakeout above it.. and it looks like we can start shorting the XLF form this point onwards with a stop above $15.. here’s the daily chart:
12:51am
I hope most people got in the short goog train, even though it took a few tries today (constantly being stopped out with small losses above $600). I re-entered my position and am now about 0.6% up on the last short trade I took for GOOG. Remember, yesterday I said to short GOOG if it falls below $600 due to the massive gap below it.
As far as the SPY goes, it’s still not sure that the SPY has turned around… If you really want to short it, you can wait for a daily close below it’s 20 SMA.. you can see it in the image below:
As far as gold goes, I told everyone that GLD could be topping the day it gapped up only to reverse down and close below the former closing price. As we stand today, GLD has not topped out just yet, but if we can get a daily break down (2 bars) below $130, I think we can see GLD start to collapse quite rapidly.
It seems like QE2 was the real turning point in the market, and peopel realize that the economy is not doing well if the Fed has to step in so drastically again.
Don’t ya just love this confusion? NOT. The whole world is confused, basically trying to figure out where all this bailout money is going to come from and who is going to pay it back. Can you imagine the interest on all this worldwide bailout money? WOWZA!
Looks like that 1175, with minor violation, was pretty much the critical level off of which we did bounce.
Well for today anyways. Actually 1173. See what tomrrow brings. I have to think with the big record GM ipo hoopla the market will run back into the 1200 range or so.
I tend to agree it will be a market positive, but it could also pull liquidity from other segments of the market. We’ll see. I certainly expect some upside. Not sure about 1200, but some upside.
Yea 1200 might be a stretch but you never know. Probably in the 1190-1192 range.
actually 1172 was the key level to bounce off of today