Intraday Commentary ~ 11/29/2010

By
FocalEquity
– November 29, 2010Posted in: Intraday Commentary, Stock and ETF Models

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11:45am
SPY potentially breaking down the $118 level after a failed rally. Here’s the 4 hour chart so you can see why $118 is important. If we close below, we will hit $115 in no time:

11:11am
If the SPY doesn’t reverse back up in the next 10 minutes, we will get a massive push lower, and start another leg down for today, similar to the one this morning. We know that $118 is very strong support on the SPY, it will only take a close below it to start stronger sell offs. 

11:09am
The 1.30 level for the Eur/USD is some support, and it’s pretty much the last support before the chart turns into a bearish disaster. It would become really clear that the whole move up was just a correction ABC move, before another strong shove down that could bring us even lower than parity. 

1:03am

Even though i did a shitty job a drawing the lines on the 4 hourly NFLX chart. You can see that I’m thinking NFLX is going to take a small break from it’s rally and at least consolidate sideways or down. I think it’s worth a short (if you’re okay with shorting a very bubbly stock). Keep a tight stop.

1:00am
The bailout in Ireland ($135 bil) is only the start, we will be looking into portugal, spain and hungary next. There is too much trouble in Europe, i rather stick to the dollar for now. 

12:58am
Is there a H&S formation on AAPL on the 4 hourly candles?  It’s too early to tell in my opinion, but if AAPL does start selling off below $308, i would assume that’s what’s happening. The neckline is at $300 though, only a break of that number confirms a topping formation:

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Sun Tze is one of the founders of FocalEquity.com. After going through multiple transitions, Tze, Charlie Cheng and their new team are bringing new changes and features to the new FocalEquity.com in 2011. Tze is specialized in financial modeling and has a masters degree in Finance.