11:16am
Get ready to buy the dollar. I’m waiting to see the EUR/USD reach that 1.3705 level and i’m buying it on the restest of a very strong fibonacci level that will form resistance. Rememeber prior support is resistance. You go short, and you move your stop straight to profitability on any push down, and trail it. This could be a good intraday-swing play. You can also try buying the UUP if it falls down to the 22.30 level. Here’s the EUR/USD daily:
The way the futures are pointing, we’ll see a big up day on Monday. My expectation is that we’ll put in a top this week. Last week was just OPEX shakeouts before the big breakdown this week. I’m standing ready to short.
Make sure you visit http://www.spoofee.com for today’s deals!
Earning Watch
- Monday – MCD, CSX, VMW,
- Tuesday – MMM, JNJ, BTU
Today’s Schedule
4-Week Bill Announcement 11:00 AM ET
3-Month Bill Auction 11:30 AM ET
6-Month Bill Auction 11:30 AM ET
Current Positions
- Long INTC, JNPR, KO, TMV, VZ
Plans
- Looking to buy more TMV on dip
- Looking to buy USO
- Looking to go long MCD if it dips with earning
Bought into USO @ 36.78. Trendline
As I said before we had the five wave move down followed by three waves up, and the 1288 did not hold hold so another move lower is likely and therefore the top before the correction was already in at 1293.24 on SP
still holding 10,000 TZA bought at 14.25
Hi Woo,
Where do you see the markets going? appreciate your thoughts…
the market still has potential for upside, but it all depends on the 1294-1296 area, which is the 61% retrace of the drop from the 1500 peaks down to 840 which is what I count as P1 drop. This is a pretty major area. I’ve been waiting for this area for nearly a year.
5 of 5 up P2 requirement was met at 1270s.
Also the minimum requirements of the 5 of 5 up from 1010 have been met with a move above 1293.
So everything is set where we can drop now and just keep dropping for a good amount of time (this isn’t a guarantee of P3 to death and below 666 though).
If we break this 1296 area, there is a good chance we head to 1308 if not higher.
The stronger support I’m watching is around 1270 right now and this support will rise into 1275 or so by the end of the week. The 60min/200ma is also riding along this support, and once that breaks we should see a good amount of stronger dropping to come.
Even if we have hit the top, we have to be careful. Even at SPX 666, I thought it was the bottom, but I got stopped out on a LOT of call positions because the retraces were so quick and deep on the rises.
Thanks a lot,
I still remember your 666 call where you said its an intermediate bottom (made some decent money at that time)
Looking to add more to the GOOG long, AAPL short trade right here.. to lower my deficit on the hedged trade.
Idan you are suggesting UUP @ 22.30 and then go long?
In my opinion market will go up a bit more and then take a roll.
a bit more like 129.20 or 132
what is up with oil being so weak with the dollar weak and market rebounding…uco looking good at 11? any opinions
ahhh..india to raise rates tonight
anyone have thoughts on RBY?
going to start scaling in short, will likely begin with a small TZA buy sometime in the next couple of hrs. Only other position is long UUP, may sell a bit as it moves soooo slow (down 1.25% in this one over a few days).
My selfish side would love to see TZA drop a couple more % today b4 I buy.
my hunch is that the second correction is a triangle and then come the FED announcement we tank.
Still holding my 10,000 TZA i bought at $14.25
I just bought a new Point of sale system for my restaurant Manhattan Cafe. There I did my part in helping the economy improve for the year
I want a seat in the roller coaster. Now long 300 TZA… will watch and likely hopefully add to shorts…assuming this works of course.
01/24/11 14:12:00 FT2116961-930 BOUGHT 300 TZA 15.60000 Day Executed @ 15.60
SPX is on the verge of forming a cup and handle W2. It’s forming what could be the handle, and a break of 1291 again would set it up
I didn’t make as much money as I wanted on the silver drop. Mentioned three weeks ago that I was looking for silver to drop and that it was showing signals of topping. AGQ has dropped from 160 to 120 since I brought that up. Can’t complain though, still sat in on a good portion of the drop on SLV puts.