12:02pm
SPY still having a hard time breaking down that 128.25.. level.. it practically touched it again and bounced…
12:00pm
Is AT & T showing a head and shoulders formation as well? With a neckline right at 28 the daily is starting to look pretty bad too. It might be worth a short now, if you truly believe the market has topped. But that’s a risk i’d only take with a small amount of money, also the neckline has had a few fakeouts, Here’s the chart:
11:39am
Before the bears can call victory on today, and a potential reversal candle. The market will have to close below 128.25 (which it just bounced off). As you can see on the 5 min chart below. it’s strong support. A close below it could mean more downside tomorrow:
11:18am
BAC’s Head and shoulders that i mentioned a few days ago is now in play (we are under the $14 neckline). That said, for those who are not Short BAC yet (and i made a mistake below.. i’m short BAC not long BAC), you can go ahead and get short on a restest of $14 level as resistance. Remember prior support becomes resistance. Here’s the hourly:
10:16am
Is ANW getting ready to rally here? I think so. I’m not a buyer yet, but it’s about to breakout of a long term descending channel, and this might be THE buy for this stock. I rather like to see stocks breakout of horizontal resistances first, but this stock has a relatively low correlation with the market, so i think it’d be a nice stabilizing factor in one’s portfolio. You can also play this as a swing trade, here’s the daily – make sure you know exactly where the resistance is (we’ve already had previous fakeouts):
9:53am
Get ready to buy some UNG because a break back bove the 6.50 line calls for a STRONG BUY on this name. You can put a stop back below 6.50, and hopefully ride yourself on a double. Great longterm play once we breakout:
9:48am
What I currently own:
Goog L vs Aapl S trade.
Short some Euro vs Dollar (looking to add more if we get to 1.3705 with a stop at 1.3760)
Long CSCO
Short BAC
Long HDB
12:43am
It’s going to be very tough to see a top any time soon. I only recommend shorting when you see reversal candles, but according to my fib retracements i see 1330 as a possible target for the S&P before we see a stronger correction. In this S&P weekly below you can see my count approx on the elliot wave front, noting that A and C will have 5 waves, and that B had 3 waves. You can also claim that we’re on the 5th wave up depending on your count.
I’m not much of an elliott wave reader, but i can tell you that the top is relatively near, I just don’t want to be the first to jump in short:
My Super Bowl playbook for this week…Looking for a consolidation day Tuesday with an up day Wednesday. I will look to put on some additional shorts Wednesday and Thursday.
My area of support is around 1230-1250. I will look to take off my shorts at that point and assess where we are at. We might get another push higher thanks to Uncle Ben. Some people are calling for a cup and handle weekly breakout to the upside. That might be a fakeout just like the larger MA monthly pattern was last year. I think it all depends on what the Fed plan to do this year. I don’t see a QE3 coming after June, so I think we’ll start to see a top after Quarter 2 is over. The Feds have been catching a lot of flack from foreigners and a lot of countries are seeing hyperinflation. Some of these Asian countries use 30%+ of their earnings on food…We’ll start to see some pissed off people out there when the dollar gets really hammered. I should have bought some arodable land…Farmers are going to be rich!
Inflation is here…buck up and get rid of those worthless dollars.
Get ready
we are ready.. bring it down already!
I didn’t want to, but a lot of triggers hit today and I’m long on a lot of things :/
- Long TMV
- Long KO
- Long INTC
- Long VZ
- Long JNPR
- Long ROVI
- Long HDB
- Long RHT
No shorts :/
Might take a little YHOO for a fun gamble later today. They announced a layoff just now.
If I don’t come on here spamming as usual tomorrow, market fell apart and I got hit hard and you guys did well
http://m.bgr.com/2011/01/24/google-launches-cloud-print-for-android-ios/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBoyGeniusReport+(BGR+%7C+Boy+Genius+Report)
Article on googles work in the clouds. Coming soon to a theatre near u (for goog longs)
Good morning still hold 10K TZA Bought for $14.25
Nice.. that’s gutsy, but you might be right!
I’m getting excited at the possibility for UNG to breakout of 6.50 soon!
Lousy numbers
Jan. Richmond Fed Mfg. Survey: -7, to 18 (above 0 = growth). Shipments -7 to 23, new orders -12 to 17, jobs unchanged at 14.
yup.. i mean news has only gotten a little better since november of last year, yet we’re up 10%+
Who thinks IBM is overbought?
Looking for a bounce in the gold miners, some of them are deeply oversold. Bought some Eldorado Gold calls. ELD on the Canadian side.
you know 5 years ago… i bought EGO (eldorado gold) and I sold it at 3.80 for a nice profit. My roomate who had No experience in stocks said i’m stupid and that I should hold it. I was like.. what do youuuuu know about stocks?
And bammmm 5 years later.. I can’t fucking believe it.. I would have made over a million from that investment alone.
haha…sometimes the buy and hold work really well. I would have used a trailing stop
hind sight is always nice.
I believe it’s all about risk management. If you’re not willing to take the big risk of holding throught all the volatility then you don’t deserve the million, and if you’re willing to hold through it, most people don’t really understand how much risk they’re taking but might make a million
yup yup.. the only reason i took it off.. was cuz i made such a huge amount in a few days.. i thought it made no sense.. damn it!
ANW…..volume not indicative of a strong breakout by any means. The set-up is certainly there, but then again, we’ve been there before. On the sidelines…..watching intently.
we’re not at a breakout yet. but we are at a breaking point… i’m watching it intently as well
Where you thinking of entering ANW 11.20? It is at low of day at the moment 11.25.
I think it’s a buy right here.. but to confirm that it is truly getting stronger.. you can wait for a break back above 11.30 where support and resistance was found there over the last week or so.
sorry that would be 11.50 my mistake. 11.50
I thought something was missing, all the chatter about “HUGE HUGE PROTIFS”. I haven’t been around all that much but it seems like Sam has finally taken on a new blog to put all his expert advise on.
Yup.. a blessing?
Feels very toppy, but nothing would surprise me in the short term.
My only positions
Long 500 UUP (down ~ 1%)
Long 300 TZA (up ~ 3%)
Plan is to leave stay short for a while. Will watch TZA just for decay, if market really starts popping I may close and re-open. Looking to add unleveraged short in the next few days. Otherwise will try not to watch market too closely so I don’t get shaken out.
I don’t know if this is ST top or not, but I do believe we’ll hit S&P 900′s or 1000 or so in the next 6 months or so.
Still staying relatively small with positions…for the moment.
crazy sector rotations or ?
HDY was up ~ 8% yesterday last time I looked, down 27% today.
This stock, and some other high flyers have been extremely volitile over the past week or two. A definately difference from when everything was up up up and then up some more.
hdy had a contract fall through that probably contributed to the fall at the open
http://www.tradershuddle.com/20110125152317/PRNewswire/Hyperdynamics-Announces-Termination-of-Letter-of-Intent-and-Updates-Plans.html
thx, my point was many individual stocks are getting absolutely slaughtered. Glad I was not holding this bag.
I’m liking that reversal candle we seem to be forming so far on the SPY.
ANW not showing strength if anything it is falling. Now it is 11.21. Support is more around $10.00.
just gotta be patient and wait.
You think if it breaks up it will breaks it’s 12.92 resistance?
GS is getting hammered pretty bad lately.
SO is BAC bigtime.
midday broad market update http://bit.ly/fjVlsy
GS/JPM big buyers ahead of CC#
Put offer to buy 1000 ANW @11.18 lets take a shot.
I see the market rally back EOD and oil going back up. JMHO
Incredible bid @11.18 and hasn’t hit yet.
Ok it hit!
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Some people was aying that I am the reason that we have less posts comapre to 2 years ago. I stop posting for last 2 months and wanted to show those people that I am not the reason. the real reason is that people do nto follow big boys and they loss money and go away. If people make meony they are happy and post like me. HUGE HUGE HUGE
SWBB
This is funny watch ANW go down below 11.00 since I bought @ 11.18. I said it’s support is more around 10.00 oh well.
Idan said:” but this stock has a relatively low correlation with the market,”. ANW in fact does have direct correlation with the market as she goes down so does ANW in the fact oil is going down.
there is a correlation.. but look at the last few weeks/months/years and you’ll see little
Bought a little AMEX for a trade, may hold overnight. I think the reaction to a basically inline quarter is a bit overdone and I hear Meredith Whitney raised her earnings estimates for the next 4 quarters based on the call.
No selling pressure again. Looks like the pullback on 1/20 back to the 20ma was all we’re gonna get.
Okeedokee just as I said earlier ANW will be below 11.00. My first screwed up trade of the year.
Robert are you still holding your shorts? Looks like the bears are slaughtered again.
I’m holding, up a bit on TZA long (opened yesterday afternoon up 1.4% at the moment). Down 1.45% on UUP. Essentially flat, but yes, I am not letting go of the TZA for a while (it’s relatively small – 300 shares).
UUP I may cut loose, just want to see if it can make a little back.
Eroneous trade on IBM was culprit? Had that trade gone the other way and sent the market down 50pts, they would have Congressional hearings. lol
didnt even notice, I’m TRYING not to watch too closely so I dont get weak hands. I’m sure there will be plenty of headfakes, plenty of days where short feels wrong, all of which can easily make one make a poor trade.
No POMO tomorrow (but today’s POMO settles tomorrow). CNBC radio saying Obama will save market with his speech, if not the 400 billion (I dont recall the amount) will also keep up the market. I smell bullshit.
It may go up ST, but I truly believe it will drop in the IT. How can 90% of the people be bullish and how can they all make $?
http://www.newyorkfed.org/markets/tot_operation_schedule.html
POMO sched
Low and behold as I said in post #16 the market has a miraculous come back……..imagine that.
Hmmmmmmmmmm now ANW has an ask of 11.39!
yahoo numbers in. Revenues better than expected, but down year over year.
yhoo down ~3%. I’m glad I didn’t take that gamble.
Am I the only person on this planet who can see the manipulation going on in US stock index closes literally everyday at this stage. I don’t know who or how-but something is amiss. US steel reports almost 100% more loss than expected stock closes up 5+%. IBM rallies $4 in one print helping DOW rally 60 points in mins–there is something very wrong going on!! Nasdaq, S&P andRussell all end up on day even though massive volume earlier and literally volume collapses into close!
Flash Crash, investigation called off
Market making all the way back up to dow 12000 from dow 7000 when people are still unemployed
Japanese cars slammed in the media and pushing US cars
Stocks being downgraded only to be bought up at a discount
no, I don’t think there’s a manipulation going on
Seriously, manipulation is going on everyday by using the media, big money from institutions, or by making the government pass something.
Let’s not forget BP. Oh the world is coming to an end… short short short.. not
you’re kidding right? of course the market is being manipulated and has been since sept 1st…they will not let this market drop below the 50 day..watch…I do think a pullback would be healthy just for the stability of the uptrend…but you can bet it will be quick and the last leg up will be with increased volume as there are many trying to get back in while POMO is still in play..all bets are off when POMO ends..the only other event that I see could overpower the next leg up would be issues with raising the debt ceiling or an issue with the bonds….I think they have their sites on 1440 before june…and its crazy to think, but it looks like they have a well organized plan
Like I have been saying for a long time now…….there is no stopping the train to paradise with the TV president as the engineer. It will be very interesting what this clown is gonna try and sell tonight. Whatever it may been there will be downgrades on it and buyers scooping it up lolol. ALL ABOARD!!
WHATEVER IT MAY BE* OOPS
Small cap and mid cap stocks are already showing weakness.