11:41am
Shorting the QQQQs here… we might go slightly highre, but for now it seems like the momentum has changed completely towards the bearish side for the time being. Even the 1 minute has a H&S formation on the day:
Intraday Commentary ~ 2/24/2011
– February 24, 2011Posted in: Intraday Commentary, Stock and ETF Models
Please go to http://www.spoofee.com for trading ideas!
Durable Goods Orders
8:30 AM ET
Jobless Claims
8:30 AM ET
FHFA House Price Index
10:00 AM ET
New Home Sales
10:00 AM ET
EIA Natural Gas Report
10:30 AM ET
EIA Petroleum Status Report
11:00 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
7-Yr Note Auction
1:00 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Staying w/ shorts and may daytrade a lill faz today. Gla
Or long gold? (I do prefer leverage so I can get in out). My “concern” in adding shorts is today is supposedly a super Pomo day (per zerohedge) where there is regular pomo plus an extra 25billion. Id love to see another red day with all the Pomo (as a trader) but not as a us citizen. I believe big ben is digging a hole that may bet too deep to escape unharmed
http://money.cnn.com/2011/02/24/markets/premarkets/index.htm
Guess all is well- just a simple correction while mad men run amok in Libya et al. I like the quote on aig earnings tonight – massive losses (without a target). If this turmoil spreads to Saudi Arabia that would be far worse for the us IMO. This market has shown that greed = good…until it ain’t. I will continue to NOT just buy the stupid dip
After looking over my charts, I just can’t find any reasonable way for the SP to move up.
If you look at the hourly chart, when we dropped from 1334 down to 1314 we should of bounced back to atleast 1327. However we only barely shot over 1322 and then tumbled down to 1304. From 1304 the market moved up to 1310 (must of had some gas from the gas and oil companies that helped it moved LOL) only to fall with a close at 1307.
We also hit my 1302 support line and it did hold, but because we broke below 1308 that really puts a bearish shine on the market. For all conservative players 1265 is an Iron Clad Confirmation of a Trend Change.
I too do follow news and take it all in consideration of market analysis. With chaos in multiple countries forecasted to intensify, and oil spiking with inflation invading the USA and TA on the last 2 days of the market. I am having a hard time finding a way this market can stay bullish or even remain in the 1300′s
My personal opinion of the market
This Butter-Basted Turkey is Cooked!
I am going to watch it and here are 2 scenaros
1. if we can reach 1316 then their is some hope and maybe the 1322 would be next in line and the bull run will continue.
2. We are going to break below 1300 and right beyond the horizon lies 1265. If we break below 1300. I will add shorts and when we break below 1292. I am going to short the holy jalapeno out of this market.
I favor scenairo 2
Brad
From what i can see yesterday comfirmed a pivot top and as long as we do not take out Friday’s highs i will look to short the rips instead of buying the dips..I do think the days of a slow grind up are pretty much done for a while,now that does not mean we go straight down it will be more of a traders market with high volatility..
Hi Woo,
Please share your views on the market when you get a chance.
Thanks
Raising cash at the moment and taking profit in oil. I am selling 5000 shares of UCO @13.02 bought 12.50.
Profit of $2500
Cha Ching.
Just added 150 FAZ @ $40.949 – still staying relatively small. Holding SH VXX and TZA , all green except SH – which is still down a couple of %.
Need to adjust cost basis of TZA, don’t think I have a 212% gain in 2 days.
I am still holding the following:
1000 shares VXX at an average of 28.35 average.
1000 shares of TZA @12.37.
500 shares EDZ @22.42
500 shares HP @62.82
2000 shares of EEE @2.45
Place your bets …Red or Green close. Feels like Big Ben’s super POMO may keep today green, but it certainly feels like he is fighting the markets internals.
Robert dont think pomo works in high volume down,works magic when volume is low and there is little selling
music to my ears
bought 10 VXX for $34
thats 10,000 not 10 shares like sam’s HUGE HUGE buys! LOL
Some bargains are popping up.. Ford.. GM.. FRO.TO.. IGOI.. FSYS.. CSCO..
Might be better bargains Monday,EOM selling,Tuesday 1st of month buying,watching for clues
SP broke below 1300 at 1299 Everybody grab a life raft you are going to need it!
I think it maybe a great market to short something and buy some VIX’s puts. Market downs big, and vix is in red the whole morning. Could hit a double whammy.
I was lookiing to close FAZ for a quick 2% daytrade, but I may keep it if this decline continues. It does not look to great (at the moment) to just buy the flippin dip.
Like yesterday, looks like many buyers @ lunchtime. We should ask Sam if big boys will buy, sell or hold at 3 PM and then 3:30.
TZA / TNA acting “strange” or it’s anticipating a small cap move up? Maybe it’s TZA I should sell and FAZ is the keeper??
It’s possible my ticker is off due to reverse 3 -> 1 split, but it appears SPY is down .44 percent and TZA is down .73%. No worries here but I would have expected at least some coorelation to general market.
TZA doesn’t track the S&P 500. SPY tracks the S&P 500 index. TZA tracks the Russell 2000 index.
Why would the small caps (Russell 2000) necessarily experience the same rise or drop as the overall market? Some sectors are stronger/weaker than others on any given day.
understood, but when everything is red, I would expect some coorelation with overall market. Just like FAZ (which is financials) has a coorelation with SPX.
Go all around the world, go to other planet , go everywhere and look. look and look for someone who can do what i do. No one,. guys no one can do what i do. ONLY LOOK at my prediction that I repeted more than sevral time and the time and the price and the collapse I told when most people around the world were bullish.
I asked woo and idan to post the below for you beacuse I was very busy, but do not know why they did not do that. Maybe they forgot
SWBB
————————–
to Woo, Idan
show details Feb 22 (2 days ago)
Idan and woo. Did you mentioned that what a HUGE forecast I did in your website. I copy my post at Feb 16 where I said several time and repeted several time that SOY top is 134.7 and then collapse. Only look and see how monster I did that. Please copy this email tomorow in your website so people know. I am very busy and may not be able to do that. Thanks
sam says:
February 16, 2011 at 8:22 am
After more calculation guys I revised my target for SPY. I told you 135 now I want to revise it to a 134.7. Write my target down and see how MOSTER it will act as top. I expect a HUGE collapse from that point.
SWBB
TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7 TARGET SPY 134.7
SWBB
Everybody watch 1292 on the SP. Very important! In EW terminology wave 5 going down violated wave 1 going up and when that happens, the fat lady won’t get to sing because she will be running for cover (or donuts)
Can anyone tell me why my 3000 shrs of tza now 1000 is down to even on the day when the spy is off .9%????
I can tell you. The TNA/TZA pair does not track the S&P 500 index. They track the Russell 2000 index.
I saw a post the other day from someone asking about ERX. They didn’t understand why ERX was down on a day when oil was up. The ERX/ERY pair does not track the price of oil. They track the Russell 1000 Energy index.
All of the information about what a given ETF does is available on the internet. For example, you can find information about the Direxion ETFs at the following link:
http://www.direxionshares.com/etfs
I strongly suggest that you find out all you can about any financial instrument before investing money in it. There is this thing called Google. Use it!
If I only had a nickel for every internet post that asks why VXX isn’t tracking the spot VIX. Why? BECAUSE IT”S NOT DESIGNED TO TRACK THE FREAKING SPOT VIX! READ THE PROSPECTUS!
I know..that bugs you to no end…lol
Ha, it’s just ridiculous that people are buying ETFs with no real clue of how they work, especially since it only takes a few minutes to look something like that up on the internet.
I track it against the IWM. I would rather have a RUT chart, but my platform doesnt have it.
It’s also ridicoulous that we spend days finding the right fridge, but minutes on our investments huh,
Chuckles.
Not sure what the IWM has to do with a fidge or the price of tea in china. My question was why the RUT was so strong today vs the SPX. Perhaps a simpler question would have been was the DOW so weak, abviously in part due to energy weighted stocks. That simple info might have been more useful than the rants of ridiculous rhetoric.
Nice head fake as the market rolls on back. That nut in Lybia will see how much gold he can carry out and fly off into the sunset and another horrific dictator bites the dust. Then the market will continue it’s journey even higher.
I say they call CAA and try to get a reality show…perhaps “the little dictators of the middle east”….they could still get their attention fix and control each other while lounging around a Beverly Hills pool….lol
Love your narratives–you have been correct all of the time. But was it not you who was concerned about EEE per JROD juuuuust yesterday? If Gaddafi is dead, rally may continue (possible propoganda for a pullback). If he is alive, bombs oil ports, pipelines, etc., you might have to reconsider your position. My stops are in on shorts, including UCO (buy at $10.47). Good luck trading.
check that–long on UCO as oil has decoupled from market.
Thanks and yes it was me concerned about EEE. I am in it @2.05 with 3000 shares and I am playing it with ANW which is a complete loser. I have a sell position where if I sell them both I still walk out with a profit. I still think EEE will run higher and it has performed even if the market was down a bit however with the strong drop of the market in the last few days it has fallen a bit. Once the Lybia ordeal is worked out the market will resume back up on it’s course and hopefully EEE will be with it. As far as Gaddafi is concerned one of two scenerios will happen: 1) He loads his largest plane with as much gold as he can and flies off into the sunset 2) He gets his head blown off and game over. The only contasion factor I see is the rest of the oil robber countries will reap the profits and oil will probably top out in the 105-110 range and we will all be paying another buck a gallon by May.
Can agree with some, but don’t know when “Libya ordeal is worked out”. Further, contagion is up in the air at this point. Last, where does he fly to and what does he do before? Do you have a bottom average to go long? Some event is going to ultimately perpetuate a considerable correction, middle east turmoil seems to be a pretty good option.
A bottom average to go long? Don’t you mean a bottom average to go short? Anybody in long since last Sept has made a killing.
Looking forward to short VXX, but tapped out on funds.
lol.
On a side note, keep it up Sam, nice one, but I was already short 400x on leverage, but 200% of that is on Exxon
So about break even here.