2:50pm
Oil settling at 102 after airstrike next to Lybia’s Oil terminals. The market surprisingly has not taken a big hit from it. The QQQQs are a little bit more bullish than the SPX and Dow not making a new low today. Here’s the 1 min, we are in a triangle, which ever way we break will set the tone for tomorrow:
11:54am
Oil now ramping up… I think the next stop is $112.. some resistance (former support).
12:00am
It looks like yesterday’s action could have provided us with the answer that we are indeed going lower in the market in the short term. A very important support level is the 55.70 area, which will cause us to form a type of H&S formation neckline. Here’s the 4hour chart below of the QQQQ. That said, I wouldn’t be surprised if we do fall a little further due to the overboughtness of this market.
MBA Purchase Applications
7:00 AM ET
Challenger Job-Cut Report
7:30 AM ET
Thomas Hoenig Speaks
8:00 AM ET
ADP Employment Report
8:15 AM ET
Ben Bernanke Speaks
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Beige Book
2:00 PM ET
Dennis Lockhart Speaks
2:15 PM ET
Focus is on oil.
USO resistance is at $40.69.
I plan to take a short on oil by buying SCO around $45.60 ~ $45.70 with stops.
Ok, I decided to go USO shorts at $40.71.
Betting on the report at 10:30am to show that situation in Libya isn’t effecting oil THAT badly.
And yes. Check out http://www.spoofee.com for today’s deals
There was a lower high, so does a lower low follow? I’m holding short and I caught a decent interday rise on vxx yesterday which I still hold. My plan is to watch and see- but I am still bearish biased looking for an IT SPX target of 1180ish based on very LT charts. My biggest concern is holding leverage when the market goes against me. Here’s a heatmap of futures. Dr copper is down.
http://finviz.com/futures.ashx
http://www.bloomberg.com/news/2011-03-02/bernanke-signals-no-rush-to-tighten-when-asset-buying-ends.html
You go Ben we need more credit
Ladies and Gentlemen:
Hope some of the old regulars on StockTock remember me. While I was searching for some of my old posts, I found out that the authorship of the articles I have posted Aug 2008 to circa May 2009 has been change to Craig. This ain’t right.
I would appreciate if the site admin correct this.
Regards.
Mohan
Yesterday when SPY was at 131.7 I clerarly told you at noon that SPY SHOULD drop to 130.7. I bought TONS of weekly SPY puts and sold 40$ of them and BOOKED TONS OF MONEY. One thing about weekly options is that you have to see it quick and not hold it more than 2 days, so I hoping to see a double botom today around 129.7~130 so i can sell the rest of them.
This is guys how SRONG i trade this market. I TOLD YOU IN ADVACE< GO AND SEE THE TIME I POSTED
SWBB
BUT YOU WERE EXPECTING A BOUNCE YESTERDAY. So why would you buy SPY PUTS?
sam says:
March 1, 2011 at 1:39 pm
HUGE HUGE HUGE HUGE HUGE HUGE MONSTER MONSTER technical analysis from me.
GUYS look and nly look what i am about to tell you
0.70 in SPY is VERY IMPORTANT. During last couple days . SPY topped at 134.7 (EXACTLY AS I TOLD YOU WAY AHEAD) then SPY CRASHED to 129.70 (AGAIN 0.70) then rally hard and topped at 133.70 (AGAIN 0.70) the crashed today and bottomed at least temporerly at 131.70 (AGAIN 0.70). All 0.70
NOW watch it closly. we see the 131.70 did not hold just now to i will see 130.70 as to come as a target and a nice bounce from
SWBB
As I said before the top was in and I believe the market is now in the 3rd wave down and tomorrow we should see 1296 on SP possibly a short bounce after that but to no more than 1310 just to go back down to 1294 and further drop from there looking at 1256
Futures are down tonite at 8:52 Pm EST and as we speak oil is going for $100 a barrel. Stock markets never did play well with high oil prices because it hurts every industry and sector in the stock market especially the consumer. When high oil/gas prices occur, consumers spend less, alot less. We are looking at $4 per gallon gas right around the corner.
http://bradstradingchart.blogspot.com/2011/03/1296-on-sp-here-we-come.html
I’m subbed to Cramer’s action alert plus. I do have to give him credit for usually having the stocks that rebound hard when the market rebounds, but one of his picks he’s been pushing for a while was WFT.
Thankfully I wasn’t in it, but that -15%. yikes.
and he just said he’s buying more WFT @ 20.00
Cramer promotes mostly the sponsors of his show. WFT was at 22.87 and today the bottom fell out and its at 20.28. I myself wouldn’t touch it. Remember cramer’s trading methodology is buy, hold for 25 years, pray and open eyes hoping you made some money.
Before you can consider the bull run still on, the bulls have to break through the resistance level of 1325. The pressure is to high and it looks like the crack falling to 1296 is getting wider by the minute.
oil is changing things.. shoving the markets down.. if oil closes at this levels.. i don’t see it going down until it hits $111-112
Yeah it sure has. Did you see the latest?
Libya Planes Fire Missiles On Oil Facility Port Town Of Brega
Update:Fresh Libyan air strike in Brega, bomb explodes next to oil engineering university about 2KM from oil terminal – witness
WTI spikes by $0.70 following reports that a Libya plane has fired two missiles on the town of Brega, which contains a critical oil facility. The fact that Libya is now apparently willing to gamble with its oil infrastructure is precisely the worst case scenario that many have predicted. Stocks, of course, jump on the news too.
I am misunderstanding your post. Daytrader is calling for a lower low (agreed), oil pricing seems to be an inverse relationship to equities now (had called for this earlier). Think you are both correct.
Guys, please admit that no one in the world can do what i do in this market. Only look and do not do anything. Loo at my strong post yeterday when EXACTLY i told you all 0.7 are strong support and reistence. Exactly as i told you yesterday market colapse to 130.7 then bounce HUGE to 131.7 then again colapse from 131.7 down.
HUGE PROFIT AND MONEY FOLOWING to my account. Today morning though i made a mistake and though market first deap, but no problem beacuse I i TOLD already i sold most my weekly puts yesterday and i told you that ain advance. The rest of them i bought when spy was 131.7 so i exited break even.
Now HUGE guys. we need to look VERY STRONG and see if big boys can print a bullish candel today. If they do then I expect to see a strong rally end of this week and then next week we will see new hight above 134.7, BUT BUT BUT today is VERY important guys. We ned big boys to step in and print a bullish candel above 131.7, (VERY IMPORTANT)
Go big boys we will follow you
——————-
sam says:
March 1, 2011 at 1:39 pm
HUGE HUGE HUGE HUGE HUGE HUGE MONSTER MONSTER technical analysis from me.
GUYS look and nly look what i am about to tell you
0.70 in SPY is VERY IMPORTANT. During last couple days . SPY topped at 134.7 (EXACTLY AS I TOLD YOU WAY AHEAD) then SPY CRASHED to 129.70 (AGAIN 0.70) then rally hard and topped at 133.70 (AGAIN 0.70) the crashed today and bottomed at least temporerly at 131.70 (AGAIN 0.70). All 0.70
NOW watch it closly. we see the 131.70 did not hold just now to i will see 130.70 as to come as a target and a nice bounce from
SWBB
Sam,
You’re the best trader ever trekked the earth. The human race won’t ever see another one either.
may be in 100 years from now another person like me comes
SWBB
Maybe after this universe collapses, another big bang comes along, a brand new universe’s established with much much higher intelligent “living and non-living forms” to take control…but I highly doubt it. You’re the epitome of greatness.
I’m too sexy for my trade too sexy for my trade
trade’s going to leave me
I’m too sexy for this site too sexy for this site
So sexy it hurts
And I’m too sexy for NY too sexy for NY
New York and Japan
And I’m too sexy for your traders
Too sexy for your traders
No way I’m option dancing
I’m a HUGE trader you know what I mean
And I do my little turn on the stock exchange
Yeah on the stock exchange on the stock exchange yeah
I do my little turn on the stock exchange
I’m too sexy for this site too sexy for this site
Too sexy by far
And I’m too sexy for the FED
Too sexy for the FED what do you think about that
I’m a Huge Trader you know what I mean
And I do my little turn on the NY Stock Exchange
Yeah on the NY Stock Exchange on the NY Stock Exchange yeah
I shake my little touche on the NY Stock Exchange
I’m too sexy for my too sexy for my too sexy for my
‘Cos I’m a Huge Trader you know what I mean
And I do my little turn on the NY Stock Exchange
Yeah on the NY Stock Exchange on the NY Stock Exchange yeah
I shake my little touche on the NY Stock Exchange
I’m too sexy for my FAZ too sexy for my FAZ
Poor pussy poor pussy FAZ
I’m too sexy for my FAZ too sexy for my FAZ
FAZ’s going to leave me
And I’m too sexy for this song
In your honor SAM.
To those that run focalequity,
You sent emails asking how you could expand your membership. You wanted your current FE’ers to tell one or two friends about your site and asked for sugg. to make the site better. My sugg. was simple and easy to apply. Get rid of trolls like SAM. HammerBAN him today. Been here for over 3 years now when it was stocktock and never have you allowed someone to pollute this board and spew utter nonsense for so long. A site that used to get 200-300 posts a day now gets 25. The reason for that is posted above. No one cares what this guy has to say yet you continue to let him muck this board up with HUGE HUGE HUGE predications which come after the fact. I cannot support telling friends about this place if visitors have to read sams posts. Good luck in the future knowing there isn’t much of a future here if this continues.
Thanks, agree. Told Tony of same thing last week.
Oops, my bad. After reconsidering all your greatness. I’d like to replace my praise. Please replace “earth” with “universe”, and “human race” with “all living and non-living forms”.
Today is very important guys. I mean the most important day in this month. If this market has to go up and make a new high we need to rally and close above 131.7.
If we drop and close below 130.7 then tomorrow market will collapse.
If we close between 130.7 and 131.7 then no one knows for tomorrow and we need to wait
SWBB
FSLR is very weak guys and breaking 50MA
I sold my huge long as i told yesterday yesterday. Now we need to wait . Closing below 50MA menas collapse for FSLR
SWBB
CORN is HUGLY bullish.., I woul;d buy CORN huge at current price 43.41
SWBB
AIG should collapse to 33.8 an dthen HUGE rally from that point
SWBB
A HUGE BULLISH TRAIANGLE IS FORMING GUYS ON ALL MAJOR INDEXES. ONCE COMPLETE THEN WE WILL HAVE A HUGE OPPORTUNITY. WHICH EVER PRICE BREAK IN TRIANGLE THERE WILL BE A HUGE MOVE AFTER THAT.
SWBB
I dont see it as bullish. I see it as a lower high as one would expect to see with a struggling stock market that already topped out at 1344 on SP and until it crosses over the 1325 resistance line, the pressure is on to go lower.
1296 target.
Hey everyone …. long time since I have been here
Nice long vacation in Dubai and then slammed at work after that ….. seems like the posts are really down on FE ….
Have been experimenting with some new techniques in the little time that I got …. will share soon ….
My analysis on the mkt ….
We are at a critical point here – on the bottom of a long term channel on SPY – draw the channel bottom on SPY from Aug 2010 low to nov 30 low and that is where we are hovering …. daily chart looks weak – but we have been holding this level for now …
On a daily chart basis – what is good is that we have worked off some of the over bought nature of the mkt in the past 2 weeks and on the daily chart the pattern looks similar to the month of nov – which was the last time we hit the bottom of the channel.
On a 60 min chart – things look much more bullish … we have a hammer at the lows today at support …. however the sideways action in the last 2 days could also be called a bear flag.
Key support to watch is 129.95 and then 128.9 ….. but ideally I don’t want to see the channel break….