12:00pm
Bought TEVA @ 50.20
11:29am
My longer term stock, HDB, doing phenomenally well.. I’ts breaking out a fib retracement today.. if it holds it by the end of the day, i might consider piling in some more here (short term trade and long term):
11:26am
Listen, I’m a buyer of TEVA, they have tons of things going for them and now technically they are above my level of confidence in the bulls.. (just passed it today). You can see the red line is where i put all my stops, but i’m buying it down here (longer term) and possibly short term too on the daily:
11:20am
I think the line in the sand for the bears is 131 on the SPY.. it’s very clear that it’s a strong resistance, and if it is crossed, I’d expect a full on bull rally. Otherwise, I’d still give some credit to the bears for doing so much damage, and 131 happens to be subwave 1 of a possible wave 3, so that makes a lot of sense. Here it is on the hourly:
Still waiting to deploy shorts once more. Bloomberg radio was discussing Portugal debt problems all morning and how Portugal may default on payments due April 15th. I suppose in the new normal, no news is good news for the market.
The commentator said it’s once again like a house of cards, IF Portugal defaults, big bagholders would be Germany, France and whomever is holding insurance against the default (unknown).
I am staying out of positions in my trading account hoping to catch larger move down. My initial thought was to deploy shorts in the 1310 area or so, but the market hitting even the 1340′s first wouldn’t surprise me. Time to load up the bus frist.
Other interesting comment on Bloomberg was that there has not been any correction to the rally yet, as the decline didnt hit 10%.
I’m staying out of positions, partially as work is busy and partially to preserve capital. Feels like the legendary P3 down may be in the nearterm or intermediate term future.
GLTA
I think portugal should have just asked for IMF money a few months ago when they had the chance.. their arrogance is going to end up hurting them even more.
Who’s buying AAPL or GOOG here?
Can u give your opinion on ticker imos ? Ty in advance
IMOS? was a penny stock right?
When you have such a huge gap… technicals lose any relevance. From the last few days of trading, i’d assume it’s ready to push up once again tomorrow or monday, but again, very tough to tell when you have only a few days worth of data.
Idan good luck against Arizona tonight although as a husky I would rather go thru them to the final 4 then the Dukies
yup yup… we’ll see what happens.. it’s going to be a tough match, and duke has been playing poorly.
I hope they make it to final four…. no comment on I have going all the way as I have respect for our gracious host on this site
Hint, it begins with an N and it has Carolina somewhere in the name.
I would be happy for you if Blue Devils go all the way though. I have $20 on the line just for fun.
For those who don’t know QQQQ is now QQQ
yeah…noticed that today after having trouble accessing the chart yesterday…why?
Bought a test position on SPY puts. i was looking for 1310ish up to 1312, and we got 1309s. Good enough for me.
SPY Put May 127 @ 2.30
is anyone else having trouble logging into stockcharts.com?
nm works now.
chart:
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p52357192169&a=184607634
the 1310 area can still retest.
if we break north of there, i’lll get out of my puts and wait.
TEVA’s already up 1% from when i bought it.. i see resistance at 51.05 ish… but i love this company.. i think they go higher longer term, and shorter term.
I have a sizeable position in TEVA and HDB currently.
i’m actually wearing TEVA’s right now, but the sandals…
lol.. very similar to the drug!
Hi, Idan
LVS bump $2.4 today, but it is still in down channel, it looks retest $38.24 200MA in the near future. I am waiting to load some put. How do you think?
I don’t really see the downward channel… it looks more like a bottom to me (or short term bottom).. sure there’s still more bias to the short side, but until you see a candle that’s not HUGE and green, i wouldn’t buy puts.
Hi, All
From Eric EW analysis. the rebound target is fully met, the downturn needs start in following days.
http://danericselliottwaves.blogspot.com/2011/03/elliott-wave-update-23-march.html
He is very studious, and very good analysis. But today it is very strong bound, I am a little worry, this up is wave V high, not wave iv high. How do you guys think about it?
Thanks
I like his analysis, especially like (yesterdays ??) post where he charts world markets.
Just bear in mind he’s very bearish biased, and his previous tops calls have not been correct. No disrespect meant towards Dan, he’s very good at what he does – certainly better than I am. My point is you need to be careful and you may not want to go all in on his calls — at least not without stops IMO.
Yes, sometimes he is very bearish biased, espeically when top/bottom point. But his analysis and chart is the best I have seen, very clean and clear.
i’m of the same mindset as daneric and have started a test position of puts. it’s still a little risky though. and the problem with EW is that sometimes random corrections can happen that throw things off slightly. it’s always harder to call the top of a 4 wave because it could always be a 1 in the other direction.
btw, no bs, Mr. Woo is an amazing chartist as well. Same with Idan. If you have woo and Dans opinions lined up at the moment, that’s pretty powerful. I believe the upper end of Dan’s target box was ~ SPX 1316 (assuming his count is correct this time) but I may be mistaken. Knowing this market, that means it will hit over 1316 just so all the hard core EW deciples close the shorts at losses.
BTW, Dan’s blog is one of ~ 3 that I follow very regularly, so I like him a lot too.
dan and i started doing EW around the same time, so we have a lot of the same counts, even when it goes against a lot of other EWers out there. he’s put a lot of discipline into his charting. he does good work.
I load a little put for test, too. By the way, what blogs are the other two?
Someone(s) bought than motha freakin dip big time. Second time today on lower timeframes that the bollinger bands started getting tight and market broke out downward (on SPX / SPY). Then the bands widened out and buyers came back in.
More volume too.
I am 100% all in with about 80% of my allocation is short the market via VXX, TZA, and FAZ. I am long EEE, SONS, and MAG for about my remaining 20%. Needless to say I am red right now about 5% down, but up for the year about 15%. So I have about 10% wiggle room. I am not closing any of my shorts just yet because If I were not invested I would probably be short right now. For me to close my positions I would need to see a strong break of the former top at 12420. Since we are only 250 pts away I will take my chances here and wait. Again had I cash I would be shorting not buying. I smell a big set up going on. Earnings will be bad you can count on it.
Jrod EEE seems to be stuck. It goes down on an up market and goes down on a down market. Hopefully some good news comes out on it or I would have to say it will continue to trend down.
it’s actually better for the 60 minute chart for the market to drop after 2:30 pm. 6 more minutes.
oops, sorry, at 3:00 pm which is when the candles reset. lol.
if we don’t start dropping around then, i’ll be a little more weary of my puts.
It does feel right to begin scaling in short, I’m going to hold off for a bit to see if I can be a bit of a pig this time. I’m just not sure if this is a big inverse H&S in the making … or if that is too obvious. I’m going to TRY to hold off from all positions until SPX 1330ish or perhaps a little higher, but that may a dream that is never reached. If it hits mid 1340′s or even 1350 I am triple short big time
I cannot watch market too closely for the next few weeks.. so any short would be either light or a distraction for me. Of course, I could change my thinking at the drop of a dime, which does happen.
GLA – I hope you kill em.
http://finance.yahoo.com/q/bc?s=%5EGSPC&t=6m&l=on&z=l&q=l&c=
it can still go a little higher:
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=3&dy=0&id=p05329473246&a=160222837
in TZA @ 38.73
i shouldve been more patient and waited for my 1310-1312 target before buying my puts lol.
i’m a little weary of my position. if we get a drop into open, i’ll be raising my stops right away into profit territory. if we break north of the 1312 trend line, there’s a good chance we could rise towards low 1320s again minimum.
no pain no gain. I hope you get your drop.
me too. oh well. it’s been a good month so far. i want to pile in big, but can’t haha. this whole week made me restless.
ditto on the restless. It’s rare for me to have nothing in the game. Even if I’m not sure I prefer to have some action going.
big volume on SPY @ 4PM green bar (7.3 million shares) on one minute.
Idan
I see where we blow thru the 131 after hours. Do you expext a huge 100 pt gap up in the am?
let’s not get ahead of ourselves… we need to open above 131.. if we do.. we can see a nice rally.. the rally can either happen as a gap or as a rally after the bell… but until we open, we can’t be totally sure that we broke the 131 level.