Thursday, August 27, 2009

August 27, 2009

Sorry for the late post this morning. I had a long meeting. Anyway, QQQQ had hit our target at 39.90 and even exceeded it. It went down to where pre Bernanke's speech last Friday. So we wasted 4 days because of the speech. Like I said in previous days, I believe the speech was an outlier data. The beauty of this morning action of pullback is that there is no gap to fill. It means that the last 3 previous days could signal a top for the market.
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12 comments:

  1. gcl106August 27, 2009 at 12:12 PM

    So where does the market go from here? Today low did bounced off from 13 day moving average. Right now it is just retracing back up. Will it retrace all the way back up? I don't think so. Maybe halfway in between. Watch out for SPY at 102.70ish and QQQQ at 40.05ish. Once it hit these targets area, it will reverse back down.

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  2. MattAugust 27, 2009 at 1:09 PM

    you're good so far but i think we make new highs today

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  3. gcl106August 27, 2009 at 1:30 PM

    Now the bears took control in the morning action. Are the bulls in charge in the afternoon action? Stay tune.

    Matt, you could be right. The last 3 days the closing prices each day almost closed to the opening prices. So today it opened flat, then there is a chance that the market could go back up to close within the opening price.

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  4. MattAugust 27, 2009 at 2:02 PM

    what's your first name?

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  5. MattAugust 27, 2009 at 2:33 PM

    HOD 40.80, close 40.67, open 40.70

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  6. BASAugust 27, 2009 at 2:39 PM

    the bears are weaklings

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  7. BASAugust 27, 2009 at 2:43 PM

    so the world was ending this morning and now the bears have been shot dead.

    oh well, i lost out. didn't leave.

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  8. gcl106August 27, 2009 at 2:53 PM

    Not so fast BAS. The bears were ahead in the first 3 innings of the baseball game. The bulls charged ahead in the 6 to 8 innings. We still have the 9th inning to go yet. It could go back down to where it opened today. Then we go extra innings.

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  9. gcl106August 27, 2009 at 4:07 PM

    The bulls won today! The bears didn't gave up in the 9th inning. So what happened today. Right from the start, the pullback was expected to pre Bernanke's speech. Also it bounced off the 13 day moving average. The dip buyers came in. Shorts got what they wanted from this morning so they slowly covered. By the time the market broke even, the momemtum was so strong and carried the market higher. The market retested the high and faded afterward. The QQQQ retested yesterday high and faded from there.

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  10. BASAugust 27, 2009 at 4:19 PM

    nice support/resistance line hitting today

    spy Day's Range: 101.94 - 103.72

    r1--103.71
    piv-103.10
    s1--102.56
    s2--101.95

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  11. gcl106August 27, 2009 at 4:35 PM

    I welcomed any ideas or suggestions. We are here to help out each other and understand the market much better. For tomorrow, SPY and QQQQ will need to retest the level where it shot up. SPY at 102.70ish and QQQQ at 40.05ish.

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  12. MattAugust 27, 2009 at 4:58 PM

    i think tomorrow is the big white stick....we won't see 40.05.

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