Monday, August 31, 2009

August 31, 2009

Good morning all. Today is the last day of August. As I write this post, the premarket is pointing down. Last Friday, I pointed out that QQQQ will hit 40.05. If it does, it will retest 39.80. Watch for the first 30 minutes action play out after the market opened. If the market opens down 50 to 80 points and quickly fall more than 100 points, the market will closed more than 100 points. If it doesn't, it will try to close the morning gap during the intraday.
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8 comments:

  1. gcl106August 31, 2009 at 10:03 AM

    As expected, QQQQ did hit the target at 40.05. Then it quickly fall to 39.80 level. There is a morning gap from today. Will it be filled today?

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  2. BASAugust 31, 2009 at 11:06 AM

    I hope not!

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  3. gcl106August 31, 2009 at 11:11 AM

    The market is bouncing off the 13 day moving average. SPY at 101.80 and QQQQ at 39.80. If it ever breakdown from these levels, we have seen the market top last week. Then this rally from March low to August high came from two companies news. What started the rally from March low? You guess it - Citigroup's future guidance. What ended the rally from August high? Yup, Intel's future guidance.

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  4. BASAugust 31, 2009 at 12:07 PM

    Another day of hitting Support/Resistance on the nose. damn they are good.

    SPY Day's Range: 101.79 - 102.56

    S1: 102.5834
    S2: 101.7867

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  5. gcl106August 31, 2009 at 1:46 PM

    All, I started this blog not too long ago, approximately 2 weeks. I hope it helped you to understand much better about the market and become a better investor. My model might not be perfect. Again, there is no such thing as fool proof system out there. My motto is "Take what the market gives you, not what you think". Basically, don't be too bias on one side.

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  6. MattAugust 31, 2009 at 1:48 PM

    are you suggesting to cover and go long?

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  7. Sure MantraAugust 31, 2009 at 3:20 PM

    I think he meant go short here with last week's high as stop, he believes the last week was top.

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  8. gcl106August 31, 2009 at 4:06 PM

    The bulls had its chance in the late afternoon to close the morning gap. It went out of time. Other than that, the market is still sitting at the support level and the 13 day moving average. If tomorrow, SPY breaks 101.80 and QQQQ breaks 39.80, the market is going down. On the flip side, there is a gap to fill on the upside.

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