The premarket action will be just a tad up. The SPY will probably open at 106.5 area. I will be watch that very closely. If SPY continues to go higher, I am closing my short positions.
Last week when I closed my NOC long position, now NOC is breaking out. NOC bounced off from 13 day moving average. I missed the big runup today. The defense stocks are on the rise again. It means that the stock market could go higher. It seems like AMZN had found support at 90. Gold stocks had found the support too. The market had just 3 days pullback. I was expecting more than that.
ya, i feel the same, seems like this market wants to go higher, just added some individual longs (rodm, jrn, cmg), but on the gold i am not sure if its ready to go higher (i will be adding longs around 930 on gold)
seems like they want to take out the stop loss orders on both the long side and short side, this is the reason to prefer manual stop loss over automatic stop loss orders
This morning the specialists shakeout the shorts at above 106.50. The market went higher then it crushed back down below 106. Again, the specialists took out the weak longs. I called it, "shake and bake". If SPY breaks 106.50 area again and close above it, it is time to go back long positions.
I have added 2 others stocks to watch for on my watchlist. There are X and C. X broke out 2 weeks ago. It had retraced back down to 45 and bounced it off from it yesterday. I like C also. It is not very volatile stock, but I think it could breakout any moment.
Right now market volume is below average. My guess is while investors are waiting for unemployment report on Friday, market will inch along high. I think reversal probably will happen on Friday with or without better than unemployment report. In the mean time below average volume means market has upwards bias.
Gold stocks had a nice runup today. It broke in the mid afternoon and retraced back down to that level. For the general market, I got a mixed signal of it. It make higher high and higher low, but it closed negative.
I just closed my short positions, AMZN at 91.96, CLF at 33.45, GOLD at 69.31.
ReplyDeleteNow I will wait if the SPY is going higher from here or it will pullback to 105ish.
ReplyDeleteThe market is trying to find its direction. Is it a pullback or continue to go higher?
ReplyDeletenot sure, but I am short via SDS and will get out if SPY goes to new highs.
ReplyDeleteLast week when I closed my NOC long position, now NOC is breaking out. NOC bounced off from 13 day moving average. I missed the big runup today. The defense stocks are on the rise again. It means that the stock market could go higher. It seems like AMZN had found support at 90. Gold stocks had found the support too. The market had just 3 days pullback. I was expecting more than that.
ReplyDeleteya, i feel the same, seems like this market wants to go higher, just added some individual longs (rodm, jrn, cmg), but on the gold i am not sure if its ready to go higher (i will be adding longs around 930 on gold)
ReplyDeletealso have SCO, QID, SDS for relatively longer term
ReplyDeleteseems like they want to take out the stop loss orders on both the long side and short side, this is the reason to prefer manual stop loss over automatic stop loss orders
ReplyDeleteClosed out 75% of my SDS position.
ReplyDeletestm, I agree 100% re: stop losses.
ReplyDeleteYes, I got shaken out too when SPY broke 106.50 area. Then it went back down. I coulda closed AMZN with profit. Now 106 is a support for SPY
ReplyDeleteGold stocks hadn't drop like the market. I will be watching that sector closely.
ReplyDeleteThis morning the specialists shakeout the shorts at above 106.50. The market went higher then it crushed back down below 106. Again, the specialists took out the weak longs. I called it, "shake and bake". If SPY breaks 106.50 area again and close above it, it is time to go back long positions.
ReplyDeleteGCL,
ReplyDeleteregarding gold stocks, let us know your picks for long term and also when you will be adding...
stm, any gold stocks below are good.
ReplyDeleteAEM, GDX, GG, GOLD
I advised to buy call options for it. It might zigzag back and forth and the call premium depreciate over time.
Wait for the pullback in gold intraday.
I have added 2 others stocks to watch for on my watchlist. There are X and C. X broke out 2 weeks ago. It had retraced back down to 45 and bounced it off from it yesterday. I like C also.
ReplyDeleteIt is not very volatile stock, but I think it could breakout any moment.
Ok, I just bought X at 46.08. C at 4.72.
ReplyDeleteIn my previous posts about buying call options for gold stocks, I mean don't buy call options.
ReplyDeleteMy mistakes on that part.
Right now market volume is below average. My guess is while investors are waiting for unemployment report on Friday, market will inch along high. I think reversal probably will happen on Friday with or without better than unemployment report. In the mean time below average volume means market has upwards bias.
ReplyDeleteThe SPY is stuck between a rock and a hard place. Whichever the range break out between 106 and 106.60, it will favor that side.
ReplyDeleteGold stocks had a nice runup today. It broke in the mid afternoon and retraced back down to that level. For the general market, I got a mixed signal of it. It make higher high and higher low, but it closed negative.
ReplyDelete