The premarket action is pointing up. It will open gap up. Again, watch for 106.50 area in SPY. It is a very critical point. The defense stocks are continue to go up. Gold stocks are about to rise again.
Now the shipping sectors are about to make a turnaround. I hope that some of you were able to buy X on the dip in the afternoon below my price. That was the bargain. Watch C for a breakout soon.
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Oops, I got out of X during the dip below 46. Out at 45.99.
ReplyDeleteSame with C at 4.69.
ReplyDeleteI knew SPY will retest 105ish area again. SPY failed to break 106.50ish. It might trade in the 105ish for couple days.
ReplyDeleteI got short via SDS this a.m. and just exited my position. Hope I did not get out too soon.
ReplyDeleteIf the market drops more than 100 points around 10:00 AM, there is a greater chance it will close more than 100 points down.
ReplyDeleteJust went long SSO with tight stop at todays low.
ReplyDeleteCould today action mirror from Monday gains?
ReplyDeleteI think the reason the market usually closes down mor than 100 points if it drops more than 100 points by 10:00 am is because traders get caught on the "wrong side" of the trade and selling begets more selling. Today MAY be different because of quarter end window dressing, but if they can not rally the troops, sell off could get ugly.
ReplyDeleteBy the way, my long SSO position is half that of my SDS position that I closed earlier this a.m.
ReplyDeleteSPY is still have unfinished business in the area of 105. SPY will go back up in the high 105.90 area again.
ReplyDeleteI am watching XOM and CVX. If they can rally, I thing market will trend up a bit.
ReplyDeleteLast week I mentioned that SPY will retest 105area again. I should stick with my call. Also the gold stocks are rebounding from the drop this morning. AMZN didn't drop at all. TSL is rebounding. If you want to buy gold stocks, this is the dip that you can buy.
ReplyDeleteIf you are planning to buy gold stocks now, put a mental tight stop. Put a mental tight stop at your gold stock today low.
ReplyDeletespy 105.90 achieved.
ReplyDeleteYep, I just sold my SSO position. No need to be greedy, as this is a very fickle tape.
ReplyDeleteLike I said, SPY had hit 105.90 area again. Ok. Here are the possible case scenarios.
ReplyDelete1. If SPY continues to go up and closes where its opened or higher than 106.50, it is time to go long.
2. If SPY continues to go up from 105.90 and reverses back down from 106.50area and closes above 106, stay long but be careful.
3. Other scenarios, go short, but be careful.
Every times SPY dropped below 106, it dropped fast and hard to below 105. Opposite case is also true. Every times SPY went above 105, it shot up fast to 106. It treated like 105ish didn't existed at all.
ReplyDeleteI just got in to C with a tight stop. I'm about over messing with EFT's. SRS took me about 5%. I can't seem to make money in this market lately.
ReplyDeleteyep, this market is a bit crazy!
ReplyDeleteThe market is trying to find a direction or trend. It is going up and down a lot. I guess it is very good for daytraders if you know what you are doing.
ReplyDeleteShorting after the news, short covering is done. Volume dried off. Now the real selling taking place. Now is the time to short to make money.
ReplyDeleteReady to go down big again in few minutes. Since shorts are scared to shorts after got burned this morning.
ReplyDeleteThe market is very tricky right now. You thought you had the direction. Then it turned on you. When you switched it back to other side, the market went to other side.
ReplyDeleteThere is no conviction in this market. All the participants are just reacting, and reaction to reaction, and so on. When you sit back and relax, market will fall on its own weight.
ReplyDeleteI am taking a survey. Where will SPY closes today?
ReplyDeleteA. Above 106.50
B. Between 106 to 106.50
C. Between 105.5 to 106
D. Below 105.5
106 to 106.50
ReplyDelete106.1
ReplyDeleteI have really have no clue.
ReplyDeleteI'd like C, but worry about A, so B is probably probable.
I do think we are starting a down trend though unless 106.50 is broken.
I haven't a clue, but will go with C
ReplyDeleteMaybe I should start a poll everyday to see how good we are as investors about the market. Are we a good investor or just a bad one?
ReplyDeleteD
ReplyDeleteFor those who bought gold stocks, just be careful. If you are in the money, take profit now.
ReplyDeleteThe gold stocks bounced off 13 day moving average and heading back down.
are there any inwestors here?
ReplyDeleteI believe SPY had never closed in the 105ish before. Could today be the case? All I am saying SPY needs more time trading in the 105ish.
ReplyDeleteno inwesting here!
ReplyDeletetoday spy will close in the 150.4s, it seems to be so. the market, however has shown strength, however fragile it seems.
ReplyDeleteS. Mantra, looks like you nailed that one (so far). I had put on a small SDS position after exiting SSO position and just dumped SDS again. Wish I had been tading larger positions:)
ReplyDeleteI got crash alert flashing all over my screen.
ReplyDeleteC. Between 105.5 to 106
ReplyDeletearound 105.8
Gcl,
ReplyDeleteLike your observation, we will not close in 105s. Seems market hates this number. We are going down to close in 104s.
It seems like SPY is trying to retest 105.90 again this afternoon.
ReplyDeleteLong term bias seems to be higher. Any short opportunity is quick and dirty, is short living in this market, until proven wrong.
ReplyDeleteAlmost 2 for 2 today on 105.90 area. The second time in the afternoon, it did hit 105.89.
ReplyDeleteThe SPY will trade in the 105ish in the next couple days. What a wacky day today.
ReplyDeleteGod damnit, I know C was going for a breakout.
ReplyDeletewhat the hell triggered it?
ReplyDeletebtw, I'm liking LVS on the short. Any thoughts?
ReplyDeleteChad, LVS looks very promising to short. 4 days below the moving average, but there is heavy support at high 15s area.
ReplyDeleteYeah, I was thinking about it as a short term play.
ReplyDeleteGCL, why r u damning God?
ReplyDeleteI couldn't stay for close. But last half an hour so much volume. Movement to high was not much. Based on that early bias tomorrow will be down.
ReplyDelete