Be patience, Chad. X did drop below 42 yesterday. CLF was boost be AA. Remember the market is at the earning season. Anything can happen. If the market closes back down to yesterday closing price, that is a sign of reversal.
I hate to say it, but I'm am long SSO until this momentum slows. This thing could easily hit DOW 10,000 today just "because". this is f'n crazy. I want to shortem so bad, but will wait til later in the day.
It will be a miracle if they actually fill the morning gap for once. Just may be the first time in a long time that they take'em down on a gap. I have a very nervous trigger finger to exit my SSO
Gold and oil are pretty much correlated to each other. Either gold stocks are taking a breather after a very nice run or this is the beginning of pullback.
But my gut feeling is that the market is way overbought and it is at the resistance. I still believe it is going down. The market could be forming a bubble. Earlier this week, I mention that we have to see tomorrow earning, Friday option expiration day and next Monday, October 19th. Usually, October 19th is a big down day.
gcl, I agree 100%, but this market can stay irrational longer than we can stay solvent. that is why I typically close my positions each day. these gaps (if short) have been killers if people have been holding overnite, but not that big of a deal if entering new positions each day
Let's see how gold stocks perform first. Usually the general market follow gold stocks nowadays. If gold stocks close down today, I will expect the market will move down in a few days afterward.
spiker, it could be a false break out, especially with market overbought. I would wait and see how CLF closes today before i went long with any conviction
I shorted INTC last night after hours. Lately it has been working out shorting the spike in afterhours after the earning report. Once the price spikes, it seems there is nothing else to look for that particular stock. Even the market moves higher, the reported stocks are not making new highs. YUM, AA and INTC are just examples. I will probably close by the end of the day or when the gap is closed.
All these runups based on "buy on the rumor, sell on the news". Like you said, AA and INTC and JNJ. Tomorrow is probably another great example for companies that will report earnings.
I am out of all my long positions, but will not be surprised if this thing rallys some more. i am happy with going long against my will and making a few dimes. CLF going parabolic. gonna have to book a loser on that one at end of day, unless we can get a bit of a pullback
imo, this market is very, very close to a top (at least a short term top). Dow will probably stall at or before 10,300 and SnP within 10 points. I plan on being ready for it.
Chad, hold on to it. The risk is on the longs, not the shorts. This is exactly the specialists want you to fear. When you about to give up, they will reverse the course.
Think about it when the market was at the low in March this year. Lots of fear in the market. Lots of investors gave up. You know the history from there.
I will consider myself lucky to only lose a little money today. this thing is playing into my hands and I have been able to "keep my powder dry" and live to trade another day. one big day, and will make up for many small losers. I have been waiting for this euphoria for awhile. GS may dissapoint tomorrow, but hoping for a gap up.
X and CLF don't seem to be working well
ReplyDeleteBe patience, Chad. X did drop below 42 yesterday.
ReplyDeleteCLF was boost be AA. Remember the market is at the earning season. Anything can happen. If the market closes back down to yesterday closing price, that is a sign of reversal.
I hate to say it, but I'm am long SSO until this momentum slows. This thing could easily hit DOW 10,000 today just "because". this is f'n crazy. I want to shortem so bad, but will wait til later in the day.
ReplyDeleteIF the market hits new highs today, it will rip. Lets see what happens after first 30 minutes.
ReplyDeleteJDT, I had to hedge with Oct 109 SPY calls.
ReplyDeletelong 1000 WLP and a bunch of SSO. hope to unload into a short squeeze. This is freak'n criminal, they want to run them up for OPEX
ReplyDeleteJust bought more WLP
ReplyDeleteI hate being long this bloated market. Feel like chit
ReplyDeleteThe solar stocks didn't participate with the rally. In fact, most of them are red today. Check out FSLR.
ReplyDeleteAlso gold stocks didn't participate with the market rally too.
ReplyDeleteIt will be a miracle if they actually fill the morning gap for once. Just may be the first time in a long time that they take'em down on a gap. I have a very nervous trigger finger to exit my SSO
ReplyDeleteshorted XOM aat 71.2. Oil hitting lows?? wtf
ReplyDeletealso, sold half my SSO
ReplyDeleteGetting close to 10,000 mark. I believe the specialists want to hit that mark.
ReplyDeleteGold and oil are pretty much correlated to each other. Either gold stocks are taking a breather after a very nice run or this is the beginning of pullback.
ReplyDeletestopped out of my XOM, short a small lot of CLF at 37.9
ReplyDeletelooks like the play of the day was to buy SPY (upro) when SPY hit Resistance 2 (now support) on the nose at 108.26.
ReplyDeleteDamn it happened so quick, could have been in at 108.36..everything was looking positive still, and happened before 10:30est.
Well - 3 minutes later while I was still thinking it over, fire alarm drill, so we had to leave and come back. Oh well. Always tomorrow.
burindle
sold half my WLP, so, are they gonna roll them over this afternoon (after DOW 10k)?? I thinnk maybe so, but who knows
ReplyDeletegcl, I just sold short some more CLF. it is breaking out today and if it does not roll over, could go much higher. I will watch it closely
ReplyDeleteIt doesn't look good as right now. If CLF closes with a medium to large white bar, I might close it out.
ReplyDeleteBut my gut feeling is that the market is way overbought and it is at the resistance. I still believe it is going down. The market could be forming a bubble. Earlier this week, I mention that we have to see tomorrow earning, Friday option expiration day and next Monday, October 19th. Usually, October 19th is a big down day.
ReplyDeletegcl, I agree 100%, but this market can stay irrational longer than we can stay solvent. that is why I typically close my positions each day. these gaps (if short) have been killers if people have been holding overnite, but not that big of a deal if entering new positions each day
ReplyDeleteLet's see how gold stocks perform first. Usually the general market follow gold stocks nowadays. If gold stocks close down today, I will expect the market will move down in a few days afterward.
ReplyDeletegold stocks have definitely been underperforming the price of gold lately. could be a sign, but not sure yet
ReplyDeleteI am buying CLF. Crossed 200-week moving average
ReplyDeleteGood for you, spiker, at what price did you bought CLF?
ReplyDelete38.02
ReplyDeleteYahoo board says we may not see 100 for CLF, but think we will reach 50 for sure.
Defense stocks are continuing to struggle.
ReplyDeletespiker, it could be a false break out, especially with market overbought. I would wait and see how CLF closes today before i went long with any conviction
ReplyDeleteNOC and INTC are trading at today low.
ReplyDeleteJNJ had a false breakout couple days ago.
ReplyDeleteI shorted INTC last night after hours. Lately it has been working out shorting the spike in afterhours after the earning report. Once the price spikes, it seems there is nothing else to look for that particular stock. Even the market moves higher, the reported stocks are not making new highs. YUM, AA and INTC are just examples. I will probably close by the end of the day or when the gap is closed.
ReplyDeleteAll these runups based on "buy on the rumor, sell on the news". Like you said, AA and INTC and JNJ. Tomorrow is probably another great example for companies that will report earnings.
ReplyDeleteI want to see 10,000 now. So we can forget all talks about reaching 10,000.
ReplyDeleteI'm hoping for a pull back tomorrow or friday so I can get out of CLF. I'm being patient, but the loss is too much to bear anymore.
ReplyDeleteJackpot. 10,000 mark had been hit. Now CNBC don't have to talk about that 10,000 anymore.
ReplyDeleteThe specialists got what they wanted. It is now for freefall.
ReplyDeleteI am out of all my long positions, but will not be surprised if this thing rallys some more. i am happy with going long against my will and making a few dimes. CLF going parabolic. gonna have to book a loser on that one at end of day, unless we can get a bit of a pullback
ReplyDeleteThe stocks that are heavily shorted do have the tendency to go ballistics. Like AMZN, AAPL, GOOG and many more.
ReplyDeleteI just covered a third of my position in CLF, b/c this stock is a strong SOB today
ReplyDeletenow there we go, a little bit of downside volume on this pos (CLF)
ReplyDeleteI think SPY will go back down to where it broke out around 11:00 AM. The probably target is 108.50.
ReplyDeleteI entered small bit of SPXU just about 20 minutes ago just for fun.
ReplyDeleteC and GS will give out its earning before the market open. GE and BAC will be on Friday morning.
ReplyDeleteSPY has a gap down from Oct. 4, 2008 at 110
ReplyDeleteimo, this market is very, very close to a top (at least a short term top). Dow will probably stall at or before 10,300 and SnP within 10 points. I plan on being ready for it.
ReplyDelete110 probably tomorrow! lol
ReplyDeletedon't fight the trend!
jable
wish I was long on CLF :/
ReplyDeletenow that is the market we know and love. Gap n Go.
ReplyDeleteRight now the bubble is being inflated. Once the specialists put a pin at it. Pop.
ReplyDeletewell, we did close the gap on the AFTER hours closing price...
ReplyDeletethis truly is un-flipping real..
oh well...
thushtut
The specialists want the shorts to become longs.
ReplyDeleteWhen most investors go longs, the air of the bubble is coming out.
covered another third of CLf at 38.85
ReplyDeleteI'm going to hang onto CLF until it kills me, just to teach myself a lesson.
ReplyDeleteout of all at 38.7. wow, nice short squeeze on SPY into close today. Chad, i am day trading it, so have to cover.
ReplyDeleteChad, hold on to it. The risk is on the longs, not the shorts. This is exactly the specialists want you to fear. When you about to give up, they will reverse the course.
ReplyDeleteThink about it when the market was at the low in March this year. Lots of fear in the market. Lots of investors gave up. You know the history from there.
I will consider myself lucky to only lose a little money today. this thing is playing into my hands and I have been able to "keep my powder dry" and live to trade another day. one big day, and will make up for many small losers. I have been waiting for this euphoria for awhile. GS may dissapoint tomorrow, but hoping for a gap up.
ReplyDeleteThe days, Thursday, Friday and next Monday, I have been waiting.
ReplyDeleteTwo days ago, SPY had evening stars on both days. Today SPY had a hanging man.
ReplyDelete