The premarket action is pointing up. So it could open gap up and it could try to close the morning gap from Friday. Then it will try to close the morning gap from today. I am seeing more and more false breakouts.
False breakout victims: AMD IBM GS RIMM JNJ
Possible false breakout victims: AAPL, BIDU, EBAY
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I am short IBM at 122.15 and looking for 120 or so.
ReplyDeleteSo we could be near market top with many false breakouts? (or just entering another stagnation point until we rocket again like in july)
ReplyDeleteinism
BAS, we have to see if SPY can break below 108. Then SPY will probably restest 104 area again. If it breaks that level, we have to see where is the 50 moving average at.
ReplyDeleteGold stocks are continuing its pullback.
ReplyDeleteAnyone watch Celebrity Apprentice on CBS.
ReplyDeleteThis morning I heard it on the radio station that Sharon Osborne, Cyndi Lauper and other celebrities are doing a fund raising at a restaurant, Hamburger Heaven, in New York city. The radio station said that they are being film right now for the next Celebrity Apprentice show on CBS.
It had successfully closed the Friday morning gap and today morning gap. The question is where does the market wants to go from here.
ReplyDeleteso far, it is up. I am going to try to hold onto my IBM short a while longer and see how things play out.
ReplyDeleteI believe SPY at 109.75 is the top for today. The previous top was 109.78 from last week.
ReplyDeleteAre they trying to push S&P 500 to 1100 level?
ReplyDeleteOil acting like it reached top. Not going up even dollar is down.
ReplyDeletes. mantra, good observation re: oil. I just bought some DTO with a tight stop at todays lows. thanks for heads up.
ReplyDeleteFor the markets to move higher, they need to stop runaway oil price. Oil will go lower if markets sell off because no demand. It seems no matter what happens, oil needs to pull back.
ReplyDeleteDisclosure. I am short oil through levraged ETFs.
At least there is no more gaps to fill up. There are many gaps to fill down.
ReplyDeleteOil and Gold needs to do some pullback in order for the market to correct back down to 104 level.
a small spike in u.s. dollar today might do the trick. how we go about getting the dollar to spike is another question:)
ReplyDeleteSPY has filled the gap from Oct. 2008 at 110. I just do not see how the hell they can take'm higher here. there must be huge amounts of distribution, selling going on. all those poor smucks that lost their money are now just happy to get a bit of their money back at this price. who knows, this market is f'up.
ReplyDeletethe problem is, there is no selling going on....
ReplyDeletealso, dollar could crash today....that would be sweet
GCL, what do you think about FCX.....
ReplyDeleteI want to buy the Jan 60 puts.
Right now SPY is bouncing off from previous high at 109.78 several times.
ReplyDeleteIf you are buying Jan 60 puts for FCX, then you should also sell Jan 66 puts.
ReplyDeleteJan 60 puts is around 1.35.
Jan 55 puts is around .80.
Your risk will be .55 instead of 1.35.
Your maximum reward is 4.45.
I mean to sell Jan 55 puts, not Jan 66 puts. It was a typo.
ReplyDeleteJackpot. S&P 500 had 1100 level. Well, the specialists got what they wanted it.
ReplyDeleteX is continue to be weak compare to the market.
ReplyDeleteCLF is somewhat weak too.
X earning is on October 27.
CLF earning is on October 29.
Oil going parabolic. Up ten percent last week and up another one percent today. Good thing everyone has a job so they can affort $3 plus gasoline. too damn funny
ReplyDeletefyi, re-entered my DTO at 60.5
ReplyDeletea nice reversal today in oil sure would be nice. wishful thinking?
ReplyDeleteAAPL is getting weak before the earning tonight.
ReplyDeleteGLD trying to fill gap from a few days ago? or is it gonna power higher?
ReplyDeleteIs today a boring day?
ReplyDeleteNo, it is another day of pissing me off more.
ReplyDeleteMarket won't be taken down until GS says so.
Been sitting out IRA since June.. And friday and today haven't gone well.
I suspect we will push higher into close again.
quitan
I probably need to close out my position in spxu.
when do you know it's time....
ReplyDeletewhen fear has gripped you.
"The man without fear" - Daredevil
ReplyDeleteor in this case, just flip a coin
ReplyDeletestraddles work too but so few do it.
I just got out of 2/3 rds my positions. gonna do rest near close.
ReplyDeleteHere is my secret strategy always work.
ReplyDelete1. Look for stock with high beta or volatility.
2. Sell the call and put options 2 units away in the late Thursday afternoon.
3. Buy back the call and put options on Monday morning.
until the one day it blows up on you either way
ReplyDeleteyou also don't sell options when vix is this low, you buy them and trade stock around them if you have to
ReplyDeleteAgain, SPY is bouncing off the 109.78 again.
ReplyDeleteAAPL is skyrocketing and bring QQQQ up with it.
The moment of truth.
ReplyDeleteHere comes the AAPL earning after the close.
X and CLF are continue to be weak.
BAS, why are you swearing?
ReplyDeleteDo you want the market go up or down?
DOWN lol..
ReplyDeletesold the B/O today on neutral tape.. but the market had other ideas.
same thing last friday night..run'em high all day and then after market close it just 'drops' out of nowhere!!
sucks for me because i covered high.. and could have had most of it back in after hours.
so that's why I'm just a little upset.. 2 days in a row.
inglord
Which stock or index are you trading with?
ReplyDeleteSPY..
ReplyDeletebut hitting spxu/upro when approriate
descable
Yep, the big boyz did a number on us on after hours bs. they got me too, as I was not gonna hold over nite. typical crooked azz b.s. just get used to it. Can we get one last gap up in the morning w AAPL. I truly feel like this market wants to crack. also, volume was pathetic today.
ReplyDeletebasically, they painted the tape with a big sell-off in SnP futures at the close. Technically, this plays into the bears favor, as we got the 110 intra day print in SPY but closed off the high.
ReplyDeleteSPY just closed .01 above the previous high at 109.78. I am expecting AAPL to drop big in a range to 175 to 180.
ReplyDeleteShorted at 202 AAPL.
ReplyDeleteShould have waited little longer.
ReplyDeleteMaybe the market needs one more last push higher.
ReplyDeleteGOOG closed where its opened today.
AAPL earning will affect QQQQ more than SPY.
ReplyDeletes. mantra, when are you planning on covering? i just shorted 200 at 204.61 and will close out today
ReplyDeletethe euphoria and cult following in AAPL is amazing. numbers were great, but speculative buying is back in full swing with all wall street darlings.
ReplyDeleteI would wait till tomorrow.
ReplyDeleteyeah, wish I could, but do not want to give up my day trade buying power. Of course, the way I've been trading, that would probably be a good thing. covered half at 203.29
ReplyDeletewell well well spy back to 110..
ReplyDeleteso i shouldn't be crying getting out ~109.85
trapabie
i'm ringing the bell
ReplyDelete