I just came back from the meeting. Sorry for the late morning post. I am expecting SPY will trade in the 105ish area today. If the market opens down, play the gap.
SPY have a two dollar range between 104.50 area to 106.50 area. If it breaks either of the range with strong white or black bar and close outside of the range, favor that direction. In the meantime, trade back and forth within the range.
Don't misled by the VIX in the media. When VIX is going up, it doesn't mean the stock market is going down. VIX is a measure of implied volatility of S&P 500 index options. It means that if VIX is high, then the premium of the option will be high. This will affect on put as well as call options. Other investors take it as "fear" index.
The numbers just spit out. The targets for QQQQ is at 41.57 and SPY 104.20. These targets are intermediate targets. There is shot that SPY could go back up to 105 and QQQQ at 41.85.
What we have is real sellers in the market and wants to lock in profits. I dont see any bounce in the cards. Any bounce will be opportunity to sell.You want to sell short in this market. Volume is picking up in this market.
Well, I still believe that the market will bounce back up to my targets. Here's why.
Do you remember my original targets for CLF and GOLD short positions? There were 30 for CLF and 66 for GOLD. GOLD had hit 66.06 and CLF had hit 30.70.
Other stocks that broke out couple weeks ago, those stocks went back down to where it broke out. Trust me on this. The targets I mentioned earlier in the posts will be hit.
All the CNBC female analysts or reporters are hot. They hired all the how women to be in show to attract guys like we are. I agree with Erin. I just love watching her.
How did you figure it out that I graduated from Penn State? When I was there, we have the best football team in '94, I think. Kerry Collins was the quarterback and that year the team went undefeated. I can't believe Joe Paterno is still coaching.
I met Glenn Robinsion and Joe Ameachi. Joe Ameachi was playing center for the basketball team. He played for NBA couple years and he was gone. Later he mentioned to the world that he was gay. Glenn Robinson is the star for Purdue basketball team. I saw him played against Penn State. I took pictures of him before he drafted #1 in NBA. He did ok in NBA career.
Almost everything dropped back down to the support level. Watch for occasionally bounce every now and then. Lots of panic selling and stop limit loss were hit in the last 10 minutes.
Something caught my eyes. The first day of September of trading was down big too. It had the reversal. It closed below the 13 day moving. The next day it traded in a narrow range. From that day, the market shot higher. Is today action similar to that day? Watch for narrow range trading tomorrow.
Actually, today's action. violated SPY and $SPX trendlines from March and July lows. Not good for longs. Not good for any bullish bets. Tells me tomorrows jobs number going to stink market does not care. It will sell off.
Re: my previous comment, those trendlines drawn in log scale. In linear scale they are still intact. I would still say we are heading to 101.9 for sure in near term to test the trend line and fill the gap for SPY.
S Mantra 101.9 is only one point away, it could easily be hit and then possibly a bit of support around that level. Depending on where market opens, I will sell short until that 101.9 level is reached. I am hoping for a fake gap up on bs jobs data for a decent entry. May not get it though.
I took a small short position before job numbers came out. I covered for small profit. looking for small bounce and then for market to not hold 50 dma. Too many people expecting it to hold. i will repurchase SDS on bounce in SnP
work getting in the way of trading? I hate that too.
ReplyDeleteVolume hesitating, Needs to see SPY 104.2 before climb back up. My opinion.
ReplyDeleteIn two weeks, big name companies are reporting earnings. INTC, JNJ, AMD, GS, C, IBM, BAC, GE.
ReplyDeleteIf you haven't noticed it, I have a link to the left on my past performance. All of my selective picks that I lost were under 1%.
SPY have a two dollar range between 104.50 area to 106.50 area. If it breaks either of the range with strong white or black bar and close outside of the range, favor that direction. In the meantime, trade back and forth within the range.
ReplyDeleteThinking about going long on CAR for a daytrade. Nothing seems to be able to stop it.
ReplyDeleteDon't misled by the VIX in the media. When VIX is going up, it doesn't mean the stock market is going down. VIX is a measure of implied volatility of S&P 500 index options. It means that if VIX is high, then the premium of the option will be high. This will affect on put as well as call options. Other investors take it as "fear" index.
ReplyDeletebought some SSO here, risky, but worth a shot
ReplyDeleteI believe we have hit the bottom for today on SPY and QQQQ. I just bought QQQQ at 41.30.
ReplyDeletegcl,
ReplyDeletei'm gonn a ride your coat tails on that one. I'm in for 1000 qqqq's
don't u think it is too dangerous to get in SSO and QQQQ
ReplyDeleteMaybe the trend had changed today
unless u are day trader and try to make small profit
Yes, I am just trading it. Not a high probability trade, but will give it a bit to run and will eat the loss if it rolls too hard.
ReplyDeleteI am doing this for a small pop or retracement back up. I am looking for QQQQ to go back up to 31.57 or SPY 104.20.
ReplyDeleteSorry for the type on the last post. It should stated at 41.57, not 31.57.
ReplyDeleteJDT, at what price of QQQQ did you get?
41.24 and 41.3
ReplyDeletesold half my QQQQ at 41.37, not feeling to great about being long
ReplyDeleteThe numbers just spit out. The targets for QQQQ is at 41.57 and SPY 104.20. These targets are intermediate targets. There is shot that SPY could go back up to 105 and QQQQ at 41.85.
ReplyDeleteWhat we have is real sellers in the market and wants to lock in profits. I dont see any bounce in the cards. Any bounce will be opportunity to sell.You want to sell short in this market. Volume is picking up in this market.
ReplyDeleteI have to agree. If we get a good lunch time bounce I will go short.
ReplyDeleteFor QQQQs today's low is also 3-week low, if we go below it would quickly accelerate to the downside.
ReplyDeleteI'm out
ReplyDeleteUmm?? back in with 2500 SSO at 32.98 with stop at new lows. May be a lunch time shim sham.
ReplyDeletethat may have been a short term bottom on SPY
ReplyDeleteI would say short term bottom around 101.6 and 101.9. there was a unfilled gap. That is where the trend line from march and july bottom connects.
ReplyDeleteWell, I still believe that the market will bounce back up to my targets. Here's why.
ReplyDeleteDo you remember my original targets for CLF and GOLD short positions? There were 30 for CLF and 66 for GOLD. GOLD had hit 66.06 and CLF had hit 30.70.
Other stocks that broke out couple weeks ago, those stocks went back down to where it broke out. Trust me on this. The targets I mentioned earlier in the posts will be hit.
ENER had hit the bottom at 11 and AMZN hand't broke down below 90 yet. Also NOC hadn't broke down below 50 yet.
ReplyDeleteis black monday coming?
ReplyDeletegcl, probably tomorrow morning then falls back
ReplyDeleteI was reading some dudes prediction Black Monday on Oct 19.. monday after options expiration. Just like in Oct 19, 1987.
ReplyDeletefellas, Erin Burnett is HOT!!
ReplyDeleteAll the CNBC female analysts or reporters are hot.
ReplyDeleteThey hired all the how women to be in show to attract guys like we are. I agree with Erin. I just love watching her.
Sorry for the last post about how women. It should be "hot" women.
ReplyDeletegcl, you can have sue herera, she is all yours
ReplyDeleteAdding shorts SPY 103.90, will close around 12:45
ReplyDeleteI meant PACIFIC TIME
ReplyDeleteHere is a link of CNBC reporters. Enjoy!
ReplyDeletehttp://www.reportercaps.com/Home_CNBC/cnbc.htm
i discovered her the other night on bloomberg....
ReplyDeletehttp://anchorbabes.blogspot.com/2009/10/linzie-janis-is-hot-bloomberg-news-babe.html
btw, gcl, did you go to Penn St?
ReplyDeleteMatt, yeah, why did you asked?
ReplyDeletebecause the Iowa Hawkeyes got you again.
ReplyDeleteThat was a bummer cause I like Penn St.
How did you figure it out that I graduated from Penn State? When I was there, we have the best football team in '94, I think. Kerry Collins was the quarterback and that year the team went undefeated. I can't believe Joe Paterno is still coaching.
ReplyDeleteCovered SPY 103.6. Had to go for lunch.
ReplyDeleteYeah, KiJana Carter too, who didn't do well in the NFL.....
ReplyDeletei think you mentioned it in previous conversation when you first started the blog.
I met Glenn Robinsion and Joe Ameachi. Joe Ameachi was playing center for the basketball team. He played for NBA couple years and he was gone. Later he mentioned to the world that he was gay. Glenn Robinson is the star for Purdue basketball team. I saw him played against Penn State. I took pictures of him before he drafted #1 in NBA. He did ok in NBA career.
ReplyDeleteIt should be John Amaechi, not Joe Amaechi.
ReplyDeleteI blew out of my SSO at 32.92
ReplyDeleteAlmost everything dropped back down to the support level. Watch for occasionally bounce every now and then. Lots of panic selling and stop limit loss were hit in the last 10 minutes.
ReplyDeleteSomething caught my eyes. The first day of September of trading was down big too. It had the reversal. It closed below the 13 day moving. The next day it traded in a narrow range. From that day, the market shot higher. Is today action similar to that day? Watch for narrow range trading tomorrow.
ReplyDeleteActually, today's action. violated SPY and $SPX trendlines from March and July lows. Not good for longs. Not good for any bullish bets. Tells me tomorrows jobs number going to stink market does not care. It will sell off.
ReplyDeleteRe: my previous comment, those trendlines drawn in log scale. In linear scale they are still intact. I would still say we are heading to 101.9 for sure in near term to test the trend line and fill the gap for SPY.
ReplyDeleteS Mantra 101.9 is only one point away, it could easily be hit and then possibly a bit of support around that level. Depending on where market opens, I will sell short until that 101.9 level is reached. I am hoping for a fake gap up on bs jobs data for a decent entry. May not get it though.
ReplyDeleteI took a small short position before job numbers came out. I covered for small profit. looking for small bounce and then for market to not hold 50 dma. Too many people expecting it to hold. i will repurchase SDS on bounce in SnP
ReplyDeleteLong SDS @ 42.95 and will add on any pull back this am
ReplyDelete