Wednesday, October 21, 2009
October 21th, 2009
The premarket action is pointing down. I am watching very closely on AMD, IBM and GS. These stocks already reported earning. All three of them gap down after the earnings, but these stocks went down to the support level. I thought these stocks are making a false breakout. AMD is bouncing off from high 5, GS hanging around 185 and IBM hanging around 122. If these stocks break these levels, you can expect the market will reverse. On the flip side of coin, the market could continue to go higher.
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The more I looked at other stocks. I believe this is a continuation of uptrend. SPY could possible hit 112 to 114 area. QQQQ could go up to 45 area.
ReplyDeleteIt looks like the Yankees vs the Phillies in the World Series.
ReplyDeleteI thought they were going to run SPY closer to 110.50 today.
ReplyDeletemaybe they still will.
I was looking at a right shoulder setting up, but today's action passed the head.
also looks like some sort of broadening wedge happening.. my trend lines were pointing to 110.50.. oh well.
next time I guess.
damn, EXM feel apart after a strong opening :(
eneteast
IBM and GS weakening. not sure if they will roll to lows, but something to keep an eye on. Long LLY at 34.3
ReplyDeleteI just went long on X now at 42.25
ReplyDeleteBAS, there were some investors taking profit this morning for EXM. Also the specialists shake out the weak longs (stop loss limit) in the meantime.
ReplyDeleteEXM will probably close higher than 7.06 today.
As you focus on EXM, you might want to look at DRYS and EGLE for price movement as well.
DTO anyone?
ReplyDeleteAdded SCO around 12.5
ReplyDeleteI averaged down DTO to 63 yesterday, and sold in the pre-market at 64.50. Did not gain much, but in retrospect, that was a great move.
ReplyDeleteMatt, I hear ya man. It has been one hell of bitch trading this market lately. GS getting hammered and market continues up. It seems to be hanging on by a string.
ReplyDeleteThere are some stocks are ready to move back up and some stocks are overbought. You have to pick and choose nowadays.
ReplyDeletedee-ou lah mah
ReplyDeleteDrinking has been working for me. And not buying anything for a little while. I'm not making money, nor am I loosing it.
ReplyDeleteWatch for SPY at 108 level. If it breaks, go short. I might have to close my position on X and EXM.
ReplyDeleteIn the morning, the market looked very positive. In the afternoon, the market looked very negative.
ReplyDeleteI guess today action is a "tale of two cities".
Yet with negative closing, the market is still sitting at the support level.
If SPY closes below 108 tomorrow or Friday, go short in a near term.
we had a higher high and lower low in SPY today and close on lows. that was the top, imo
ReplyDeleteThat is why I hate earning, unannounced news or events. The market can react to it. Who is Bove?
ReplyDeleteA jack ass bank analyst that kept coming out with buy recommendations on lehman and most banks as they crashed and continued to go lower last year.
ReplyDeletematt, I am more pissed than you. I have been shorting almost daily (and losing small amounts, waiting for a day like today) and was short today, but went long LLY and was getting slaughtered as the market went up (as LLY had its worst intraday move maybe ever). Lost on my SPXU position, closed for a loser, and lost on my long LLY positon. got a call from FIDO and said I was using too much leverage and had to sell something, so I dumped my SPXU 30 minutes before it ripped. Worst trading day in six months for me.
ReplyDeleteI hear ya JDT. I went long X this morning and was happy at the price that I bought. It went straight up after I bought it. Now it is just below my price. Also I went long on EXM. It is just 2 cents above where I bought it. I might have to close out my positions to see what is going on with the market. Financial stocks looked bad.
ReplyDeleteYour broker knows your stocks and the price you bought. I believe the broker is out to get you and all of us. The specialists don't know which stock you buy or short at what price, but the broker can tell them.
I just have a feeling that the brokers are out to get us.