The market will gap down a little at the opening. The SPY can drop down to 104 area to complete the head and bounce back up to 108 for right shoulder. Watch the SPY at the 50 day moving average.
If you are going to buy X, be careful. I guess it is going for you if you are daytrader. I might have to do the same way as you are in the future, in and out at the same day.
One of my friend uses TD Ameritrade too. Its site suck and always went down. My friend requested for 10 free trades for the trouble. He got the 10 free trades for it. Use interactive broker for your online service. They are great and cheap too.
JDT, if you are going long for X, do it for the bounce. Lots of stocks broke down the major support level. If SPY breaks 104, it could go back down to 102 level.
at some point, gold stocks will stop going down or even rally as price of gold continues to go down. when you see this, it will be the bottom on gold stocks
take a look at CAL today for an example of how market makers stop people out (steal their money). they took it to new lows at lunch time to hit stops. CAL then immediately bounced 15 cents. this is a good example of how they get your money.
that was an ungly day. almost all sectors super weak. very ugly. not good to try to pick a bottom. I still like how gold stocks are setting up and plan to make some money on them when they bounce.
i am buying GG, AEM, and KGC
ReplyDeleteI just shorted V at 77.50.
ReplyDeletethinking of buying X. any thoughts gcl?
ReplyDeleteIf you are going to buy X, be careful. I guess it is going for you if you are daytrader. I might have to do the same way as you are in the future, in and out at the same day.
ReplyDeletebuying more KGC
ReplyDeletei would long here
ReplyDeleteMan, stupid move by me. I shoulda hold on to my short positions on X and CLF. I knew there were going back down to my target. My emotion got me.
ReplyDeleteAMZN: So far today MMs wiped out shorts. Now they wipe out longs. Going down
ReplyDeleteTD AMERITRADE f*d me over today.
ReplyDeleteCouldn't market order UPRO.. they changed the name back to the OTCBB old unipro financial services.
Not going to try to limit order it either.
Called Client Service and put in a ticket.
Now EXM report's in a week on 11/4? headed back to $3 before then.
oveness
One of my friend uses TD Ameritrade too. Its site suck and always went down. My friend requested for 10 free trades for the trouble. He got the 10 free trades for it. Use interactive broker for your online service. They are great and cheap too.
ReplyDeleteSnP at 50 dma. trend is still up, but technicals rolling over past few days. how will they close'm???
ReplyDeleteX starting to show some life in a weak tape. I am long a bit of X
ReplyDeleteJDT, if you are going long for X, do it for the bounce. Lots of stocks broke down the major support level. If SPY breaks 104, it could go back down to 102 level.
ReplyDeleteOk, gold stocks getting slaughtered and are way over sold coompared to price of gold...but this does not mean they cannot go much lower.
ReplyDeleteat some point, gold stocks will stop going down or even rally as price of gold continues to go down. when you see this, it will be the bottom on gold stocks
ReplyDeletecall me crazy, but i think there is a good chance gold stocks will rally into the close. lightening up on my X
ReplyDeletewell we got the 50 day sma.. spy hit 105.06, and it is 105.03 according to stock charts
ReplyDeletewill it hold?
baywell
oops
ReplyDeleteguess not
looking at outdated refresh on yahoo spy..their real time ticker stalls every so often
defusib
GLD hit new lows, but gold stocks did not follow. will watch this closely
ReplyDeletethat was near bottom eh?
ReplyDeletepush through 50 day ema and now a strong push off
BAS, SPY will soon break 50 day mavg.
ReplyDeleteGS, X, AMD, INTC, AA and many more already broke down below 50 day mavg.
You could see a repeat of October 2007 and 2008.
Who got spook at Halloween?
The market is finished. You may expect some fake rally along the way.
ReplyDeleteMost stocks that broke out couldn't hold it. They are making a false breakout.
You could see a repeat of last year. High make in the October 2009 and low in March 2010.
There's got to be a tradeable bounce right around here.....right?
ReplyDeleteor are you waiting for 104?
take a look at CAL today for an example of how market makers stop people out (steal their money). they took it to new lows at lunch time to hit stops. CAL then immediately bounced 15 cents. this is a good example of how they get your money.
ReplyDeletematt, i am long AEM, GG, and KGC, and X and CAL, but i have lightened up a bit.
ReplyDeletelooks like they may try to tag 104. not sure
ReplyDeleteHere is the difference between this pullback and previous pullbacks.
ReplyDeleteThis pullback had only daily rally or one day at most then it fall back harder. Other pullbacks had days or weeks rally.
The personality of the market had changed.
One thing to note down is volume is above average on down days. When you see volume thin down, it means put one toe on long side.
ReplyDeletethat was an ungly day. almost all sectors super weak. very ugly. not good to try to pick a bottom. I still like how gold stocks are setting up and plan to make some money on them when they bounce.
ReplyDeletegood point S. mantra
ReplyDeletegcl, good observation. next rally is to be sold, imo.
ReplyDelete