Friday, October 30, 2009
October 30th, 2009
The premarket action is pointing down. I guess the 106.50 is the resistance level for SPY. If SPY breaks above that resistance, it could go back up 108 to 108.50 area. Nowadays the market is making a big swing back and forth and closing more than 80 points or more. So the volatility will be there.
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I know i should not have a preconceived idea of where market is going today, but I say up today. Matt had a great point with end of month window dressing. I think 107.75 on SPY before we roll over. I am buying SSO and Gold Stocks today, unless they roll over to below yesterdays lows. warning, i have been wrong a lot lately
ReplyDeleteQQQQ closed the morning gap. SPY almost closed the morning gap. It missed by .03.
ReplyDeletewow,that is some serious volume this morning
ReplyDeletethis market is f'ing insane. i am still long SSO and some miners. huge volume and giant swings this morning. i am getting too old for this chit
ReplyDeleteOk, was that todays low??
ReplyDeleteI am going to stick my neck out and say market will close positive today
ReplyDeleteIf SPY breaks 105.60, you might not see the market will bounce back up and close positively.
ReplyDeleteYou might see today action could counter attack from yesterday gain.
If we had negative day yesterday, I would say market would bounce back today after four days of losses. But, we had positive day yesterday and we are tricked for halloween.
ReplyDeletewow, just about filled yesterdays gap. absolutely unbelievable how wrong i have been. dollar just got smacked. this market is schitzo and making my head spin
ReplyDeleteagain, dollar just got hammered. gold stocks are down (except NEM), but did not sell off in last SnP swoon. dollar might save my sorry ass today
ReplyDeleteSPY volume is running at +18%, means selling not done yet. Don't want to be in front of freight train.
ReplyDeleteVolume picking up steam. +24%. Rather be on the train , than in front.
ReplyDeleteSo far it counter attack from yesterday.
ReplyDeleteWatch for SPY at 104. If it breaks 104, here comes 102.
Yesterday 200 points gain was to make the market less oversold.
There is more room for gold stocks to go down. GLD didn't hit 100 yet.
ReplyDeleteIf AMZN breaks 119, here comes the pullback to close the big gap.
Though DOW and SPX gained more yesterday than they lost day before, NAS and Russell 2000 did not gain as much as what they lost the day before, which made me think kind of we were not out of woods yet. Today's action shows, if we close now all indices will be down for the month.
ReplyDeleteI guess today it is called "Tricks or Treats" day.
ReplyDeleteIt tricked the longs going long yesterday. SPY failed to break above 106.50.
The shorts got the treats today.
Happy Halloween everyone.
DOW holding 50 dma
ReplyDeleteSPY and QQQQ crosses below the 50 day moving averages, but the 50 day moving averages didn't go down yet.
ReplyDeleteTo confirm a downtrend, the 50 day moving averages needs to go down with it too.
gold stocks have bottomed, imo
ReplyDelete102 could be coming next week for SPY.
ReplyDelete40 could be coming next week for QQQQ.
Have a great weekend.
That was +65% volume on SPY.
ReplyDeleteNot yet, Sure Mantra, there are still trading in afterhours. You will know the exact volume after 8:00 PM tonight.
ReplyDeletewell, that's what i get for having a preconceived idea as to where market may go today. I made two good trades today.. sold my SSO for a huge loser at lunch time and bought SPXU at 45.9 and sold at close. but got hammered long early.
ReplyDelete