In order for the market to reverse back down, it is important that it needs to make lower high and lower low from yesterday and it needs to close below yesterday low. I am expecting SPY will hit 108 again this week or next week.
bas, nice entry point. unfortuneately, I am in at 38.9. already sucking eggs on that one. may have to dump for a loser if we rally to highs. also have some TZA (small caps are underperforming SPY and will continue to do so imo)
Just hope this time it fooled longs. Lets see if we are going to fill the gap to SPY 107.40.
When I shorted about 30 minutes ago SPY was tracking at negative -50% volume. Now it is about -40%. It seems still a lot don't believe it could go down after burning (including myself) so many times going short.
There were lots of sharp fake rallies today. The top was in yesterday. When the market is way overbought and the next day it gap up way higher like yesterday, it is a sign of topping out.
This time it is different, I say it because we are going down on low volume. I don't see every one shorting it. That means there is more to go down. SPY volume still 30% below average. No short covering rally.
EXM finally back from the dead.
ReplyDeletepaximlam
I got in some SPXU @ 38.49 on that SPY run up.
ReplyDeletedeaste
soo, is the f'n market gonna follow the dollar or not today???
ReplyDeletebas, nice entry point. unfortuneately, I am in at 38.9. already sucking eggs on that one. may have to dump for a loser if we rally to highs. also have some TZA (small caps are underperforming SPY and will continue to do so imo)
ReplyDeletehttp://finance.yahoo.com/q?s=UUPKY.X
ReplyDeleteI like these charts:
ReplyDeletehttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808
He makes a video nightly too at his blog.
preacali
The gold stocks and oil are doing some pullback today.
ReplyDeletethis market can go either way today. i feel like being short is the wrong side of the trade. probably because I am short.
ReplyDeletegcl is right. keep stop at yesterdays high.
ReplyDeletegcl: "it is important that it needs to make lower high and lower low from yesterday and it needs to close below yesterday low"
ingsess
Once SPY breaks below 109.60 area, it will go back down to 108.
ReplyDeleteThe Dollar and VIX are rebounding back up. The oil and spot gold are pulling back down and yet the market is flat.
JDT,
ReplyDeleteI just shorted the market knowingly market has momoentum upside. Based on end of day result I will see to keep my short for longer time.
as far as I can tell, the SnP has decoupled from the dollar today.
ReplyDeleteas of right now, the hourly candlestick is below the seven day uptrend line. first break in seven f'n days.
ReplyDeleteso,the million dollar question is... can they rally the market into the close today for the fith day in a row????
ReplyDeletealso, we dipped below yesterdays low. let's stay there, damn it!
ReplyDeleteI am going to get out under SPY Support 1 @ 109.57 ..
ReplyDeletefinally - broke through as I type
Support2 to 108.99
dente
Just hope this time it fooled longs. Lets see if we are going to fill the gap to SPY 107.40.
ReplyDeleteWhen I shorted about 30 minutes ago SPY was tracking at negative -50% volume. Now it is about -40%. It seems still a lot don't believe it could go down after burning (including myself) so many times going short.
In order for the market to change the trend from up to down, it needs to meet these 3 criterias.
ReplyDelete1. Make lower high.
2. Make lower low.
3. Close below yesterday low.
So far SPY meets the first two criterias. The third criteria will not be known until closing time.
The QQQQ make new higher high by 2 cents and still haven't fall below yesterday low.
If market goes down on low volume, there won't be short covering rallies. It has to go up on strength, which I don't think it has.
ReplyDeleteI will check back in later
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI took my gain in SPXU..
ReplyDeletein 38.49, out 39.53.
feels good to get a winner finally. haven't traded in 8 days.
biffun
ulcormon
well said Matt
ReplyDeleteMatt, I would say below 109.50 for SPY and below 43.80 for QQQQ to short.
ReplyDeleteThere were lots of sharp fake rallies today. The top was in yesterday. When the market is way overbought and the next day it gap up way higher like yesterday, it is a sign of topping out.
ReplyDeleteRead this article. I feel sorry for the woman without eyes, nose and mouth.
ReplyDeletehttp://www.msnbc.msn.com/id/33859601/ns/health-more_health_news/
Geezus GCL, that is awful.
ReplyDeleteThis time it is different, I say it because we are going down on low volume. I don't see every one shorting it. That means there is more to go down. SPY volume still 30% below average. No short covering rally.
ReplyDeleteIf you feel bad about losing money on the market, think about that woman.
ReplyDeleteSounds like she will make several million....
ReplyDeleteI would give up my right nut for a million but that's it.
Matt, how much for the left nut if the right nut worth a million? Personally, I won't give up any part of my body for a million.
ReplyDeleteQQQQ needs to break yesterday low at 43.61 and SPY needs to close lower than two days ago at 108.97.
ReplyDeleteI would never give up my left nut....that one's beyond money.
ReplyDeleteIf you know anyone that's interested, just make sure they have enough room, because my balls are big.
Time test for 3X bear funds
ReplyDeleteThe QQQQ broke the 43.61 low. SPY closed near the low. I am expecting the market to continue pullback in the next couple days.
ReplyDelete