The morning gap down favor the longs. It opened at the almost low as yesterday. It means it had a support there. There are 3 targets for SPY for the upside.
1st target = 105.
2nd target = 106.5
3rd target = 108
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I made a few quick trades in GG and X and AMR this morning. Holding SSO from pre-market and adding on pullbacks.
ReplyDeleteI am seeing a nine day downtrend line on SPY. do not think we go too far until that get pierced to the upside.
ReplyDeleteI think we get one more down day before we get the bounce......look at the dollar.
ReplyDeleteBe careful guys!
Matt, i noticed that too. something does not smell right. I have lightened up and will sell all at new lows
ReplyDeleteI just bought AEM at 54.40 for short term play.
ReplyDeleteSPY on 60 minute looks a bit bearish. I'm out and will sit tight. gonna put on a small SPXU position with a stop at new lows for SPXU
ReplyDeleteDude, whipsaw city is back, it's getting harder to trade but more opportunity too.
ReplyDeletegcl, be careful with AEM. they missed their numbers big time and did not warn and pissed off the big money boyz. I think they will punish it some more. It is my favorite gold play, but it is going to take some more time to settle out the lastet time bomb. KGC missed numbers too, and look how it has trade in last week.
ReplyDeleteI would like to say about the U.S. dollars. Do not correlate the U.S. dollars with the U.S. market. As right now the U.S. dollars move opposite direction of the market. In the past the U.S. dollar didn't correlate with the market.
ReplyDeleteJDT, I was watching the Mad Money last night. AEM CEO was the guest of Mad Money. Cramer asked why the company loss profit this quarter. The CEO said it was the startup cost of new mines. Everything is on schedule. I am buy AEM for short term play. I will get out at 60 with tight stop in mind.
ReplyDeleteI just bought more SPXU. they are gonna have to show me some strength (new highs in SnP) to ge me to cover.
ReplyDeleteThe spot gold is in the breakout mode.
ReplyDeleteYes, I think they will be fine too, but the specialists are gonna punish them first for screwing up so bad and not warning. short term is ok, but there is a good chance of one more wash out to downside on that one. It is amazing how ruthless the market is when a great company misses b/c of startup issues. I mean, damn, they opened three mines this year. that is crazy hard to do.
ReplyDeleteyes, short squeeze in GLD. it went opposite the dollar and caught everyone on wrong side of trade.
ReplyDeletehmmm......dollar up and gold up, something's not right.
ReplyDeleteso far, gold is saving the day for SnP
ReplyDeleteSPY high was at 110.30. It dropped to 103.08. It is 6.55% pullback.
ReplyDeleteThe targets that I had for SPY will be reach soon.
JDT, I have follow you the way you trade. I will be in and out within the same day. I will probably not hold stocks overnight anymore.
ReplyDeletethere is something about gold hitting all time highs that i feel does not bode well for the overall market. something is up
ReplyDeletehttp://online.wsj.com/article/SB125722876971624729.html
ReplyDeletefrom my post yesterday, i had mentioned I was surprised they did not try to take the market a bit lower (ie 32ish on SPY) before the obvious rally back. Maybe we get some of that selloff this afternoon, but market needs to break to new lows first (obviously)
ReplyDeletejust sold half my SPXU. crazy spike
ReplyDeletebig volume on 200/5
ReplyDeleteshit, high flag on the ramp....
ReplyDeleteare we going to 105?
Matt, i think it could still go either way. If we go to higher highs I will get out of the rest of my SPXU
ReplyDeletethis rally is ALL about gold and the warren buffet b.s. That is a tall order to fight against.
ReplyDeleteThe gold stocks are up like crazy and yet the market is not even in the territory yet.
ReplyDeleteyep, imo, gold going up, especially in light of the India news, is not good for market imo...but, it has helped hold it up so far. too funny, how bout oil going up "just because" gold is up. Crazy world we live in.
ReplyDeleteI just sold my AEM at 57.70. Good trading.
ReplyDeleteNice trade! I really do not know which way market is going today, but if it sells off, in light of the BNI (warren buffet news), Stanely and Black & Decker news, and gold going through the roof, then that is very negative for markets. probably will not happen though
ReplyDeleteGold stocks runup for today is done.
ReplyDeleteI kind of get the feeling that the crowded trade right now is long the market. everyone is euphoric over gold and the buy-outs today. we are bumping up against nine day downtrend line in SnP. if we cross to upside, market will most likely run pretty hard. of course, i am hoping that does not happen, but we will know soon enough
ReplyDeleteI bought a bit of DTO with a tight stop. if dollar rallies back up, oil will tank hard (imo)
ReplyDeleteIf the market closes positively, good sign for the bulls in short term. Then tomorrow the SPY could retrace back up to 105 area.
ReplyDeleteDamn, this is a tough hold (short)right here. next spike to highs and I am out. F'it
ReplyDeleteXOM and CVX are rolling over a bit. They are bit part of DOW. if they rally, market will rally too.
ReplyDeleteThe SPY is an index for S&P 500.
ReplyDeleteThe DIA is an index for DOW JONES.
The QQQQ is an indx for NASDAQ.
As right now, the QQQQ and SPY are flat to positive, but DIA is still negative.
I am out. damn gave back 1/2 of my profits today, but gave it a good effort.
ReplyDeleteWow, AEM is still continue to go up. Maybe it will hit my target at 60.
ReplyDeleteYesterday I mentioned that this is the beginning of retracement back up. Today morning gap down favored the longs. I believe SPY could retest back up to 105 tomorrow.
ReplyDeleteyes, AEM got bailed out by the price of Gold. this thing would have been at 80 plus without ther f'up. could easily fill the gap now. I will attempt to go long the market tomorrow, depending on the open, but will have a tight stop for sure.
ReplyDelete