Tuesday, December 8, 2009

December 8th, 2009

The market gapped down from the morning. SPY is bouncing off from the support level at low 109.

Here is the game plan.

1. I still believe SPY will hit 106.50 area again.
2. Now I also believe that SPY will make NEW 52 week high in the horizon.

What can we do about it?

SPY will hit 106.50 first before SPY will make new 52 week high. By the the time SPY hit 106.50, the spot gold will hit the support level (GLD at 105 area).
Posted by at

15 comments:

  1. BASDecember 8, 2009 at 11:55 AM

    I got in some spxu @ 38.59.. no more than a few seconds later it filled, it dropped to 38.39.. bad timing as usual ;)

    I was waiting around, waiting and waiting too.. *sigh*.. maybe next time..

    sutessa

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  2. gcl106December 8, 2009 at 12:07 PM

    If there is another 300 points drop, this will put SPY at 106.50 and DOW at 10,000 mark.

    ReplyDelete
  3. BASDecember 8, 2009 at 1:02 PM

    right shoulder forming now on SPY?

    time to add more?


    mantine

    ReplyDelete
  4. BASDecember 8, 2009 at 1:22 PM

    yeah for me.. too bad i didn't add more at 110 spy.

    emero

    ReplyDelete
  5. gcl106December 8, 2009 at 2:05 PM

    Now 44.00 is the resistance level for QQQQ. The 111.20 level is the resistance level for SPY. The spot gold and gold stocks are continuing its pullback.

    ReplyDelete
  6. UnknownDecember 8, 2009 at 2:16 PM

    gcl, I am looking for a possible gap fill todayf to near 111 or so. market is weak, so may not happen. I agree that we may see 106.5 before market heads to new highs. I am very skeptically long SSO today.

    ReplyDelete
  7. gcl106December 8, 2009 at 2:28 PM

    JDT, if the market bounced off from the opening prices several times, the market will continue to fall down. The morning gap will be fill later on, not today. There is a huge gap to be fill between 106.5 to 108 area.

    ReplyDelete
  8. gcl106December 8, 2009 at 2:58 PM

    The U.S. dollar currency is rising. Thus it is affecting the gold and oil prices.

    ReplyDelete
  9. BASDecember 8, 2009 at 3:08 PM

    got greedy with spxu limit sell at 39.20

    never hit.. :(

    back to 39.00

    fursebe

    ReplyDelete
  10. UnknownDecember 8, 2009 at 3:14 PM

    Well, i just sold SSO and went short here. not the best of timing, hopefully will get an end of day push lower.

    ReplyDelete
  11. UnknownDecember 8, 2009 at 3:20 PM

    I am jumping the gun here, as we have not hit new intraday lows...and I missed the intraday short entry op when SPY broke down earlier at higher prices. I have been amazed at how resilient the market has been all day with oil, gold and related materials stocks weakness. wierd

    ReplyDelete
  12. BASDecember 8, 2009 at 3:33 PM

    i am kicking myself now.

    was up double from here at 38.85.. GRRRRRRRRRRRRRRR

    should have sold, should have sold..

    erscra

    ReplyDelete
  13. UnknownDecember 8, 2009 at 3:36 PM

    how about a little fear and a strong sell into the close boyz. I feel new intraday lows. Market is weak. I hope they are just sucking in some last minute bottom pickers before they club this thing in a few minutes. Thats how it used to work, but these markets are all f'd up now and much more difficult to day trade

    ReplyDelete
  14. BASDecember 8, 2009 at 4:01 PM

    out at 38.93.. +.34

    that sucked

    left another .20 on the table.. oh well.. something better than nothing i guess.

    I'm not expecting another hard gap down in the morning until i see it. so should be able to get back in at something better tomorrow on spxu..

    conalys

    ReplyDelete
  15. UnknownDecember 8, 2009 at 4:03 PM

    No go on the new lows.

    ReplyDelete

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