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).
Subscribe to:
Post Comments (Atom)
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 ;)
ReplyDeleteI was waiting around, waiting and waiting too.. *sigh*.. maybe next time..
sutessa
If there is another 300 points drop, this will put SPY at 106.50 and DOW at 10,000 mark.
ReplyDeleteright shoulder forming now on SPY?
ReplyDeletetime to add more?
mantine
yeah for me.. too bad i didn't add more at 110 spy.
ReplyDeleteemero
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.
ReplyDeletegcl, 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.
ReplyDeleteJDT, 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.
ReplyDeleteThe U.S. dollar currency is rising. Thus it is affecting the gold and oil prices.
ReplyDeletegot greedy with spxu limit sell at 39.20
ReplyDeletenever hit.. :(
back to 39.00
fursebe
Well, i just sold SSO and went short here. not the best of timing, hopefully will get an end of day push lower.
ReplyDeleteI 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
ReplyDeletei am kicking myself now.
ReplyDeletewas up double from here at 38.85.. GRRRRRRRRRRRRRRR
should have sold, should have sold..
erscra
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
ReplyDeleteout at 38.93.. +.34
ReplyDeletethat 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
No go on the new lows.
ReplyDelete