ALERT!!!

I have a new blog site up. This new blog site is better than this one.
Click on the following link to access it, www.dailymarketaction.weebly.com.

There are new few changes to it.

1. I am no longer gcl106 as my alias. My new alias name is marketwhiz on my new site.
2. Now you can contact me by email if you want to talk about stock market personally.
3. I will post closing day commentaries with a SPX chart.

There are some items that I am still continue to do.
1. I still have watchlist, long list and short list on my portfolio.
2. I still have a link to my past performance.

See you all at my new site.

July 8th, 2010

Wednesday July 7th 2010

Tuesday, July 6th 2010

Friday July 2nd 2010

Thursday July 4th,2010

June 28th, 2010

Today and tomorrow I will be moving out of New Jersey to Maryland to live.

I will not be able to posts any blogs in those two days.

But I will be back on Wednesday.

June 25th, 2010

A second leg down will take SPY down to 96 area or QQQQ to 41.5 area.

It might or might not go straight down from here. It is either have heaving selling to SPY at 96 or it could be choppy along the way.

If GOOG break 465 level, a second leg down will happened.
If GS break 130 level, a second leg down will happened.
If X break 40 level, a second leg down will happened.
If AMZN break 115 level, a second leg down will happened.

You got the idea.

June 24th, 2010

Here comes the second leg down.

The right shoulder was either a small one or none at all is done.

VIX is going back up. Huge support at 25.

TZA is going back up. Huge support at 6.50.

Note: TZA will do a reverse split of 5 to 1 on July 7th.

June 23rd, 2010

Is this the beginning of second leg down for the market?

The TZA is moving back up.
The VIX is moving back up.

It seems like GS and GOOG are beginning to take a second leg down.

If S&P 500 closes below 1080, you can expect the market to head lower from here.

June 22nd, 2010

Watch GS possibly second leg down from here. So GS had not participated with recent small volume rally with the market.

Now VIX is hanging around 25 mark.
Now TZA is hanging around 6.50 mark.

June 21th, 2010

Is today the climax of pseduo right shoulder? I think it is.

Remember the last 3 trading days were light volume.

June 18th, 2010

The market is continuing to move higher in light volume.

The spot gold is breaking out.

The VIX broke down below 25.

June 17th, 2010

Now the market volume is picking up.

Now I believe yesterday action was to get longs to buy after S&P 500 break 1105 to 1110 resistance level.

TZA did dropped below 6.50, but today it is climbing back up above it.

I have to say yesterday action was shake and back the shorts and longs depend how you are invested.

June 16th, 2010

Since last Friday the market went up in low volume.

I don't believe in this rally at all since last Friday.

The market will retrace back down to last Thursday opening gap.

Since the market went up in low volume, the shorts are covering and little buyers are stepping.

June 15th, 2010

Again, the market hit the resistance level at 1103 to 1105 for S&P 500.

It seems like GS is struggling to go up comparing with the overall market.

Something to watch for.
VIX at 25
TZA at 6.50
S&P 500 at 1103 to 1105 area.

June 14th, 2010

The market is right back at the heavy resistance level. S&P 500 at 1103 to 1105 area.

Last Friday action was a up day for the market but the volume was light.

If the S&P 500 take out 1103 to 1105, then you can expect a right shoulder to form.

June 11th, 2010

There is a heavy resistance level at 1085 to 1090 for S&P 500.

Watch VIX at the support level 30.

If today the market closes above 1090 and forms a white bar, go long for a brief rally.

If that is the case, I will close my short position on BIDU and reenter later on.

June 10th, 2010

Watch S&P 500 at 1085 and 1090 area. That area is a very strong resistance level.

Also watch for VIX. If VIX closes below 30, then you could expect the market to retrace much higher from here.

June 9th, 2010

Sorry for the late post. I was very busy this morning with the customers.

Now S&P 500 heavy resistance level at at 1085 to 1090.
The market is doing 2 step down and 1 step up.

Watch BP closely. It could file for bankruptcy because of oil spill in Gulf of Mexico.

June 8th, 2010

The spot gold continues to trend higher. You can follow it by GLD or DGP.
However the gold stocks are not performing as well as spot gold because the overall market dragged them down little.

Where are we heading with the market?

I have a price target of QQQQ at 41.5 in short term.
For longer term I have a price target for SPY at 95.

If the market corrects in a heart beat, you can expect QQQQ and SPY targets meet in no time.

June 7th, 2010

I have bad news.

I usually post my blogs on this site. Over the weekend, the company that I worked for finally blocked this social media site on my laptop. I can't no longer access it.

I am writing this blog through another open PC. It is very uncomfortable to use this PC.

Is there another free site that I can post my blogs daily?

June 4th, 2010

Like I said in the previous days, you will probably not going to see a right shoulder forming.

The S&P 500 had a hard time breaking above 1103 to 1105 area.
The spot gold and gold stocks are moving down.

The VIX remains above 30 and TZA didn't break below 6.50. The 6.50 is a very strong support level for TZA.

June 3rd, 2010

The QQQQ almost hit 47 target that I have for it. It hit 46.66. The 47 could be a stretch.

During this rally, CLF didn't participated at all.

In the foreign markets, they are broke below the February low. It is just a matter of time that the U.S. market will break the February low.

June 2nd, 2010

The market is continuing to be volatile.

The SPY had trouble breaking above 109.50 to 110.00 level and stay above.

Lots of investors are expecting to see the right shoulder and so do I. But the more I looked at the charts there could be no right shoulder forming. Since March 2009, there were hardly any head and shoulders pattern at all.

June 1st, 2010

I hope everyone had a good holiday weekend.

Watch for QQQQ to hit 47 target if possible.

Also watch for TZA at 6.50. If it closes below 6.50, the market could have a shot to shoot higher.

May 28th, 2010

The trading volume today will be light due to holiday weekend.
The market will be closed on Monday because it is Memorial Day.

May 27th, 2010

The market is at the heavy resistance level (SPY at 109.50).

I shorted bidu at 70.25.

May 26th, 2010

Here comes the retracement up. Watch for CLF. There is a minor resistance at 55. If it breaks above 55, then here comes 60.

I am still expecting QQQQ to hit 47.

The spot gold and gold stocks are ready to resume upward.

May 25th, 2010

The market opened gap down again.

Is this the final panic selling or more selling to go yet.

VIX are overbought. Is the specialist trying to trap short on this gap down?

I will be away from my desk entire morning.

May 24th, 2010

Last week action was a bear tone in oversold territory.

This week the market will have a dead cat bounce from oversold territory.

CLF dropped below 50 market, but quickly bounced back up above 50 last week.
CLF had two resistance levels, 55 and 60 area.

I will expect QQQQ to hit 47 again for retracement.

The spot gold and gold stocks had dropped back to the support level last week.

May 21st, 2010

The market (SPY) restest the low at 106 area. This is a very good support level. Everything is way oversold. If you have been short, cover now. The market will bounce back up to retrace some gaps along the way down.

Also the VIX is way overbought beyond the bollinger band.

If there is a bounce from here, I am expecting QQQQ to hit 47 again.

May 20th, 2010

The VIX is back to the high of 41. It did retested to the same high. It did opened much higher.
The VIX is at the upper channel of bollinger band. There is a huge gap to fill from this morning.
If it closes down and to breakeven mark, the market could bounce back up from here. Lots of panic selling right from the start of trading hour.

Watch TZA restest around 7.40 to 7.50 area.

V and MA dropped too much in recent week. It is holding well today compare to today action.

May 19th, 2010

The market retested the previous low for S&P 500 at 1110.00. This could be a temporary support level here. The QQQQ will retrace back up to 47.

May 18th, 2010

Like I said the market will retrace back up to last Friday morning gap (SPY at 116). Now there is a morning gap from today at 114 for SPY.

CLF bounced off from 50 mark at support level.

Yesterday action was a tale of two cities. The bear won in the morning but the bull won in the afternoon. Due to late bull run, I have to give it to the bull win that day.

May 17th, 2010

I am expecting the market to retrace back up to last Friday morning gap.

I believe this week is the make or break week for the market. Why I said that?
If the market trades sideways this this week or have three white bars out of 5 bars, then you can expect the market to go back up. If there are more red bars this week, then there is more downside from here.

Also watch CLF carefully. If CLF breaks down below 50, the market will have a tendency to break down as well.

May 14th, 2010

Well, the S&P 500 didn't hit my target 1180. It did hit 1173. Now the market will retrace back down to Monday morning gap.

Watch for CLF. If CLF breaks down below 50 market. You can expect the SPY to hit 106 again.

May 13th, 2010

The market is at a crossroad. Is it going to shoot higher or retrace back down to close some gaps between last Friday and this Monday area for SPY.

CLF is hovering around 55 to 60, but the 13 day moving average is still pointed downward.

Could S&P 500 hit 1180?

Yesterday volume was some what light.

May 12th, 2010

Since I made my trades publicly opened back in September 2009, I have made over 116% in return profit. That is only the first 9 months of trading. Let's see if I can get to 200% return in one year timeframe.

I am expecting S&P 500 to hit 1180. The 1200 target might be a stretch, but we can't rule that out.
The spot gold continues to rise higher.

If TZA drops below 5.80 mark, you can expect S&P 500 to hit 1200 again.

I am watching CLF closely to predict what will the market do in the next few days.

Added comments:

Just bought TZA at 5.90.

Add comments:
BAS, thanks. From what I know of trading in the past experience, if you bought stocks and it went against your way, there is always a chance it went back to your price to breakeven. Like I did with CLF. I shorted CLF around 54 and it shot up to 73 area. Yes I was wrong about that trade. Guess what, CLF went back down to my shorted price and even more. I bought TZA this morning. I am expecting TZA to close the morning gap from today.

May 11th, 2010

Gold stocks are breaking out.

GLD, AEM, GG, GDX, ABX

Watch CLF pattern carefully. So far CLF is couple days prediction for the market. It worked so far.

Now VIX had a support level at 25.

May 10th, 2010

Like I said earlier last week the market will trace back up.

S&P 500 could retrace back up to 1180. There is a gap around 1200 area.

If it ever does retrace these two targets, then it could retrace back down to today morning huge gap.

The VIX was overextended last Friday. It is retracing back down below 30.

May 7th, 2010

The market bounced back up to 113 for SPY and 46 for QQQQ. It did drop down to 106 for SPY and 42 for QQQQ. Yesterday it was one of the craziest day that I ever witnessed of trading.

Where is the market going from here in short term view?

113 for SPY and 46 for QQQQ is a temporary support level. The real good support level for SPY is at 106 and 42 for QQQQ. As I looked over the charts last night, there is one gap to fill up. The gap is at 1200 for S&P500. Also the market could retrace back up to 1180 for S&P 500.

If you want to invest your money in equities, the gold stocks are the safe bet. In the past the gold stocks went higher as the market went down.

May 6th, 2010

The current short term trend is down.

GOOG broke the support level at 520.
AMZN is right at the support level of 130.
IBM is right at the support level of 125.
INTC is right at the support level of 22.
CLF is hanging between 55 to 59 area.

If more stocks break down below the support level, you can expect the market will have a deeper correction. It means that SPY could breakdown below 113 and QQQQ below 46.
Then the next level for SPY is 106 and QQQQ is 42.

May 5th, 2010

I was down more than 20 points of shorting CLF. Now I am able to squeeze small profit of it.
I knew it will go down to 54 to 55 area again. That area was the breakout point for CLF.

I am still expecting SPY to hit 113 and QQQQ to hit 46 again.

I am still under water for SPXU. Make a small profit of TZA right now.

May 4th, 2010

I warned about the market today from yesterday action.

It is following exactly like CLF pattern. Yesterday action was almost the same as CLF traded on April 28. The next day CLF dropped big. The market could drop big today.

I am still expecting SPY to hit 113 and QQQQ to hit 46 area.

Added comments.

I still can't add more comments beside my first post for the day. There is something wrong with the site. I have to find another site to write my posts.

We need the VIX to exceed the resistance level of 30 in order for a true bear market.

Added comments.
Now I am pretty much break even on the CLF. I was down more than 20 point on shorting it.
Glad I wasn't trading on emotions.

May 3rd, 2010

The spot gold broke the inverse head and shoulder pattern. It is about to go much higher from here.

The U.S. market is about to break down. Lots of big company stocks are already down huge such as GOOG, GS, CLF, and X.

The futures are in the green right now. All I want is the market to close lower than its opened.

The VIX is about to go much higher from here. It had a strong support at 18.

Guys, there is something wrong with the site. I can't seem to put any comments after my first blog for today.

I will add my comments here.

Today action resemble CLF action on April 28. You do know what happened the next day for CLF. Watch for the market follow the CLF pattern.

April 30th, 2010

Remember what I said about CLF few days ago. It had a nice dead cat bounce for couple days and then the stock price took a nose dive after that.

I will expect the market will follow that pattern. The market had a nice dead cat bounce few days ago.

April 29th, 2010

This is a good area to short more.

I bought more SPXU at 27.50 and TZA at 5.76.

April 28th, 2010

Like I said before, the days after April 15th, the rally was a bogus.

It seems like the market have changed the trend from up to down. But the market is not a bear market yet. There are still some bulls out there.

If the VIX breaks above 30, then you can expect the market will have a deeper correction.

April 27th, 2010

The stock market continues its climb with weakness on hands.

There are stocks that changed trends already.

X,GS, GOOG and CLF

CLF just experienced dead cat bounce the last couple days.

April 26th, 2010

Since the day after April 15th, the market went up in light volume.

This is all bogus rally. The shorts who shorted probably covered.

There are some individual stocks already changed trend or breakdown.

April 23rd, 2010

The market keep on rolling higher in light volume.

I am still expecting the SPY will hit 113 and QQQQ will hit 46 again.

April 21th, 2010

There are more and more individual stocks are having false breakout.

Some of them have changed trend already to downside.

I will expect SPY to hit 113 again and QQQQ at 46 again in the future.

April 21th, 2010

X is continuing to break down.

Now CLF is turning to downtrend.

It is usually the energy and mining stocks are the first to go.

The market will follow the suit.

April 20th, 2010

No matter how you put it about the market.

I believe the market will follow the pattern of X and POT.

April 19th, 2010

The Friday action was very encouraging for the bears.

Earlier last week, I sensed something was about to happen the day after April 15th, tax returns.

Is this the turning point for the market?

The market turned around from downtrend to uptrend from March low in 2009. The Citigroup news turned the market around. Now Goldman Sachs, another bank stock news, could signal the turnaround from uptrend to downtrend.

April 16th, 2010

The Day after April 15th.

I am still expecting a false breakout above 11,000 for DOW and 1200 for S&P 500.

X and POT had false breakout. Now both of them are breaking down.

Many more will follow.

April 15th, 2010

The market broke the 11000 mark.

I am really surprised that the market is continuing marching higher with low volume.

April 14th, 2010

POT is continuing to break down. POT had false breakout.

X and LMT could follow POT pattern. Could they had a false breakout too?

April 13th, 2010

The DOW is flirting with 11,000 mark.

The market creeped up the last few weeks in low volume.

I am very curious what will happened after the April 15th.

April 12th, 2010

The market had hit 11,000 mark.

The SPY is very close to 120. Will the market continue to breakout or it will fail for a false breakout?

Don't forget to do your taxes. The deadline is April 15th.

April 9th, 2010

The market is hitting a major psychological resistance level for DOW at 11,000 and S&P 500 at 1200.

More and more upgrades on individual stocks lately. Is this a contradiction of the move in the future?

April 8th, 2010

For the last couple days, the market had been traded in the negative territory.

There are some stocks are breaking down.

POT, RIMM, most defense stocks

April 7th, 2010

Today and yesterday opening actions are almost the same.

Opened down slightly and closed the gap.

The way I am seeing right now, the market is way overbought and have trouble to continue to go higher. It might do one more short squeeze.

April 6th, 2010

Great college basketball game last night.

The market is still going up higher in low volume.
You are started to see lots of analysts upgraded their targets on some stocks.

The VIX and VXN 13 day moving average is about to head back up.

April 5th, 2010

I'm back.

The market is continuing heading higher in low volume.

The DOW will probably restest 11, 000.
The USO broke out.
The U.S dollar currency restested it broke out point.
The VIX is holding its support

March 31st, 2010

Today is the last day of the 1st quarter of this year. The market action could be window dressing.

This Friday is a stock market holiday. The market will be closed.

March 30th, 2010

I got stuck at the army base. No internet access at all in one of buildings.

Oh well, I missed the whole action today.

March 29th, 2010

The last two days the market went up in the first half. Then it faltered in the second half of the day.
Can today action be the same?

I will be out on Thursday and Friday this week. One of my younger brothers is getting married.
I am his best man.

March 26th, 2010

Why this top is so different from January high 2010?

In January high, there was no blowoff top to be seen. When it dropped from there, it left big gaps behind. So from February low, the market slowly retraced back up and filled those gaps.

This top had a blowoff top from yesterday. So far there are some gaps below to retrace back down.
QQQQ had two big gaps to fill. 46 area and 45 area.

March 25, 2010

Finally, I have a break.

Ok. The market is continuing to go higher.

The U.S. dollar is going higher too.

March 24th, 2010

Lunch break!

Although the market went higher yesterday, it is due to short covering.

AMZN, GOOG and GS are continuing to break down.

Same with GLD and USO.

The U.S. dollar currency is continuing to rise higher.

The market is at the cusp of "blow off" top.

March 23rd, 2010

This week I will be busy with work.

Two days training on Wednesday and Thursday.

My VIP visitors are still here.

Again the market seems like it went out of gas heading up. Not much conviction to the upside.
Watch GLD USO and dollar for sign.

March 22nd, 2010

Sorry for the late post. I have two important guest visitors today.
I have to be with them all day long.

March 19th, 2010

I don't know about you but I am seeing internal weakness on some of the individual stocks.

Take a look at some of these stocks.

V, MA, AMZN, RIMM, AAPL and many more.

It seems like the top was in last Friday for these stocks.

March 18th, 2010

The market will retraced back down. There are two gaps for QQQQ at 45 and 46. Also gaps in 111 and 113. I still expect SPY to hit 108 again in the near future.

March 17th, 2010

When will the housing market recovered? The answer, my friend, is when the FED starts to raise the rates. When the FED starts raising the rates, the cookie will crumble.

Right now the market seems like it wants to continue to go higher. Is it a trap for longs or shorts?

March 16th, 2010

This week is triple witching expiration.

It seems like S&P 500 is stuck between 1150 to 1155.

March 15th, 2010

March Madness is coming. I love to watch college basketball tournament games.

GOOG and AAPl took a big hit right from the start.

I am expecting the market to retrace back down this week.

March 12th, 2010

Again the market dropped to break even mark.

Well, the market is way overbought now.

March 11th, 2010

Yesterday action was very encouraging for the shorts.

The spot gold broke down and the VIX closed in positively.

I will expect the market to head back down from here or retrace it back down and close some gaps that left behind.

March 10th, 2010

Sorry for the late post. I was stuck on a task this morning.

Every times the market dropped in the afternoon, it dropped to the break even mark.
I am still looking closely on VIX, USO and GLD and dollar for direction from here.

March 9th, 2010

Happy anniversary to the bulls since March 9th, 2009.

The market looks very tired at these levels.

March 8th, 2010

I will expect the market will double top this week.
Also I will expect the market will change direction to the downside from this week.

March 5th, 2010

Is this the blow off top that we need for the shorts?

March 4th, 2010

The last two trading days, the market had indecisive direction. It is just like the same pattern couple weeks ago when SPY was 104 to 106 range. Either today or tomorrow the market needs to close negativity for the market to roll over.

March 3rd, 2010

Sorry for the late post.

My manager is with me all morning.

I am watching the VIX closely. The VIX had a very strong support at 18 to 19 area. If it breaks below it, the market could go much higher from here. I believe that the VIX will bounce off that area again.

March 2nd, 2010

Something fishy about this rally.

I bought my last batch SPXU at 34.50.

March 1st, 2010

The market gapped higher this morning.

Watch how it closes that gap.

February 26th, 2010

Today is the last day of trading in February.

The last two trading days were out of ordinary trading.

Carefully looking at the charts, the market could be in a tight range for couple days.

I am watching AMZN, AAPL and GOOG closely. If these three decides which direction to go, then the market will go with it.

February 25, 2010

Northeast area is having another big snowstorm.
The snow from the first two snowstorms didn't melt all the way yet and here comes the third one.

The market gapped down more than 100 points. If it trades like this after 10:00 AM, it will close over 100 points down today.

February 24th, 2010

This was so nice that the market gapped higher this morning.

It did three reasons that I like for shorts.

1. The market retraced back up where it broke down yesterday morning.
2. There is a morning gap this morning. The market will likely close that gap.
3. The market will likely closed lower than it's opened. It will formed a black bar.

February 23rd, 2010

So far my predictions are coming true.

GLD hitting 109.50 to 110.00
VIX hitting 18 to 19 area.

Yesterday 3:00 PM selloff ( very close) and around that time it could be the top for this week.

I would expect SPY to hit 108 again. This means SPXU is very close to 38.5 to 39 area. There is a gap there.

USO will probably hit 36 to 37 area again.

February 22nd , 2010

So far the targets that I mentioned had hit.

GLD at 109.50 to 110.00
VIX at 18 to 19 area.

This week the market will be down.

February 19th, 2010

The spot gold and gold stocks pullback after a nice runup in the last few weeks.

The U.S. dollar currency is breaking out.

I am expecting USO to hit 36 to 37 area again.

I am expecting SPY to hit 108 again.

February 18th, 2010

This is a great opportunity to short from this level.

The market just had its relieved rally.

February 17th, 2010

Some stocks are double top. Some others are not participating with the rally. The rest are just tagging along with it.

Always short on the rally.

February 16th, 2010

GLD had hit my target at 109.50 area.

There are some individual stocks are heading backup.

If SPY stays and closes above the 13 day moving average, the market is heading back up.

Few weeks ago, I mentioned this pattern could micmic the same pattern from last June and July timeframe. This is early to tell yet.

February 15th, 2010

Today the market is closed.

Here is what I think about the market right now.

Last year, the SPY didn't spend too much time in 106 to 107 area. So in the past few weeks or so, SPY spend time in that area. SPY is ready to make a move. The question is which direction.

My guess will be up. During that two days big drop from 115 to 109, SPY needs to retrace back up in 3 point progressive move, 106, 109, 112, 115. The 106 is the strong support level. There was a gap between 109 to 110. The 112 was the breakout point not too long ago. The 115 was the top.

Again I am closely watching USO, spot gold, Dollar and VIX.

The USO could bounce back up to 39.
The DXY (dollar currency) could drop back down to 78.5, the breakout level.
The spot gold (GLD) could hit 109.5 to 110.
I am expecting VIX to retrace back down to 19 area.

February 12th, 2010

Next Monday the market will be closed.

The market gapped down from the opening.

If the market closes to flat even line or higher, the market will continue to go higher from here.
If the market closes to where its opened today, the market is still deciding which direction to go.
If the market closes 100 points or more down, the market is heading down.

Watch how the market closes the morning gap. This is the crucial area.

February 11th, 2010

Northeast had the two big snow storms within a week.

I have to dig myself out of it. Not many people are at work today.

The traders are sitting and waiting for the market to decide which direction to go.

February 10th, 2010

So far the market is trading above the Friday low.

Yesterday action was pretty neutral for the bears and bulls. The market did closed around 150 points higher, but it closed where it's opened.

February 9th, 2010

The specialists are at his bests yesterday late afternoon.

Right from the start the market counter attack the loss from yesterday sell off. The shorts who shorted during the afternoon sell off got trapped or not.

It is past 10:00 AM and the market is hovering around yesterday high. Will it fill the morning gap?

February 8th, 2010

I am back in my office.

Where are we in the market?

This weekend finally I was able to analyze the market more closely for the past week.
On Thursday and Friday the market had panic selling. SPY broke down below 106 level, but it rebounded back above it and close above it. The market is at a major support. The bulls will give the bears a fight here.

I would expect SPY trade between 104.58 (Friday low) and 109 range this week. If SPY trades above 104.58 this week and it has 3 out 5 days are white bars, then you could expect the market will trade back up. There were lots of stop losses right below 106 level last Friday. The specialists triggered all those stop loses and that why SPY went down to 104.58. Then the specialists brought SPY back up.

For bulls perspective, the SPY needs to maintain above 106 level. Most individual stocks are at the major support level. SPY could retest 104.58 to 105 level again. As long as it doesn't make lower low (104.58) this week, the bulls will win the fight. Watch for clues on these stocks.

GOOG support level: 520
X support level: 42
AMZN support level: 115
USO support level: 35

For bears perspective, the market is still in downtrend in short term and the 13 day moving average is point downward. The volume is huge for down days than up days.

Two things to look very closely:
1. The VIX had trouble breaking out of 30 area. The 30 resistance level is the crucial point.
2. The market pattern this year could mimic the same pattern from last year of June and July.

February 5th, 2010

GLD broke down below 105 to 106 area.
USO broke down below 35 to 36 area.

The U.S dollar currency continue to rise, but it is approaching overbought area.

The SPY closed the gap between 106 and 107 area from last year.

I will be back to my office next week.

February 4th, 2010

The GLD had breached below 105 to 106 level.

The U.S. dollar currency continues to rise higher.

The market is in the correction phase unless the market make a dramatic reverse back up this afternoon.

February 3rd, 2010

The market is in the middle of the road. It could go either way.

Watch GOOG closely. Today GOOG could possibly hit the bottom of a minor pullback.
USO bounced off from 35 and 36 area nicely.

The dollar currency is continuing to rise.

February 2nd, 2010

The only time I can post today was after hour.

The market bounced off from the strong support level at 106 to 107 for QQQQ. Also USO bounced off from 35 to 36 area. The last two trading days was very encouraging for the bulls. But is this rally for real or headfake? Also the spot gold bounced off from 105 to 106 area.

I wish that I can hold my GLD and SPXU for more gains. From what I learned from the past is that when I am on travel, I should never have any open positions. No loss and no pain, but no gain and no profit.

Februray 1st, 2010

This week I will be on business travel. Fortunately, my departure time is this afternoon. So this morning that I am able to trade.

Is there a correction coming for the market? The way I am seeing right now, I am not sure. I am playing this by ear. There is a huge gap for SPY between 106 and 107. If the market bounces off this level very strongly, then the market is ready for the next leg. If it breaks below it, then the market is in the correction phase. Again, look for clues.

Watch for oil play, check out USO. If USO bounces off from 35 and 36 level, then it is very likely the SPY will bounces off from 106 to 107 level.

January 29th, 2010

I will be on business travel next week. Whenever I have access to the internet, I will try to post on my blog.

If the market retraces back up, the SPY will likely hit 112 target and 45ish target for QQQQ.

January 28th, 2010

The market is back to the support level.

The U.S dollar seems want to break out.

I started to see some stocks are bouncing off the support level.

RIMM, AMZN, GOOG

January 27th, 2010

Again the SPY dropped down to the support level around 109. Also the QQQQ dropped down to 44 level.

January 26th, 2010

Sorry for the last post.

It seems like 109 is the support level for SPY. 44 is the support level for QQQQ. I believe the market will drift higher slowly in coming days.

January 25th, 2010

This week earnings.

Monday: AAPL, AMGN, TXN, VMW
Tuesday:EMC, JNJ, X, YHOO
Wednesday:CAT

January 22nd, 2010

The last two trading days were very encouraging for the bears. The question is the market at the beginning stage of correction or is it just a minor dip for buying opportunity. How do we detect what will happpened? We can't tell by looking at one trading day. Look for stocks that broke out the last couple months. If those stocks pull back to the broke out line and it treats it as a support level, then it is a buying opportunity of the dip. If it breaks below the broke out line, then the market will correct itself.

January 21th, 2010

The U.S. Dollars is breaking out.

More and more individual stocks are breaking down. Now X and CLF join the crowd.
The gold stocks are at the critical point.

January 20th, 2010

I hope you take the advantage of yesterday rally. Sure, I did by buying more SPXU near the top of the market yesterday. I know it was a fake move made by specialists.

Today and the last two days the market is VERY volatile. These days the market daily range exceeded more than 100 points now. You can expect more like this in coming weeks. No more trading in a tight range anymore. The VIX will increase dramatically like I said last week.

January 19th, 2010

The market make a very nice retracement this morning from last Friday loss. Will it last?

January 18th, 2010

The market is closed today.

Here are some stocks have changed trend to downside already.

GOOG, BRCM, T, AMD, TSL

Here are some stocks about to change trend.

AMZN, BRKB, most solar stocks

January 15th, 2010

Another earning reports from INTC and JPM. So far the bears won 3 out 3 on the earning reports.
The 3 big earning reports are AA, INTC and JPM.

Next week earnings:
Tuesday:C
Wednesday:BAC, EBAY
Thursday:AXP, GOOG, GS
Friday:GE

January 14th, 2010

Watch for INTC earning report after hour today. JPM earning report is tomorrow in the premarket.

January 13th, 2010

The market gapped up this morning. This is a good opportunity to short from here. It was a setup to open higher.

January 12th, 2010

The market gapped down due the AA earning report last night.

GOOG, AMZN andAMD are continue to struggle. It seems like these stocks have changed trend to downside.

I will expect more individual stocks will follow suit.

January 11th, 2010

Last Friday on my last post, I stated that the last 30 minutes rally was an irrational buying. It went up for no particular reasons. The first 30 minutes today was a follow through action from last last afternoon rally. The VIX did touch to level 16 area. The market is very close to the top.

January 8th, 2010

The market will make a significant move soon. Just watch how GOOG plays out. The market could follow GOOG patterns.

January 7th, 2010

I am still expecting SPY to hit 112.00 and QQQQ to hit 45.00.

January 6th, 2010

I am seeing some weakness on some stocks, GOOG, AMZN, RIMM, V and MA.

January 5th, 2010

Sorry for the late post. I was away from my desk entire morning.

The market is about to make a significant move. The VIX is hanging around 20 mark.

January 4th, 2010

Happy New Year!

Is this the beginning of the next rally?

The spot gold shot up. It seems like GLD had a strong support at 105 to 106 area.