Thursday, May 6, 2010

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.
Posted by at

19 comments:

  1. BASMay 6, 2010 at 1:57 PM

    hoLY SHIT

    I AM BACK TO EVEN WITHIN .06 CENTS!!



    PSYNDI

    ReplyDelete
  2. gcl106May 6, 2010 at 2:00 PM

    So the market had micmic CLF pattern. 1 or 2 more down days before it bounces back up for retracement.

    ReplyDelete
  3. BASMay 6, 2010 at 2:10 PM

    now i'm green by .20.. amazing!

    ok will try to hold till friday
    maybe 113 tomorrow ;)

    well, we just might get it today.. damn

    114.23

    theelyp

    ReplyDelete
  4. BASMay 6, 2010 at 2:12 PM

    is this having anything to do with the UK election and being unknown?

    I bet we bounce once that gets sorted out.

    melerent

    ReplyDelete
  5. BASMay 6, 2010 at 2:18 PM

    i'm closing out if i'm up over $1 today.

    no sense in getting bulldozed over tomorrow back to even


    busei

    ReplyDelete
  6. BASMay 6, 2010 at 2:25 PM

    that was too quick for me down to 112 and bounce

    sophypen

    ReplyDelete
  7. BASMay 6, 2010 at 2:41 PM

    out at 33.48!!!

    i couldn't resist!

    mitis

    ReplyDelete
  8. BASMay 6, 2010 at 2:45 PM

    107.05??

    no buyers in sight?

    WTF

    spxu 36.85!!

    ReplyDelete
  9. gcl106May 6, 2010 at 2:48 PM

    Bought back my CLF at 51.00

    ReplyDelete
  10. BASMay 6, 2010 at 2:50 PM

    spy back to 113/30.34 spxu

    WTF just happened??!

    i felt like an idiot

    mitis

    ReplyDelete
  11. BASMay 6, 2010 at 2:52 PM

    is everything glitching like i see?
    112 to 111 to 109 to 113 etc?

    this is freaking wild

    spxu back to 35?!


    dow was -800?? now -500?


    exemern

    ReplyDelete
  12. gcl106May 6, 2010 at 2:55 PM

    I sold my TZA at 7.50.
    I sold my SPXU at 36.00

    ReplyDelete
  13. gcl106May 6, 2010 at 2:58 PM

    Well, SPY broke below 113 and it did my second target at 106 in a hurry. QQQQ did retest 46 and it did went down to 42 area. All the targets met.

    I have no more open positions on CLF, SPXU and TZA. Make tons of money.

    ReplyDelete
  14. BASMay 6, 2010 at 3:04 PM

    http://www.cnbc.com/id/36988229

    The Dow was down more than 900 points at one point, or more than 8 percent, before pulling back to the 600-700 point range.

    Under current, New York Stock Exchange rules, if the market falls ten percent or more between 2:30 and 3:00 pm ET, trading is halted for 30 minutes.

    ovenit

    ReplyDelete
  15. gcl106May 6, 2010 at 3:06 PM

    This drop will be a temporary support level.

    SPY at 106.
    QQQQ at 42.

    The market will retrace back up.

    ReplyDelete
  16. gcl106May 6, 2010 at 3:08 PM

    The market is oversold right now. Most stocks extend beyond the bollinger band.

    ReplyDelete
  17. BASMay 6, 2010 at 3:08 PM

    where'd/how did you get out on spxu?

    would limit order have worked or would you have been skipped over?

    i threw mine in market order... i don't think i would have been fast enough to hit 35+ on spxu as it was glitching

    rophy

    ReplyDelete
  18. BASMay 6, 2010 at 3:10 PM

    $vix +15 @ 40.10 hahaha

    clight

    ReplyDelete
  19. dxoMay 6, 2010 at 3:57 PM

    I think we'll see a retrace back up to 1200 or so. PPT was visibly active at 1066.

    ReplyDelete

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