I didn’t have time to make any charts today, so I wrote a joke instead:
What’s the difference between a Mexican and a Detroiter?
Mexicans make cars and Detroiters live in their cars.
Note: Thank you NAFTA!
Note: I would say that the joke is clever, but not really funny – especially to Detroiters.
Note: I googled the joke and didn’t find anything, so I’m claiming copyright. Interested comedians can PayPal $100 to the email address on the About page for non-exclusive usage rights.
Note: Yes, people from Detroit are indeed called Detroiters. Just look at the demonym on Wikipedia (in the population section). And no, people from Charlotte are not called charlatans.
Julie,
I’m a comp whiz. The trading part is a second nature i’m trying to take up
Matt,
Is Ziggy not Zagging for you anymore that you have to write jokes for a living?
K,
you on a roll tonight!
Matt,
Good joke. Send it to Leno.
this is an awesome concept and I’m sure apple is onto it
http://vimeo.com/8217311
BoE: Banks Will Need To Reduce Leverage Further
YEAH RIGHT!!
Bloomberg:
Iranian forces yesterday entered Iraqi territory at dawn, and occupied well number 4 in the East Maysan field in al-Fakah region, 450 kilometers (280 miles) south of Baghdad, Border Guard General Zaser Nazmi said. The Iranian forces positioned tanks around the well.
The border guard’s comments couldn’t be immediately verified independently.
“They positioned tanks around it and dug trenches,” Nazmi said by phone from Basra. “They are still there, they raised the flag.”
Other outlets are reporting the story as well.
Update: Oil has spiked to $74.
Goldman: Oil Going To $90, Gold To $1350
SPY could go up and fill that gap-down it made yesterday. At that point I would expect it to reverse somewhat.
George,
The Spider might have been right OEF is 16 cents in the green but i didnt buy much so i need a dollar or 2 to be satisfied
K,
I was going to send you a box of choklet. I think I’ll send you a box of SPYders.
2thfixr,
Thanks for the updated chart.
i want chocolate!
K,
Can you post pivots? Do you have them?
Thanks
If BBT can break through its 15min 36MA it will do a moon-shot for about an additional .20c.
BTW, the only thing holding SPY back it its 15min 36MA ELSE it looks strong.
Sure.
SPX Pivots
R3 1113.58
R2 1109.97
R1 1103.10
P 1099.49
S1 1092.62
S2 1089.01
S3 1082.14
So far today SPX has gone as high as 1103.74 (aka a little above R1)
It is currently below R1 but above the Pivot line (Current price of SPX is 1102.23 )
Note: the Pivot for S&P futures is 1096.56 and the futures are currently BARELY above it at 1097 Just sayin… they reached R1 at 5am and fell right after touching it.
Twitter hacked by ‘Iranian Cyber Army’
http://www.cnn.com/2009/TECH/12/18/twitter.hacked/index.html
oh OEF had never broken its pivot and thats is the top 100 S&P stocks.
looks like i’m selling it here.
K,
THANKS!
Hugg DZZ George,
I warned ya that the futures and the top 100 didnt like going up so far.
SPX just flirted with 1099.49 pivot
Ok George I should do SPY Pivots as your courtesy
SPY Pivots
R3 111.48
R2 111.20
R1 110.62
P 110.35
S1 109.77
S2 109.50
S3 108.92
Currently at 109.90 and never crossed above the pivot of 110.35 closest it got is 110.30 at 9:45
good luck!
some funnies just to lighten up the mood
http://comics.com/zoom/305331/
SPY hit support on its 5min 36MA. If good, this should propel it upward.
K,
Yer a comp expert. Where can I find a ESATA to USB adapter or cable? Best Buy and Radio Shack doesn’t have them.
http://www.amazon.com/Coolmax-ES-300-Esata-USB-Adapter/dp/B000GI67QM
unless that wasnt what you were looking for..
bte here is SPX again at 1099.50 still struggling to stay above water
just noticed that was out of stock
http://www.amazon.com/USB-to-eSATA-SATA-Adapter/dp/B002BC32OG
SPY hourly gap up filled. Resting near its 5min 36MA. Will look for a setup here.
Amazon has that? Huh, go figure. Hmmm, maybe some other places on the ‘net has them. Would want one that’s trustworthy though.
SRS has been on a tear. One clue was its 15min didn’t do a 9/36/15 cross to the downside and the 5min had a nice Tres Amigos. However, its 15min MACD hasn’t crossed to the upside so this could be los endos.
BREAK of nov 27 low and touch of BIG WHITE is a buy http://evilspeculator.com/wp-content/uploads/2009/12/2009-spx-daily16.png
you dont like amazon?
GOTTA go …see you all next week
never seen euro go below 1.43 in a long time (since June)
1.4287 at the moment
Okay, THIS is what SPY was after?
http://i45.tinypic.com/2ym83nc.jpg
NEW current pain option pain chart http://www.optionpain.com/MaxPain/Max-Pain.php
GEORGE…the old option pain SPY was a strikeout calling for 105…but the old and new one for gld was a home run calling for 108….hasta
George,
it would make more sense if SPY went for the lower rectangle but nice chart
SPY hanging at 109.50 S2 pivot.
gotta run i’ll be back
SPY Down through the first trendline.
Good thing I trade using triggers instead of projections. I’d be digging a hole right now.
OpEx. Go figure.
However, SPY has not gone negative on the 15min MACD. That’s the trigger, when the 5min MACD or 15min stochastic turns up. Hopefully together.
Tops/Bottoms on SRS/URE.
Bud, the energy is building. Matt’s “spring” is gonna sprung at some time. Back up the ‘ol truck.
happy holidays guys…
George, back up the ol’ vehicle on what ?
K,
Luv Amazon. That site says “In Stock”. Did you see otherwise? I’ll order it. I don’t need it by Christmas.
K,
You did it again! That’s exactly what I need. You ‘da Man.
after,
Unload the truck when Matt’s rectangle is broken one way or the other. WITH confirmation of some type on a higher time frame chart like 60min or daily.
Confirmation because the first move could be false.
Note I have Paula’s 20 MA on that chart.
You can send the consulting check anytime George,
Like Matt, I also accept paypal.
I’ve saved you roughly $2k so far in materials and advice. $100 please.
Got a bank of america Amendment now in the mail.
Funny part so far (you know I love to laugh)
Terminology Change:
Throughout your agreement where we use the term “finance charge” to refer to interest based on the application of a periodic rate, we will now just use the word “interest”.
HILARIOUS to me anyways
S1 on SPY is now resistance (so far.) 109.77
You too After! Thanks for your comments – I look for them in the AM.
The SPY 5min Tres Amigos is still going. That time I waited until price crossed the 1min 36MA and 5min went above its 9MA, as usual, and got a Dos Cruzar.
URE bumping up against 15min 36MA resistance.
Just to keep you all in the loop, I bought SSO and dumped my SDS today. Once it touched the lower trendline, and with a final blow out rally due on a dollar rebound, it was time. If SPX breaks below the rectangle, I’ll change my tune and rejoin the SDS army. Made decent money for a week’s hold on the SDS ($35.75 to $36.10) considering it was under water immediately with the quick move to the top of the rectangle. Santa Claus Rally coming up!
SPX sure is playing around with that pivot point, huh? 1099.49 is a teeter-totter today.
DZZ bounced off S1 at 13.65
Picot is 13.85 and it is currently priced at 13.75
so 10C either way is possible
just sayin George
SPX made a sharp break of the pivot with the current 5 min candle.
next up 1103.10 and if thats taken out strongly 6 points above it is 1109.97
Yo, that’s .30c on BBT and it’s only up .22c from yesterday.
Scalps-Я-Us
K,
Yeah, but it dropped below its 5 and 15min 36MA. Counter move may pan out ok, it’s up .10c now.
DZZ, K what I’m talking about.
I’m going to have a white christmas!! now i just need a red and green market and i’ll be in holiday spirits!
3:15 comes along watch out DZZ and OEF..
OEF (again S&p 100) just got knocked down by it’s pivot at 51.14
things are trending
Where do we go from here? .. Seems to bounce off the lows of Matt’s rectangle..
where do we go?
i mentioned OEF 1 hr ago well it dropped and now is at S1 51.03
it is no longer trending, instead its flat and dropping.
will 51.03 support hold or will it become resistance once broken?
Same goes for SPY 109.77 is still acting as support but with SPY itself being at 109.79 umm
After,
In those patterns, I watch the SPY 60min stochastic for short moves to the upside and MACD for the (real?) moves. If I get a cross on the MACD, I figure that is a good place to go long SPY with a stop at the bottom of the stochastic or MACD for a LONGER-TERM play.
SPY bounced off its daily 36MA and still has that gap above to fill.
SPY’s daily MACD has been negative for 16 days – while being above its 36MA – so it is either ripe for another move up or will continue down.
That situation has created a bearish engulfing candle on the weekly.
enjoy the rest of the day
i wont be back till after 9 tonite to count my sheep
trying to get an apple jan 220 call though
K, come back when you can stay longer.
Has OPEX hit both sides of the market? The last 30min should show something.
URE has been good to me. SRS/URE have made perfect “V” patterns today on the 15min. Doesn’t get any better than that.
SKF filled its intraday gap up and bounced off it.
Nice rebound by SPY. Nice day.
George, sold 3/4 of my SSO (with a very small profit) when the market wasn’t moving mid-afternoon and the MA’s were all confused, but I see that the market closed up nicely (I had things to do) and my SSO is in the black already (that’s rare for me!). With my UUP wave 4 target hit, GLD bouncing off Fib support, and a nice SPX bounce, I’m taking just a small trading position in SSO. No SDS in the trading account. Looking for a false break out of the rectangle on the top side to make a final top and then I’m going to grab some SH, DOG, and PSQ to ride the wave [III] down to S&P 300′s.
Glad you had a good day George. I’m sorry that I was too busy to post and chat. That time of year!
When you get the chance…tell me more about how you look at the MACD. I know crosses are a signal, but you often refer to above or below the zero line as well. If the MACD lines are below the zero line, that means the price is below the 9 and 36 moving averages, typically, right? If the MACD is above, price is above the averages. That would just indicate that the trend has been in that direction. Does that cause you to manage your scalp differently? If above the line, looking for a longer term trend and hold…if below, looking for a countertrend rally to correct the oversold, but monitoring it closely thinking that it will break down again? Thanks.
Just finished math final and I count 5 sheep. Fdic is on a roll! They’re using C tarp repayment money it seems. Just wait till Citigroup gets denied the 38 billion tax break and asks for the TARP back
now i got home and there’s 7 sheep taken over
Bank Closing Information – December 18, 2009
These links contain useful information for the customers and vendors of these closed banks.
First Federal Bank of California, Santa Monica, CA
Imperial Capital Bank, La Jolla, CA
Independent Bankers Bank, Springfield, IL
New South Federal Savings Bank, Irondale, AL
Citizens State Bank, New Baltimore, MI
Peoples First Community Bank, Panama City, FL
RockBridge Commercial Bank, Atlanta, GA
Unofficial Problem Bank List. The list includes 551 institutions with aggregate assets of $305 billion, up from 539 institutions with assets of $298 billion last week.
K,
You’re gonna get a lot of sleep counting all of those sheep. ‘Bout time.
I’ve never had a real problem with TARP, I’ve always believed there needed to be assistance to business. I do have a problem with the way it was handled and distributed. Those top-down assistance methods work occasionally but bottom-up is better. Heck, even China knew that.
2thfixr,
All that you said in your last paragraph is true. MACD trendlines above the zero line and staying is trending up. So, their making a cross-over below the zero line has, in many cases, less significance than when they are above.
Often, the 5 or 15min MACD can be trending up above the zero line while the 1min is trending down. That’s because the 1min is re-cycling its MACD on the 1min. Then IF and WHEN the 1min MACD starts turning up again, it’s time to buy. IF and WHEN the 1min MACD continues down, pulling down the 5min, it’s not time to buy. The same goes for stochatic where a lower time frame and a higher time frame bottom out OR begin turning up together.
Any two indicators can be used on different time frames. Lately I have traded several times only using MA crossings. Like today with BBT and others. Similar to Tres Cruzar except only using two or using the highest time frame’s stochastic. I plan to write how to do this and I’m going to call it “MAjek Trading” – the “MA” referencing Moving Averages.
The MACD is a proxy for the MAs basically. And with the settings I use, one time frame’s MACD is the higher time frame’s stochastic. Check that out. It works out very well 99.99% of the time. Sometimes extreme volatility will make one or the other lag.
There’a a difference between only using MACDs or MAs. Notice on a single time frame that price can continue up (and MAs follow) while the MACD trendlines turn over and start going down (but they are above the zero line). This is a good warning in some cases that price is going to turn over, but not very accurate for managing the trade. In these cases, there are two choices: follow the MAs in that time frame or go to a higher time frame and follow the MACD.
So, why follow MACD – or use it? Because it is more accurate than MAs when there is volatility. MAs can cross down while the MACD has not crossed. So MACD is very valuable to filter out bogus moves.
More later…
George,
I hope you have started watching Steve Nison DVD’s
he’s a good guy
George,
I want to make sure I have this right. I leverage
up on my bets, and if I’m wrong, you think it
is okay for the govt. to bail me out.
George…you surprise me…
Baltic Dry
http://www.bloomberg.com/apps/cbuilder?ticker1=BDIY%3AIND
George,
You may enjoy paying people to punish
you (Congress). We don’t. And we have
decided that if Congress passes the current
health bill, our new address will be the Bahamas.
Mother is there now looking at property.
Julie,
Re: TARP (Capital Purchase Program because it wasn’t a troubled asset relief program)
The banks raised cash by selling assets (stock and warrants) to Treasury. The capital raised in most cases was in very close proportion to each’s troubled assets per their balance sheet. This was on top of their loan loss reserves.
All of the warrants were out of the money and banks that bought them back were out of pocket – period. Interim interest was also paid on the preferred. Please remember how for months and months good banks were subjected to inaction and therefore malicious lies as regulators dithered because money center banks (C) and GSEs were bankrupt AND everyone on Wall Street knew it.
Julie,
However, I share your sentiment when I think of how the primary dealers and bond funds were able to take time paper and simply converted to cash or its equivalent – now THAT was the true bail-out, along with AIG and the fact we ring fenced EVERYONE’S off balance sheet exposure insured through the financial products division – that even po’d Bernanke.
Thanks George for the brief turorial. Maybe that is what “looks wrong” to me at times when I’m following the intraday chart–the higher time frame (15-min or daily) looks “bad” while the 1-min or 5-min is giving a “buy” signal. But, I get that things have to improve at the 1 and 5 minute level in order to turn the 15 min, hourly, daily levels. Honestly, the hardest part is waiting/watching as the stock price hovers around your buy point during the recycles.
Happy Super Saturday everyone. “Experts” expect a 1% rise from last year in retail sales for the season (which was down over 5%, so this year should be an easy comp, but we’re just barely treading water so far). Today will be the make or break day for retailers. I don’t plan on buying anything today–I’m done!