Monday’s Trading – 1/11/10

The SPX’s 200-month moving average is at 1156, which is also the top of the Box of Beer. That confluence should provide some sort of resistance.

Alcoa reports earnings after he bell.

It’s so cold in Miami that the Mango’s girls were wearing mittens yesterday. You have a lot of explaining to do, Mr. Gore. And look at these poor manatees, desperately clinging to one of the few remaining plants in our fabulous new factory-free landscape. Now that all of our factories are located in foreign lands, we have no means to beat back this wave of global cooling. And as Joe Sixpack heads to the unemployment office, he now has to dodge frozen iguanas falling from the trees.

42 Responses to “Monday’s Trading – 1/11/10”

  1. Larry says:

    We have a bull market in sugar. Where are the regulators Ben?

    http://futures.tradingcharts.com/chart/SU/M

  2. 'K says:

    George, as per your VXX chart remark. Its supposed to be “Beauty is in the eyes of the stockholder”

  3. junglegirl says:

    If you liked “666,” Monday’s session is 01.11.10. Hmmm.

  4. Yerk says:

    Is damage caused by frozen iguanas covered by car insurance?

    So far so bullish. Don’t fight the Fed: http://www.zerohedge.com/article/bullard-acknowledges-asset-bubble-yet-fed-policy-will-remain-unchanged-change-would-destroy-

  5. Larry says:

    John M Keynes

    “Thus the remedy for the boom is not a higher rate of interest but a lower rate of interest! For that may enable the so-called boom to last.

    The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.”

    [General Theory, Bk. IV, Ch. 22, Sect. III]

  6. after says:

    futes, 7:45…i thought the nas would be higher…
    i’m likely switching tactics and going a bit net long during the day, probably chasing and probably sign of a top…would be conservative stuff in Cda, an oil, a gold, income stuff, etc…probably jettison the hqd.to, and maybe fxp, maybe tlt

    best wishes…
    Futures Prices
    Market Last Change %
    Crude Oil 83.91 +1.16 +1.40
    Natural Gas 5.581 -0.131 -2.29
    Corn 423.0 +5.5 +1.31
    Soybeans 1022 -4 -0.39
    30yr Bond 115.00000 -0.46875 -0.41
    10yr Note 116.03125 +0.1875 +0.16
    NY Gold 1158.1 +19.2 +1.69
    NY Silver 18.855 +0.385 +2.08
    Emini S&P 1146.00 +4.5 +0.39
    Emini Nasdaq 1896.25 +6.25 +0.33
    Emini Dow 10605 +39 +0.37

  7. George says:

    Thanks After. I think oil has a little more upside.

  8. George says:

    K,

    I like what you said better: “Beauty is in the eyes of the stockholder”.

    I savor the extremes because I know they will return to the norm, whatever that is?

  9. George says:

    In church yesterday, the preacher was winding up the sermon by saying a prayer. He said: “let us pray; every head bowed, every eye closed, every dip bought”. I’m thinking he’s thinking of praying for the continued miracle. After all, the sun is shining, God’s in heaven, and all’s right with the world.

    Pray for volatility.

  10. George says:

    Is it just me or are Mondays always gangbuster days?

  11. George says:

    Phil’s parabolic is in the building.

  12. George says:

    SPY gap filled.

  13. Stringm says:

    George

    You reminded me of the little boy that told his preacher he was praying for a new bicycle. The preacher told him with all the problems in the world, the little boy could find a more redeeming effort to ask God to attend. The discouraged little boy went home. After some insightful thinking, he decided to steal a new bike, and pray for the other kid’s loss, and for his forgiveness.

    String

  14. George says:

    Stringm, LOL! De Boy got his priorities straight, huh?

    Reminds me of my son during grade school, he was making bad grades. I told him to not bring those bad grades home. One day the bus driver came to the door and handed me a stack of papers and said my son left these on the bus. Well, my son did what I asked… he didn’t bring them home.

    I thought more carefully the next time I said something to him.

  15. K says:

    today’s high of 1149.74 came within 2 points of my 1152 target (remember i said the longer the rally drags the higher my target will be?

    if this redness keeps up today 1088 up ahead to “test” it one more time before flunking 20%+

  16. George says:

    VIX gapped down today. Look out! That puppy is at 17.27.

    Talk about extremes! VXX, here we come!

  17. K says:

    Look Out: Goldman Sachs Is Now Dumping Shanghai Property (GS)

  18. K says:

    Maaaat! trimtabs monster has awaken after you started competing with them!

    TrimTabs: Here’s How A Flawed Holiday Seasonal Adjustment Made The Jobs Data Look Way Better Than The Reality

    TrimTabs’ Estimates more than 152,000 Jobs Lost in December, while BLS Reports Decline of 85,000

    http://www.businessinsider.com/trimtabs-november-jobs-data-2010-1

  19. K says:

    From Bloomberg: Dubai’s First Foreclosure May Open Floodgates in Worst Market (ht Nanoo-Nanoo, Steve)
    Dubai’s housing rout sent prices down 52 percent in the past year, prompting some homeowners to abandon their cars and mortgage payments and flee the country. Not one received a foreclosure notice.

    Until now.

    Barclays Plc won the sheikdom’s first foreclosure cases in court, clearing the way for lenders holding about $16 billion of Dubai home loans to take action when borrowers don’t pay.

    Moody’s estimated in September that 12 percent of the 27,000 residential mortgages in the sheikdom would default within 12 to 18 months.

  20. K says:

    anyone digging DUG today? i know i am

  21. after says:

    chased some longs @ open, so hedged them w)jan calls sold…didn’t sell any short positions…line in sand on ndx100 = 1871, if looking to close < that, will consider adding shorts…
    vxx is tempting, but been there done that…i dunno…anybody?

  22. George says:

    SPY at trendline support on the 5min.

  23. Yerk says:

    support 1118-20, resistance 1155-70 initially. bias up though the crowd is growing.

  24. George says:

    after,

    VXX will be a great trade. I’m watching its 15min and playing only that time frame. If it breaks the upper trendline, I’ll buy, put a stop at the lower support line and let it fly.

  25. George says:

    after,

    That VXX strategy is my current one but could change depending upon market conditions. If it gets more volatile, I may scalp the 1 and 5min as well as a core position.

    The market will eventually break and I’ll let it tell me when that happens. Patience is a virtue and all that.

  26. George says:

    Now SPY will make its snail move to the upside? It needs the 5min to turn up to make that happen.

  27. 2thfixr says:

    after, I purchased VXX (100 shares) at $29.55 last Friday near the close. Tempted to buy more, but since I already have some, I’ll just sit and wait for the “time” to be right, ala George. I’ve got my foot in the door though. Daneric’s chart indicates that this low $VIX could be the throwunder before it heads back up though. So far, his EWT count is holding up with wave 5 (and V, and possibly [2]) coming with this morning’s gap open to just under 1150.

    George, I almost played the gap close with SDS this morning, but decided against it since I had to head to work. At least I’m thinking in the right direction!

  28. George says:

    2thfixr,

    I faded that gap on the inverse. Worked well, but they are having to work hard right now that SPY has bounced off its 15min 36MA support.

  29. George says:

    SPY broke the 5min support and is back testing.

  30. George says:

    SPY punched through the resistance trendline.

  31. George says:

    SPY dropped below that line again and is retesting again. That puppy doesn’t give up.

  32. George says:

    SDS made a new all-time low today but the current candle is green. Maybe this is its last low of the year? Nah. Looking at the market through my SPYglass, I see green shoots in its future.

  33. junglegirl says:

    Brokers, Stockcharts, and Yahoo all have SPX close 100 points lower than actual. They post 1047, not 1147. Nice chart!

  34. junglegirl says:

    Now Yahoo has 1146.98.

  35. junglegirl says:

    Looks like trading again. Yahoo has delayed afterhours quotes.

  36. junglegirl says:

    Maybe not. Last quote is from 4:19 P.M. –for a number of minutes now.

  37. junglegirl says:

    Alcoa reopened for trading. It fell like that SPX misprint. Was down over 4.3% then within a minute or two was down 6.65% as of 4:49.

    What if that misprint becomes a reality on an screen near you… and soon.

  38. junglegirl says:

    Oh yeah… and the VIX closed below the lower BB. You all remember what that means….

  39. admin says:

    JG,

    Thanks for the VIX tip. It’s been a while:

    http://www.trivisonno.com/vix-up-to-trix

    Matt

  40. K says:

    Matt,
    Am sure you saw my earlier link on trimtabs and here is one more. wow they’ve really awoken

    TrimTabs CEO: The Government Must Be Buying Shares, Because Private Demand Just Isn’t There

    http://www.businessinsider.com/trimtabs-ceo-the-government-must-be-buying-shares-because-private-demand-just-isnt-there-2010-1

  41. admin says:

    K,

    You are noticing TrimTabs now because you know who they are. Like when you get a new car and all of sudden start noticing all the other people with the same model. Charles Biderman has been criticizing the BLS for many years – especially when their reports don’t agree with his position in the futures.

    Matt