SPY is defying its $98 max-pain target, which is a sign of strength. Of course, the big options players don’t need to beat SPY back down to $98 until Friday’s close, but if the market rallies again on Thursday, the chances of them being able to do that diminishes.
blaast it Mitch you snorting made vix go higher! LET ME In
K:
I’d let you lock me up for that. Who won’t?
you know what? i overpaid by $5 but i dont mind. you’re no help
JO…..we could test the top or make a slight new high
usd/cad is trying to stick its head out after almost a full day of going under
BBT has almost filled its morning gap.
Price broke down below the lower wedge trendline on SPY and is now backtesting. It’s right at the apex – if it busts up through it that will be another Market Marker Miff – support becomes resistance and all that.
Heah, messing up my own acronymic personification: Market Myth Miff. Fay fat free fimes.
liquidity vs reality – tricky to trade… From the other GS (Gluskin Sheff)
http://pragcap.com/wp-content/uploads/2009/08/diff.PNG
I redrew my 5min SPY channel lines, and I’m thinking… If I have to do that, either I did it wrong in the first place, or it is a moving target whereby it needs to be drawn a certain way, or it is useless.
A work inprogress.
looks like george is right. you win george. i quit
K,
Some wierd price movement here. SPY 5min stochastic and bottom trendline lined up soon as it hit tht bottom the past 4 times it went up.
SPY’s next resistance is $101.60 or thereabouts.
George,
R1 in SPY 101.14
R2 101.76
and support at 100.89
Hark! Short-time bottoms tops here.
-200 today. sorry mitch can’t go to JPC with you any longer
I had said that SKF would get into the $20s, now it looks like it will go to the teens. Unless, of course, extremely good news comes out and tanks the market.
K:
I bled today too. Covered a little to the detriment of a play I wanted to make later but tomorrow will reveal new things right?
George SPY R1 holding isnt it?
all i know is i was right about VIX 27.5 august.. i told a few days before it hit thinking i had been wrong.
And vix 40 for sept is where my confidence lies now. doubling vix you say? YESSSIR
http://bespokeinvest.typepad.com/bespoke/2009/08/aaii-bulls-drop-at-fastest-rate-since-january.html
K doesn’t look like reading Bespoke gives one an edge
agreed Yerk.
Mitch… CZZ afterhours?
hey george,
I’ve done my fair share of copper hoarding!!
http://news.tradersnarrative.com/items/10_copper_pennies_worth_18/forward
TIME TO MELT
K:
No on CZZ, I like exploring not pilfering, LOL.
damn it my profits are vanishing after you said that!
Ok, I’ll be quiet – didn’t know I held that kind of sway.
Matt: Kudlow says he’s sorry.
K,
DId SuperK give a SPY buy signal? Look at this SPY 30min trendline:
http://www.freestockcharts.com?emailChartID=d0da578a-2d99-49a8-9e4e-09a59d39052b
Oops, had more to that last post. Here is that SPY trendline redrawn to incorporate the latest significant higher low. Hmmm, the problem with trendlines.
http://www.freestockcharts.com?emailChartID=8c42e45b-365f-403d-9f43-ea9de05f0086
10 something AM I said
I am scared!!! another BUY signal issues by SuperK on these stupid markets (COMPX SPX etc.) but it won’t confirm till the first 4 hrs close.
yes sadly those signals confirmed
Ah, Ha! I was just thinking I bet you did get a buy. Look at this chart. If it plays out, there will be at least $4.25 move up for this symmetrical pattern. At least by my calculations. Yep, I’ve been studying but I’m getting a grade of “D” right now.
http://www.freestockcharts.com?emailChartID=c71ddc1b-58fb-495d-b0af-458b65e9028c
ok whatever
here is futures pivots.
R3 1024.75
R2 1016.25
R1 1011.25
P 1002.75
S1 997.75
S2 989.25
S3 984.25
.25 and .75 dominate.
ok so at the moment futures trading SLIGHTLY below pivot. they are at 1002.50 which way will she blow. ARGHHHHHHHHHHHHHHH