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my dip buying is over for now http://3.bp.blogspot.com/_goypolxEFd4/SfZ7NRztHlI/AAAAAAAAAm4/tv5IKSfNrq0/s1600-h/Dumbass+Dip+Buyers+Pic.png
phil:
Do you go back to Carter Worth’s “Copper is basing” call & question that base? Are you feeling there’s no support for well placed dip buying? Obviously dip buying requires a foundation. Are you questioning a foundation?
mkb..dollar rally will put the kibosh on copper and the rest….as dollar soars deflation intensifies sending stocks down ….no i do not want to buy stocks on dips now..the jig is up….deflationary vortex is good for bonds though…..watch zero coupon treasuries soar
Thx phil.
Charlie: look at those BAC May 7.50 puts! Up .20. Nice protection if you’re holding BAC.
Yeah.. I guess someone knew what was going on and was buying those like MAD yesterday. Nice 40% gain if you bought.
Charlie:
I don’t trade options (they say they caused the 1987 brown swan dive) but could one have bought those 7.50 puts for .50 yesterday with ease?
Current SPX exhaudtion area is 884…
…rollover area is 832.
That was the price yesterday which I saw quoted on those BAC options. I could have bought a bunch if I wanted, but didn’t in case it was a evil bank trick. Apparently not as someone knew the stress test results and anticipated the drop this morning.
When the SPX does not reflect the A/D
like this morning, you know that Uncle
Sam is helping the dip buyers.
Oh the coveted 88x… Will we still get there? Dax was pretty close to its equivalent of 4800 but it stumbled. Today it began to stumble more, spent some hours in the air but got back on its feet. Uncle Sam is very helpful to his henchmen when they go astray.
mkb…..you could have bought this dip too …a simple bounce off spx 18dsma…but risk is growing….
need to push more, that is not enough…
34 is a major resistance level for the QQQQ, and it has been “crawling along” there for three days now. The longer it is able to hang up there, the more likely a breakthrough becomes.
On the other hand, you would think that the SPX would be up more than a couple points after the major upside surprise in Consumer Confidence that we had at 10am.
matt……look at daily qqqq ……have u seen three almost identical candles like this before?…..(if todays ends up like that)
Phil,
Yes, I’ve noticed that. I don’t think the pattern has a name, but obviously the same thing has happened over the past two days: open down on a gap and then rally up. So, the dip-buyers are still there.
Matt
Like the Q’s, the IWM is also eroding the resistance at 48. It has been making a bullish ascending triangle pattern. SPY is being held back by the XLF.
SPY is attempting to make a bull flag this morning. If it is successful, a 100% extension would take it up to 87.25.
The XLF is dragging the market down.
Doctors all AM. Still have the lung infection. On new antibiotic. My wife diagnosed as having pneumonia in one lung. Bunch a sickos.
“We sure hope things improve, but we don’t have anything today that tells us that” CEO of US steel
During all this beating the expectations … the outlook for the next quarters is getting cut down all over the place. The market is not getting cheaper forward looking, govt will need a huge amount of cash over the next months…
Dang George!!
Hope you and the wife get better soon!! It sounds serious!
Oh George just saw your post. Keep it slow … I had stuff this two years ago. The third antibiotic did the trick, before that it was ugly. Hope you and you’re wife get well soon. And don’t travel to Mexico
your = you’re
should not talk German and write English at the same time…
I received a letter from Social Security telling me I would receive $250 in May from the stimulus package.
That’s wonderful, but I’d rather they not tax social security “benefits” as a stimulus – not really a benefit, my employers and I put a lot of coins in that machine.
Yeah, we don’t smoke or anything like that. Here at Charlotte-Douglas airport, several are being detained with swine symptoms. They returned from Cancun Mexico.
Small world.
Charlie, thanks.
Yerk, hopefully, I don’t have to go through 3 of these drugs, but at this point, I’ll do anything to stop caughing.
Hey, maybe I rusted out my old keyboard?
George: beautiful weather huh?
George,
I hope this antibiotic does the trick for you.
Matt
Phil,
What do you think we get from the FOMC tomorrow? More QE?
Matt
Mitch, weather is great and I wish I could enjoy it. I’ll probably get over this just in time for the 90 degree weather and 100% humidity.
But I’m not complaining.
Matt, thanks. Getting better each day.
SDS looks to be building a bottom.
Suspect all will be slow until after FOMC meeting.
George—-
We pray that you and your wife have
a quick recovery…and enjoy good
health well into your 100′s.
Julie, thanks. I like that goal.
All of you are so kind. Much appreciated.
Look at the dealers letting those T’s slide.
SDS has a double bottom on the 30min one on 4/20 and the other on 4/26.
Still waiting on SKF $80 which isn’t that far away considering how much that puppy can move.
Nice scalping moves today. StrategyDesk has shown me I need the real-time streaming. I’m doing much better on my entries and exits with the precision it offers compared to 15 second refreshes. (Or, however quickly I hit refresh.)
Stockcharts is starting to act funny again. Dang…
George
I feel for you, have had a persistant cough for a week and a half. Not much else but the cough and SOB. Finished my first 5 day antibiotics today (Azithromycin), and still coughing. Dr. has no idea what it is. Hope ypu feel better soon also.
BBT could bust through $22.50, its next resistance. The 15min has been positive since about 11:30 and scalping the 1min stochastic dips since I returned.
eli, it often takes two courses of azithromycin to clear these things up. It’s not the most potent antibiotic. You should be eating yogurt with live bacteria to help replenish your body’s beneficial bacteria. (or taking probiotic capsules, if you don’t like yogurt.)
Charlie, my StockCharts acting up, too.
Charlie, StrategyDesk is worth the price of admission ($0) just for the charts, if you don’t have it. Big difference with respect to the action.
eli,
I was on Cefdinir, now on Clarithromycin. Plus some caugh depressant which doesn’t work.
Drano,
Thanks for the yogurt tip. I’m going to do that.
SDS 15min hanging on slightly above its 36MA. Needs to move up from here to keep the momentum.
George, et al.:
Sunshine! Do you all get enough?
MKB, NO… I’m a mushroom in my office. The only light I have is from 6 monitors.
I need SKF to hit $80 before I take a day off and get some rays.
Thanks Drano, just finished some yogurt and thanks for the comment on my antibiotic, same to you George, I’ll mention both to my Dr.
Matt
Not sure I mentioned this before, but there is a first fib of 23.? % that from the SPX high of 2007 to our low, comes back to 881. Most are concentrating on the 38 fib around 1014
matt…..now that ben is heading down that slippery slope of qe can he really just stop???judging by the weakness in the bond market he needs to ski even faster as bonds are breaking down…i doubt he can do much about it…looks like tyx is headed to 4.25%….i will wait to buy there
Well, this ranging is beautiful for scalping. I would like to see some of the big movers more more, like a buck or two, but I’ll take whatever.
BBT made it over its 15min 36MA, but this candle hasn’t closed yet.
george…..i wish you and your wife a speedy recovery….r u taking vitamin supplements to keep immune system up???
Hey George,
what are the requirements for Strategy Desk again?
phil, thanks. Yes we take vitamins daily. I take Megamen from GNC.
Charlie, you can go online a fill out an application. Requires no funding. When you get to that part, just skip it.
I have a contact if you’d like to do it that way. Then you download the program.
TDAmeritrade website, just in case.
Eli, Yes indeed, 875-881 is a very important area.
Thanks Phil.
Thanks George… I recently opened a TD America trading account, but haven’t funded it yet. Took them over 2 weeks to do it. Changing because their commissions are much better than my current trading platform.
Will check out Strategy Desk.
BTW.. SPX just broke the daily bull flag resistance, but the momentum doesn’t seem as strong as I would have expected.
Charlie, with your account number, you should be able to download the program.
George:
Thanks for the BBT heads up!
Charlie,
Yes, and SPY’s volume on the breakout was unremarkable. The flag extended to the 61.8% level, and that could be it.
Matt
MKB, hope you’re scalping it.
Nice thing about Strategy Desk is it has 60 minute charts beyond 10 days like most sites I have tried (for free).
George:
When BBT crossed the 15mn 9/36 it was nearly overbought so that was a tell of lesser volatility but as you said:
“I would like to see some of the big movers more more, like a buck or two, but I’ll take whatever.”
The Q’s are making a narrow-range day (NR7). Normally, that would be bearish, but we do have the FOMC tomorrow.
George—
Since you get no sun suggest you check
amount of vitamin D3 in your multi…..
try to get 2000 IU’s/day.
Has elimanted our colds during the winter…
we live in Mid Atlantic.
That 9/36 works well on most time frames.
Julie,
Good advice. I’ve never heard of D3, but will check it out.
The 9/36 on SKF 1min today was full of whipsaws. I use the 5min to filter them out. Stochastic and/or MACD has to be moving up on 5min to get in for a longer play.
George—
D3 is the natural form of vitamin D…
best asbored by the body. We have
a doctor who uses what he has found that
works…tells us we would not believe
the new research on vitamin D.
Hmm, I’ll get some of that D3 for sure.
At this rate, it will take 20 days for me to get to $80 on SKF. I’m patient. I’ll make more if it yo-yos anyway.
Nice scalp day. Still good in my SKF core. It’s a free trade anyway unless it drops $10.
Extremely light volume again today, so the selling in SPY, QQQQ, and XLF is still not “serious.”