On “Fast Money” on CNBC Monday night, Bob Pisani finally put the smack down on that dope Pete Najarian. Here I am on November 23rd, debunking his idiotic “Mutual Fund Monday.” Since that time, as I have been mentioning lately, the mutual funds have continued to report redemptions. So when Ponytail started raving about this week’s fabulous Mutual Fund Monday rally, I was gratified to see Bob Pisani slap him right upside the head at 3:40 into this video. Either Pisani reads this blog, or my readers email him with my ideas because I frequently see my memes controlling his brain.
DIA finally closed above its December 14th gap, and XOM is up two days in a row. If the pressure is off XOM, then the Dow can join the SPX and NDX and break out of its range. DIA has a new closing high now, but the intra-day high is still up at 105.38 from December 14th. The market is rather overbought here, so it will be telling whether or not DIA is able to pull it off.
Haha Matt!
LOVE IT
K,
Really sorry to hear that. Good luck
with your business.
Julie,
I appreciate it and I was hoping I could go back to work there. Even though money is money, 3 years and no raise (while working at hospital minimum wage which is decent) didn’t cut it for me.
Also sorry no links for you till next year
2 days gone by and 300 news are unread on the economic end. 5 more days…
K,
Admire you for taking a stand.
Can’t wait for the new links.
K,
Here’s an interesting site…ptv-investing.com…
thanks julie,
interesting that they use fib fan lines on a few charts i saw there
K,
Something you may be in to…tradery.com…
how do you find these?
old links or google searches?
ted spreads fell a whopping 25% btw for those who follow
http://stockcharts.com/h-sc/ui?s=$TED&p=D&b=5&g=0&id=p20531334594
K,
Luck
that was a fresh new low BTW knocking down September’s low
look at how 3 moving averages are toying with BKX
http://stockcharts.com/h-sc/ui?s=$BKX&p=D&b=5&g=0&id=p28960534506
K,
The S&P Banking Index (BIX) is near its
1994 level and looks like it has several
years of pain ahead
Julie, thanks for the tradery link.
K,
Next important time date is 6 Jan.
Keep your eye on the $VLE…it usually
leads the way.
Trading is hard – and boring. Where is Ziggy when you need that biyatch?
Futures Prices
Market Last Change %
Crude Oil 78.59 -0.18 -0.23
Natural Gas 5.932 -0.033 -0.55
Corn 416.00 +7.5 +1.81
Soybeans 1038 +3 +0.29
30yr Bond 115.09375 +0.09375 +0.08
10yr Note 115.515625 -0.203125 -0.18
NY Gold 1107.5 -0.4 -0.04
NY Silver 17.52 -0.04 -0.23
Emini S&P 1127.5 +4.5 +0.40
Emini Nasdaq 1879.00 +4.5 +0.24
Emini Dow 1052 +33 +0.31
Huge percentage jump up on $irx.
BOUGHT small amt TBT…..want to add below 50
SPY intraday gap filled.
Thanks after…
Phil,
Did you see my comments about AAPL gaps?
dressguard says:
December 29, 2009 at 5:24 am
Trading is hard – and boring. Where is Ziggy when you need that biyatch?
>>>>>DRESSGUARD>>>>trade gold or bonds…they are NOT boring
george..no i have been busy….just a few minutes of trading per day now
Phil, here’s the post:
I’m a gapaholic.
Phil challenged the “every gap will be filled sooner-or-later” axiom by pointing out that AAPL had several daily gaps years ago that have not been filled – yet.
I checked on those gaps. I don’t have the link that Phil gave but I did some research on AAPL with two of the gaps the author pointed out. Sure enough, they were filled.
http://i49.tinypic.com/33aqioy.jpg
http://i46.tinypic.com/2m816qu.jpg
Then, later on I found some that were not filled on the daily (yet). Surprise!
http://i49.tinypic.com/2l8e0at.jpg
So I looked at the weekly and there were NO GAPS where there were daily gaps. I couldn’t figure that one out until I noticed those daily gaps were, what I call, “back-filled”, meaning, during that week, they had a previous low or high that nulled the daily gap.
A light bulb went off and I immediately checked SPY’s current daily gaps to see if there was a lingering weekly gap. Sure enough, the weekly gap I posted earlier is in line with the daily. I’m figuring that is going to be a big deal.
So the conclusion is that while some time frame gaps will be unfilled, another time frame during that period may or may not have a gap and that will lessen or strengthen its affect.
Thanks Phil for giving me another technical challenge. Best way to learn.
SPY nearing intraday double top”s”.
George! Start watchin the 8 steve nison dvd’s and your challenge will become easier. Those gaps need not to be filled. All that has to happen is for stock to hit the top of the gap and bounce up and it counts
K, thanks. I’m almost through my other course I ordered and I’ll hop on Steve’s next.
I don’t execute any trades on gaps, I just use them as targets. I haven’t kept up with ones that do or don’t work so I don’t know how effective or beneficial they are and under what circumstances they are meaningful.
I do like to poke at them for fun.
SRS and URE 5 and 15min are good examples of blowing out tight stops. Some of the spikes made it to popular entry points and reversed.
SPY resting on 15min 36MA support. Trying to bounce up.
Right now, there’s a bearish engulfing candle on the SPY daily. EOD should be interesting.
A pull back is expected I suppose. I’m waiting on a reversal so I can rotate my daughter’s funds into MM.
Should be entering M/E effect tomorrow. Not sure how that does with the market being up 5 days in a row.
SRS and URE have reached an equilibrium of sorts. Each has a 7-handle and only about a nickle of cents difference. Another one for the “Funk & Wagnalls” books.
keeping nas short although it is higher than where i should stop myself out…
TLT up last i checked today…still underwater avg cost there…
TNX down, market up; disconnect and has been for several days. TNX 38.09 has made a huge move.
did the nas actually finish down ?
dare to dream
vxx ended at its highest pt of the day…
pleasant evening, all…
I just found the new Withholding Taxes Chart Site. Thanks for bringing it back!
In my FIB post last week, where I predicted 1180 for the $SPX… some other levels that were there are: 1132.25 and 1055. My worksheet shows the following 1 through 5 waves from a breakout above the rectangle: up to 1132, down to retest the rectangle near 1120+, up to 1155 (rectangle breakout target AND a Fib level), wave 4 low of 1143, and up to 1180 for a final top. Just letting you know what the Fib numbers are trying to tell us.
I bring that up, because today’s top level was 1130.38. Close enough for Fib work, and who knows, we might get to 1132.25 later this week. Only time will tell if those levels are right. Do your own due diligence.
Happy New Year everyone.
A A A- B+ B = 3.6GPA for semester which = ~A- overall
time to start January off with an A+ in trading
Happy New Year!!
K,
Nice grades!
Tiger Woods is Up to His Old Tricks Again
LOL
http://www.spike.com/blog/tiger-woods-is-up-to/91019
Nice work K on the school work. Good luck with the trading grade. The prof is a tough cookie…
Nice link to Tiger’s honey. Love golf (carry a single digit handicap myself), but hate TV broadcasts with Tiger in the field. All these sports stories blow over, but man is this one sticking around. Where’s a baseball player doing ‘Roids when you need one?!?
I have an itch for financial news.. lol. 3 days 500 new articles that I will never read. 4-5 more days should put the count at 1,200