Reindeer 6, Bears 0
The talking heads on CNBC today were all upset that there was no Santa Claus rally. But in fact, the S&P 500’s Santa Clause rally now amounts to 6 points. The SPX closed at 863 on December 23rd, so that is the starting point.
The bears are “getting the antler” from the reindeer right now, but the technicals look very shaky to me. If the market holds up through the end of the year, I think it will only be because the big funds are painting the tape. So, don’t go getting all bullish. The market will likely flop right over first thing in 2009.
what do you make of the rectangular movement on SPX from ~12 till now. at 5min chart.
support at 879 and seems resistance around 883 which as I am typing it has broken.
reindeer 7 bears 0
i think reindeer have to kick the ball and bears have a chance to return it for a touchdown of their own.
SPY’s looking a little top heavy here…might go in for a short at the close….
50MA for SPX is at 888.8 (Daily) so we’ll see what happens.
I went short a dollar too high on SDS. looks like the new year will find me with shorts.
K,
i assume that’s 50S not 50E ?
it’s S dave. would it be better to use E?
StockCharts got on me about using too many refreshes. They even killed my charts one day. I e-mailed them and told them that was unacceptable and needed to warn me or something. I was going to report them.
Turns out, they “allow” 70 refreshes per minute for paid real-time customers. I was doing 100+. I let them know that anyone could access their delayed charts free and do as many refreshes as they wanted. I am a paying customer, so cut the freebies off, not me.
They said I could double what I’m doing.
anyone grabbing SRS at close?
Nice moves on BBT and SSO here at the end. BBT had that same setup.
This market may be getting back to normal.
Bah, staying out of this one….
George,
If you used TradeStation, you wouldn’t have to worry about that. Your charts would always be up-to-the-second with no refreshing required.
Matt
belts & suspenders; i look at both.
Can you please calculate both for GS ?
Thank you
K,
I reckon that “rectangular movement” was the flag-part of a bull-flag.
Matt
30% short for the new year (SDS SRS) 2x etf * 30 = 60% short haha
FYI – Stochastics for SPY are overbought on 60, 30, 15, 10, and 5 minute time frames.
dave GS
50S 78.71
50E 83.76
K,
thank you very much. The bulls must haved bailed Santa out of jail.
and with this Year over I want to wish you a Happy New Year. Thanks to your insights you are building a young trader well
Matt;
You mean the charts update without refreshing?
dave;
Thank goodness Santa is out on bail. I helped a little.
Does anyone have any experience with TD Ameritrade and their trading platform with tools?
To my new buds, thank you for your help. Let’s all have a prosperous New Year on both sides – long AND short.
K, i use to use only simple MA’s. For the past yr or so, i switched to exponential. I still look at both because you can clearly see on some stks that simple MA’s work better than exponential. I believe in fitting MA’s to the price action; on really strong stks i’ll use 19E instead of 20E. It depends on who the players are that are buying & selling the stk.
George, a rally will turn out to be the bears’ best friend anyway; need to get the mkt up (some) to get it back down.
George,
TradeStation is high-powered desktop software. There is no browser involved, so no need for refreshing. The program automatically keeps all your charts right up to date. And get this: moving averages can be set to update tick by tick.
Matt
Matt, i have to give you a lot of credit. Although you’ve been super bearish you knew that there was danger lurking.
Month End Markup
“Can the big funds keep the market levitated for three more days while the Israelis are bombing Gaza? With incredibly light volume and the SEC looking the other way, I’m guessing that they can.”
Thanks,
dave
Matt;
It is hard to imagine having something that slick. I’ll check it out. It is a little klugy with the refreshes. It works, but I need something more professional. You may have told me about that before, I don’t remember.
I also need to be able to put the same stock up in multiple time frames. Right now, I have a 1,5,15,30 all of the same stock so I don’t need to peruse through the time frames. This is for multiple stocks, too. If it can do that, it’s a winner.
Thanks
george i believe you can try out ameritrade software just for signing up with them
i use them i like it but then again what do I know
oh did i mention they are the ones that allow the automated stock trading?
I also use Tradestation…..I don’t think I’ll use anything else….it’s platform is awesome and trades are cheap at a penny per share.
Thanks Dave.
Hey.. what’s the price of the Tradestation software?
It wasn’t an easy call then either. Santa looked MIA. Your suspicion along with my sense of survival allowed me to sell my EEM puts for a one tick profit. As you well know some of our best trading is done on “wash” trades. I had forgotten about the end of the previous months.
George,
Yes, you can do that. TradeStation allows you to create an unlimited number of “desktops” which are similar to the multiple browser windows that you use. So you can have live charts for multiple timeframes of the same stock.
It also has advanced automated-trading features like K mentioned, and a powerful programming language. So, you could write some code implementing your strategy, and it will be able to execute trades.
On a more mundane level, its very easy to make macros to execute trades. Instead of typing in orders, you could make a macro to, for example, buy 100 shares of SDS. You can even do things like close all of you positions with one command.
The program also has a command line. So, just like the old days of typing commands into DOS like “DIR” you can type in commands. If you have a chart open showing SDS, you can type “SSO” hit return, and the chart switches to SSO. You can type “5″ to make it a 5-minute chart, etc. For somebody who can type fast, such as yourself, you can do things very quickly via the keyboard.
Matt
Charlie,
TradeStation is free if you do enough trades with their brokerage. If not, the basic configuration is $99 a month, though that price can go up if you want advanced data options. For example, futures data is another $50 a month or so, etc.
Matt
K, discount airline. Ticker nas.ol
Semi-monopoly, calm competition as the legacy carrier struggles. 40% of operating costs were fuel in Q3. Net cash.
Asia following U.S. up. Dollar continues to weaken. Dr Merkel is the stock investors’ best friend, but few understand.
I could not resist a small SKF buy at $111 AH
A few days ago I posted that bears should not ignore the strength in junk bonds.
Well that strength has continued and stocks are following.
Bad time to be short except for the briefest of trades IMHO.
@CG: You surely know what you’re talking about
I’m checking out Tradestation. It is certainly full of features. I believe I would qualify for the 5,000 shares per month free access. Checking it out.
Let me know what you find out. I think you could probably do 5000 shares per day George