Santa Goes Back to North Pole
The Santa Clause rally is officially over. The SPX ran from 863 to 927.
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Bears are very quiet. Maybe because of this? Tell the other bears what you just saw.
Things are quiet for sure for the bears. Gap up on the open.. we’ll have to see how bullish things get.
BTW.. No way $50 / barrel for oil is justified.
ICE can’t overcome the bad news?
Strike ICE from being a market barometer for now.
Good Morning Everyone,
I like to post about Apple because of its importance to the NDX. Up again to
about $96. I’d like to see weakness in this stock before I declare the bear rally to be over. As I posted yesterday, I think it can go to 100 before traders take profits.
Clear Negative Divergence on the 1 min SPY chart since the open.
My wife asked me to go eat breakfast and I can see now that I’m back.. things are looking better for us bears again
The market raced up to the 10am economic reports, and then flopped over with the bad news. I find this very curious. Why would the market be expecting good news when there isn’t even the smallest hint of an economic recovery?
Charlie, you were right-on about BBT. Whale poop.
Man, ICE is taking a flogging.
This could be an intraday gap-fill, then off to the moon again. Gap on SDS will be filled ~66.50.
Matt: Why would the market be expecting good news when there isn’t even the smallest hint of an economic recovery?
That’s what the bulls were hoping for. If there is the slightest hint of a recovery they will prognosticate the end of the recession in the second half of the year. With their bollocks talk they could easily fire off a pretty huge rally.
Wow.. BBT is tanking.. and per the article posted by K, ICE is taking a beating due to profitability warnings.
Matt, I think it might be time to take out that chart from 29-31.
I have the explanation: The longs are all retarted. No I mean it.
I think the rally is over and that may be the wave (4) high too
this has worked out well.
we ran up to blue line (my blue line lol) bollinger band of 943.5 then quickly got zapped and hit 36MA at 930 and now are bouncing off of it.
this is all 5 minutes.
R1 is at 94.3. R@ 95.76
R2 @ 95.76
hey charlie that DRYS is killing me man haha
I didn’t have any problem with BBT taking that low anc scalping ~.40c.
ice is going up on low volume and down in big volume. nice
DRYS may be a rising wedge on the final leg
i havent heard bernanke speak lately did they learn their lesson?
Logitech Withdraws Guidance; Sets 15 Percent Workforce Cut
The company has about 9,400 employees, suggesting the loss of about 1,400 jobs. The cuts will result in an unspecified charge to earnings in the fiscal fourth quarter ending in March.
TNX positive all day.
we got 3 support lines in this area 50SMA 50EMA and 36MA so we have to hit 925 or lower to stay down there.
of course support at 923 :/
TBT is having a blast george
funny thing is i got a buy signal on the 31st at $36 something. but i ignored it saying the low volume is a trickster. lol
1min broad double top coming up for SDS.
we closed the gap
now lets see that 8 handle
Gotta love DRYS… lol.. I think it is getting exhausted though. You can see some of the solars getting hit too. Sure sign market is topping when the speculative froth gets sold.
K;
I don’t pay much attention to volume. I probably should, but I’ve never used it.
the thing is charlie believe me or not. SOLF gave early warnings yesterday.. lol. it went way above the green bollinger line in my charts.
that was at 6.30 today it is at 5.70. lol. seems like i got a buy signal on it as well on Dec 30 at 10:30AM at $4.81!!!!
George can I come live with you and have an extra monitor please? we could be making millions haha.
The XLF is having a good day, but is still contained within the lines I drew on my chart yesterday. There is another line of short-term importance. That is the uptrend line connecting the lows of the past 4 trading days. Unless tomorrow is a very narrow-range day, one of those lines will be broken. Helene Meisler in her column this morning also expressed concern that the banks would drag the market down.
apple so far has only introduced software updates new awesome features though.
Hey guys.. the market is a tinge of green, but doesn’t ‘feel’ right. Seems like it is setting up for a big move one way or the other.
What is your biased right now given today’s action? I’m still bearish.. but thinking about my position now.
Matt: Helene Meisler in her column this morning also expressed concern that the banks would drag the market down.
I’m not concerned!
————————————————————————————————-
If the unemployment rate is below 7% we will see another heavy bull attack.
I say a big move down is close. Maybe 5% drop on the SPY.
But after that we may rally as high as S&P 1000.
Charlie,
My McClellan Oscillator is at a record high for a third day in a row at 361. You would have to put a gun to my head to get me to be long here. I made some money scalping from the long side earlier, but I have added to my short positions.
Matt
German billionaire Merckle just committed suicide over the financial crisis.
I had a dream about a bear last night… a very large bear.
Thanks for that bit of info Matt… I am seriously wavering on my short position which means that the top must be in
I just think this market is going to crack at that today’s high was the high for this last bear market rally.
SRS is also acting normally (which means it is down in an up market) which adds to my angst.
JG.. that bear sure scared the heck out of TNX!! 0.00 as i type this.
keynote for aapl ended. nothing WOW about it. so here we go bears here we go.
come on charlie join me
K,
They said on CNBC that Apple announced a new variable-pricing program for iTunes, and that caused the stock to drop.
Matt
Short short short!!! AAPL, RIMM.. All tech.. USO.. Solars.. Shippers.. .
Short them all !!!
Obama says “no earmarks” for the stimulus package. Does he think he can get legislation through Congress without any bribes? Is he crazy? He has set a high bar for his first miracle…
yes Matt 0.69 and 1.29 depending how old the songs are. but they also created a new revenue stream from their garage band. $4.99 a music lesson from celebs. how to play guitar or piano songs etc.
honestly all this was priced in. all the rumors i saw about this keynote were true. and this is the Last MacWorld convention so no more january hype.
lol
FOMC minutes at 2pm – they usually give the market a jolt, if only a temporary one.
Eh, had to step out for a couple of hours and missed the little rally BBT made. othrwise, same ‘ol.
K;
I’ll GIVE you a monitor if it will make you a million.
I’ll GIVE anyone a monitor if they’ll make a million for me.
Matt: My McClellan Oscillator is at a record high for a third day in a row at 361.
You give me hope, man!!!
Drano;
Give me $999,999 and I’ll get you a million before the days out.
Drano What time range
George, ROFL! Will you get him enough to cover the taxes?
and commissions?
SRS falling like a lead brick!
JG – no extra charge for amnities.
Those few daily green bars have given the bulls pasture envy. They want to munch some more.
I was away for a little while. What was the excuse for the monster move up?
George you are right. there is nothing but risk on the long side here now and they are so greedy they don’t want to miss 10 or 20 points of upside. there is every reason to book profits here
Drano,
It looks some bulls were waiting until the release of the FOMC minutes was out of the way before they did their buying.
Matt
My MacOS is now at 388!
Hark, I see a double top brewing on SSO 5 and 15min.
There may be enought strength to punch thru and keep going higher.
The market is going nuts… some of those inverse 2x 3x ETFs getting hammered.
Are we at the end of this rally yet? I see a lot of panicked buying which leads me to believe it is over soon.
okay.. let the sell-off begin.
It wouldn’t hurt my feelings to see SDS go to $70.
i cannot believe my eyes.
SPY recieved a buy signal jan 6 at 4PM ~93.45 (aka buy at close)
last time i got a signal for SPY was the sell on Sept 3 at 127.88
bear in mind that there are headfakes. and a day or 2 later i might get a sell signal but i just wanted to let you guys/gals know. this is using daily chart.
Filled Buy 10 SPY Market 93.2594
first automated trade i let the program take me.
should I mention am short using SDS? ah this should be interesting
K;
What auto program are you using?
TdAmeritrade George. i dont think its as good as tradestation but it has an auto feature so i might as well test it out. i dont have enough capital to do 5000 trades a month so tradestation doesnt suit me.
It sounds like BAC is going to pre-announce. CNBC said a memo was sent to BAC employees.
K, gotcha. Let us know how it works. BTW, I got a daily buy on SSO on 12/24
Matt, is this supposed to be good or bad?
My crystal ball sees a 70 in the not SSO distant future. Oooooh. (Unless bulls step in.)
SSO is getting close to a buy for me last signal was a sell back in early june at 70
it got close to a Buy signal at end of august into september but never made it into positive. maybe this will be the same thing? BTW i realize SPX is dropping but i will let the auto program take me out. gotta see how it works
K, I’m pretty sure it’s 5k shares per month.
you mean SDS george!! HAHAH SSO at $70 would be funny and would screw all bears over.
Who are these idiots?
Dressguard,
We’ll, so far, BAC has taken a dive since the news. So, that would be bad news.
Matt
K, the guy Woodshedder on iBC says, NEVER trade against the system. That seems like quite a hurdle, which is why I don’t trade rote mechanical systems. But, he did return awesome numbers last year, and I know he won’t mind me saying that his discretionary skills aren’t extraordinary. They seem like a great way of applying the Billy Mays Mighty Mendit slogan to stocks — “set it, then forget it.”
you should check out this guy too, hes all automated n such.
http://marketsci.wordpress.com/
David, I believe these are shorts covering.
Got some lunch $ off BBT on that last bottom.
ICE is pathetic. Don’t you know that will be juicy when the selling ends and everyone forgets about the down play.
Undecided market right now. The “Obama Bounce” will continue to some degree over the next couple of weeks.
Matt,
ok, I got it. BAC issued a profit warning.
K,
There are two comments from Danny for you up the page a bit.
Matt
thanks Matt
The XLF was able to tag the red line on my chart from yesterday. But then the BAC news hit and it fell back. This bear-market rally is dying hard, but it will die. It won’t make it through earnings season.
CNBC sez Alcoa is freezing salaries and hiring, and is laying off 18% of its global workforce.
BAC, Alcoa – yup, pre-announcement season has begun!
FBN just said 13%,unless I misheard.
Even more strange, this is the first time I’ve ever watched FBN.
They cited Art Cashin as saying the mkt would likely interpret AA news as rear view data in tomorrow’s session. So we’ll see how that pans out.
Danny thanks yeah still cant do that many.
and thanks for that site. had never stumbled upon it before.
wait… so if i trade a micro penny stock like HTOG (2500 buy and then sell 2500) within the month that would qualify for tradestation? (I own 31k shares on HTOG lol.
anyone have any deterring thoughts?
K, I actually think that will work. You may have to meet min 25k though.
now am regretting SPY buy. i see it gave me a buy on AA too. oh well if it goes negative it will sell itself
The dream: the bear prowled around outside the house, voraciously ate all the bananas in the gutters, then came inside. It looked me over, but didn’t make a move to hurt me. It went back outside and hung around the house for a bit, but was clearly searching for food.
Interpretation? Who knows. I’d say the bear is back, it’s hungry. It is, at core, a carnivore. So, blood in the streets is coming.