Now that the QQQQ has taken out its January 20th low, the next stop is the November low. The Q’s still have a gap left over from the open on November 24th. I have the bottom of the gap at 26.67 and the top at 26.84. So, if the market takes another leg down this week, that is a logical zone in which to look for support.
Apple is also nearing two gaps left open from January 21st and 22nd, so those might be important levels where the market could bounce. Gaps will usually produce an initial bounce, but if the gap is filled, think of it as a support level being erased.
Make sure to see JungleGirl’s EWT projections here.
JG,
you wanna go on vaudeville ?? i could set ‘em up for you.
JG,
Think it might have been Ken Duberstein, Reagan’s Chief of Staff, who actually supported Obama during the election, has criticized him for not showing respect for the Oval Ofc for appearing in shirt sleeves w/o the suit jacket on
169 is acting as resistance for SKF breaking upward
Very tricky afternoon.
Matt –
I’m seeing some bigger orders now – no?
hey Eli,
the only thing I would say to caution against the buy and hold of SRS is that these ETFs work on 2x % gains and drops. If the IYR fell 50% today from $27 to $13.50 during a massive drop, it would only need to gain back 50% of that move or back to $20.25 or so for you to be break even on your SRS.
The approach I used before seemed to work better and that was to buy SRS and sell an out of the money covered call on it. That seemed to be a surer bet as you could make money off the shares even if you never sold them. Another surer bet seems to be shorting the URE vs. holding the SRS as these ETFs by nature of their design will eventually go to zero.. especially during the chop chop indecisive action we saw in Jan/Feb.
K,
Nicely done on BBT. Keep me posted. It helps.
Anyone going to hold anything overnight? Thinking of a FAS short.
hey dave. you speaking of 2ft.
here is someone i know in maine
Maine 2ft of snow
charlie i am waiting for JG to turn the SGA on because I am getting crushed
of course BBT gaining back what it lost so its alrite so far
Good one on BBT today K
I’m waiting for the SGA too.. I guess it needs a 24 hr warm up period. I wonder if it is powered by the BS energy spouting from CNBC?
K,
There’s http://snowe.senate.gov/public/ but she looks taller than 2 ft
SKF -40? LOL george will make a killing scalping tomorrow
LMAO dave damn you know everybody in this world eh? COOOOL
yep
here is another scary BBT stock chart with a few new MA’s i found useful? so it hit its first target next up 18 then crash with the market then up again until we get rich
FAZ off by 30%.. I guess the bear market is over?!? No more Depression?
K,
No only KKKKKKool people
I guess I’m going home empty handed.
dave is ubiquitous.
what candlestick formation could develop from something starting off with an INSIDE day looking like a possible symmetrical triangle, but turning into something else candlestick wise ???
Want bullish as well as bearish candlestick formations
MKB,
LOL i forgot your “O” word; i can only think of “obviate”; it wasn’t that i know
i was really sweating breaking out of the “inside day” especially once things penetrated the 5SMA
The SPX fulfilled its two-day inverse H&S bottom discussed above, so now it will have to find a new means of propulsion.
dave. if you look at the link for the scary BBT chart and type TSO you will notice that selling TSO at ~15 was a bad move on my part. it is now poised for a very nice recovery
K,
did you do any Fib pullback #’s for TSO ??
Going forward after mid-March the choices for upside plays are much wider than just refiners; after mid-March i’m VERY bullish (as things stand now)
dave, bullish harami – if this is what you’re looking at?
Yerk,
gotta step out for 5 mins; will take a look when i get back
Much Thanks
Anyone with love of the upside should take a look at the dax, draw one line from the oct lows and one at the tops since then. The fourth hit did the trick. Ok, of course it can be a bear trap – to me it looks more like a high-wire act without adequate protection.
matt……. just got back….. looks like the new moon did it … full moon of feb 9 marked last turn… phil Says:
February 24th, 2009 at 12:55 pm
matt…..new moon today …. dsi 3% bulls on stocks…turnaround tuesday….is it finally time for wave 4 ???
Dave, to make it look neater i did what you asked and made a blog post.
here is TSO Fib retracement for the near future
If you don’t feel like clicking… fibs want it to go up some more, fill that gap then come crashing down and set up a perfectly harmonic bullish pattern.
Enjoy
phil,
That was a great call. Do you have a target for this wave?
Matt
matt ……..thanks……….as i said i just got home and turned on the tv……will post tomorrow when i get a chance to see what actually happened. ..regards. ……..phil
Matt,
Let me throw my coin into the appreciation jar at the beginning of this post. I’m not a day trader–if anything, more like a trend trader–but I’ve learned a lot from your blog.
Regarding your comments on the absence of apathy on the other post you made this morning (or last night), does the move up today suggest an explanation of this absence of put action–i. e., simply, managers were waiting for a reason to begin buying, and that reason being, the all but absolute promise from Bernanke that they weren’t going to nationalize the banks. Doesn’t the fact that they were the one’s leading today suggest the five or six days of falling prior to that were premised on rumors/absence of concrete info on nationalization?? Not to make things too neat and simple, but… what d’ya think?
SGA is in full force!!!
http://www.chartingstocks.net/2009/02/citigroup-credit-default-swaps-jump-reminiscent-of-fannie-maefreddie-mac/
JG, You managed to type Hank
I plan to add while the SGA warms up.
WRT SGA I’m set to go, I started shorting at $77.48 on the SPY. Nice to see it closed at that price
K, they want to stay below 50% so they avoid putting Citi on the govt’s balance sheet. That might cause issues…
FSLR thinks 10-15% of their customers could default, business conditions are very tough right now…. down 17 after hours……
FSLR thinks 10-15% of their customers could default, business conditions are very tough right now…. down 17 after hours……
Sorry ’bout that double post. ? ? ? ? Oh well, it probably bears repeating anyway.
heh. looks like it is now -8
excerpt of obama’s speech
http://www.whitehouse.gov/blog/09/02/24/The-Presidents-address-Excerpt/
Reuters. Japanese Government may buy stocks in the market.
Elephant in the room…………..
Looks like Obama energy investment talk has pulled FSLR somewhat out of the hole.