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Tuesday’s Trading – 3/31/09

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This entry was posted on Tuesday, March 31st, 2009 at 8:49 am and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

31 Responses to “Tuesday’s Trading – 3/31/09”

  1. K says:
    March 31, 2009 at 10:23 am

    wow looks like everyone is away from the computer today.
    if I had one wish I wouldn’t wish to be rich but for george to come back and post. that guy changed the way I trade for good.

    anyways a gap down followed by a gap up. hmm what next?.I hope it closes where it opened then gaps down tomorrow for a true island top :D . maybe that’s my wish if george doesn’t want to come back

  2. K says:
    March 31, 2009 at 10:25 am

    ok I should listen to the class instead of blabbing of island top because I have no idea. sorry matt I love talking to myself at 10am

  3. narrowminds says:
    March 31, 2009 at 10:27 am

    I will have to agree with you on that K… he definitely changed my trading and now 99% of the days I am making money vs. 99% of the days I used to lose money at start.

  4. Drano says:
    March 31, 2009 at 10:51 am

    Anybody going to take a shot at SKF at 100 again?

  5. gigi says:
    March 31, 2009 at 11:07 am

    Drano, mark-to-market (not) coming to a theatre near you on Apr 2nd :-)

  6. Drano says:
    March 31, 2009 at 11:14 am

    So you’d wait for SKF at 75 :lol: ouch

  7. admin says:
    March 31, 2009 at 11:17 am

    Yesterday, SPY made a bullish falling wedge pattern and rallied into the close. Today it is making a bearish rising wedge.

  8. K says:
    March 31, 2009 at 11:53 am

    skf 75 would destroy me in half :D I am still holdinggggggg a good amount

  9. Drano says:
    March 31, 2009 at 12:00 pm

    Morgan Stanley says SELL stocks. That means a rally is imminent, doesn’t It?

  10. gigi says:
    March 31, 2009 at 12:08 pm

    Drano, I am thinking it may be best to stay away from financials. Govt will keep bailing them out until it doesn’t. Maybe chance a long UYG/short SKF play if we get another severe selloff in the financials. The risk of course is that the govt may let them go under this time.

    I am too chicken to short financials at this point. Commercial real estate and maybe semis (going against the second half recovery) look less risky.

  11. admin says:
    March 31, 2009 at 1:11 pm

    The rising wedge that I mentioned earlier did indeed break down, but there were obviously dip-buyers waiting below.

  12. Charlie says:
    March 31, 2009 at 1:25 pm

    and notice the declining volume as this market heads higher?

  13. K says:
    March 31, 2009 at 1:29 pm

    one thing.. END OF MONTH MARKUPS!! :D

    i thought it was april fools already :P

  14. admin says:
    March 31, 2009 at 1:32 pm

    On the daily chart, today is looking like a bear flag so far. If SPY’s slow stochastic can cycle up to overbought on the 60-minute chart, then we might expect another leg down.

  15. Charlie says:
    March 31, 2009 at 2:01 pm

    lol K…

    actually Matt.. not sure if we’re going to get up to overbought on the 60 min.. I added shorts anyways here.. 805 is going to be big resistance. Buying is diminishing based on what I’m seeing. We’ll see if the bears step in before the close. I do know that Fundies have to stay in until the close for the markup.

  16. Drano says:
    March 31, 2009 at 2:40 pm

    And away we go.

    Up, that is.

  17. Charlie says:
    March 31, 2009 at 3:32 pm

    Now is the time for Glory Bears!! CHARGE!!

  18. Charlie says:
    March 31, 2009 at 3:45 pm

    can 800 be defended?

  19. Drano says:
    March 31, 2009 at 3:50 pm

    Do you mean, in the world of efficient markets, or in the world of manipulated government sponsored interventions?

  20. Drano says:
    March 31, 2009 at 3:51 pm

    Nervously bought back my SRS covered calls and am now sitting with SRS, bear nekkid.

  21. MKB says:
    March 31, 2009 at 3:57 pm

    Drano:

    Now that’s bullish!

  22. admin says:
    March 31, 2009 at 4:00 pm

    Charlie,

    Nice call at 2:01pm:

    http://www.trivisonno.com/tuesdays-trading-33109#comment-33802

    Matt

  23. Charlie says:
    March 31, 2009 at 4:03 pm

    What a day!! Crazy . Took 1/2 my puts off at the close. Hold 1/2 for the party tomorrow.

  24. gigi says:
    March 31, 2009 at 4:11 pm

    Increased my very small short SRS put position to something small :-)

    SPG seems to be making a complex H/S on the 15min/20d, nexkline ~30. Unfortunately the volume does not match the classic description. But the pattern seems to be very “defined”. As I am a complete novice in T/A, any thoughts would be appreciated.

  25. Drano says:
    March 31, 2009 at 4:30 pm

    MKB wrote: Drano:

    Now that’s bullish!

    Ah yes, you guys are learning fast that I am to be faded. Sad but true.

  26. Drano says:
    March 31, 2009 at 5:54 pm

    APOL is not a happy camper after hours.

    Bwa-ah ha ha ha !

  27. Yerk says:
    March 31, 2009 at 5:54 pm

    I’d thought they manage the 815 but so… kind of obvious

    Where to go?
    “In simple English, if the SPX Index was to adjust to an historically overpriced level of 20X P/E ratios (the level of red line), it would need to fall by 63% from its current level.”
    http://www.financialsense.com/fsu/editorials/bloom/2009/0331.html

  28. Josef says:
    March 31, 2009 at 6:33 pm

    Interesting graph concerning length of bear markets:

    http://nicolasrapp.com/?p=417

  29. MKB says:
    March 31, 2009 at 6:56 pm

    Yerk:

    Did you see my comment as the last comment to today’s game plan? Comment?

  30. admin says:
    March 31, 2009 at 8:12 pm

    Futures took a dive at 8pm. This might be why.

  31. K says:
    March 31, 2009 at 9:24 pm

    now we’re getting somewhere