I haven’t been posting much because I’m working on an automated futures-trading program. It’s coming along nicely, and I will be spending a lot more time on it in July.
The bulls staged an impressive reversal Tuesday afternoon, and stole the month from the bears in the final seconds of play. In June, the bulls managed to rally the SPX by a whole 0.18 points.
The fact that the close for the month was a photo-finish may indicate that the forces of supply and demand are now in balance. It may also show that the bear army has become a credible threat to the Bovine Empire. The rally-leading XLF was down for the month, so the bulls already have a casualty.
Mitch,
RE: “You bite back! That was for me taking you seriously about the Taliban in Iraq wasn’t it?! You really do not want to defend that ground do you?”
Nah, I’m just being an old fool, fooling around. God only knows – or is it only God knows – what will happen to Iraq. I’m wishing them well because who in their right mind wants to fight the rest of their lives? It seems so many people in the world never get to enjoy life’s pleasures like living without conflict.
If every thing goes well, I’ll only need to worry about taxes before my last breath.
George:
You are an inspiration to me. Your comments have genuinely steadied my thinking when I’m too extreme. When I trade again I will be that much better because of you. What you share I will use – with good intentions.
Why, Mitch, thank you kindly. I too am a beneficiary of your thoughts and comments as well as others on this fine board. You are so correct that there is a stabilizing effect that keeps our perspective on a straight-and-narrow path by interacting with others.
I’m finally going to go to bed. Like Matt, I’m trying my hand at automation. One day, I’ll have my trading farm.
Good Night
Gap up or down? I hope up to give the inverse a boost for their upside.
George:
FXI got a double boost – it’s own market and ours!
George:
The only thing hotter on my board is TBT and UYG.
Let’s see… jobs came in worse than expected which means the market should rally. Fractured logic or DeBoyz and DeGirlz pulling a fast one?
One of these H&Ses is going to have a bad hair day.
Seems like SPX might roll over.. but not 100% sure yet.
Charlie:
Don’t you pay and receive premium/locked in profits to make up for not being 100% sure?
Charlie, agree… nearing tops and bottoms intraday.
Month-end dressing still has 3 or 4 more days remaining. I believe it’s buy 3 days before M/E and sell 4 days after M/E. But don’t quote me on that.
I’d like to see $3 on SDS today along with $4 on SKF. Tough fighting M/E though, most likely wouldn’t do that until next week if we don’t get into another bull market.
BBT will do all it can to stay above the $20 mark. That makes good scalps each time it takes a significant dive.
Testing tops/bottoms again.
Nice low prices on the inverse here.
which inverse prices george!
If we could go down and fill that gap on SPY, then shoot back up, two nice long scalps back-to-back.
Hey, a fella can dream, okay?
Hey K,
SDS, SKF in particular.
That’s a waazupi of a “U” turn the SPY 15min made. Now it put itsself in a double top pickle. Trying to decide where to go now. I may just draw a trendline and if it breaks it, go with the flow.
blehh K caught the mountainous cold. i hope this boosts my immujne system!!! if it does am making a visit here every few years.
I sold my SRS yesterday to free up more $$ for puts.. which I had to let go this morning for a loss… Just not feeling it for the bear side. If I hadn’t, this would have been a great time to buy some SKF or SRS and to sell some covered calls on them.
George,
if you plan on holding those SKF Sympathy Shares for a while, you may want to try that strategy to get some extra $$ for your troubles.
Charlie,
Yes, I’m studying options now. Covered calls is one that’s allowed by my broker. I believe I’ve figured out how they work. The pure options trading looks easier to understand.
I’m so far behind with this stuff…
George,
how is that options book coming along? and i hope you got approved to do it cause hedging with options is great a lot of times
K,
How’s the family over there? Looks like you have some nice weather now. I’m gonna send you an umbrella just in case.
K,
Yes, approved for options. No trading them yet. I like the idea of hedging. That sure doesn’t work well with the inverse, at least the 2x’ers.
George, I’d suggest papertrading in TOS for a while then opening a playmoney account for just 3.5k
all kinds of options and heck you can also view charts in options (if they are highly traded like the SPY)
just my 2 cents.. you owe me some prescription tylenol lol
George forecast is for rain rain rain but 60-70′s so it’s ok… grandpa is just few short years shy of a century and grandma not far behind. today they had half a century+ anniversary of marriage etc etc. if i’m not sick i’ll go out enjoy the women whose modern clothing turns me off for the fact that they can’t afford it yet they own every piece. anyways i’m on the look out for sympathy shares
K,
Good for your grandfolks. Wow, 50 years anniversary. Huh, Google said the weather over there was sunny. Must have been a CNBC forecast.
You have to watch those ladies over there. If they find out you live in the States they’ll want to marry you.
I’ll send the Tylenol with the umbrella.
The $ looks like it wants to go higher for the ST. Something/somebody may be mopping $ up.
i got in for some SDS calls since i drunkenly covered my SPY 94 call
>>>>drunkenly covered my SPY 94 call
The day will go down as the day K killed his butterfly?
Wow $ plummeted – they’re on to me!
Somebody barfed buck and somebody bought gold!
Anyone care to explain that dollar to gold trick?
nah i killed the butterfly ages ago. this was just a purely single option
i might step away now and wish the rest of you better days 
don’t drink and trade
i just made a day trade accidentally. instead of stop price i said limit. so i clicked submit and it sold.
Softs connected with buck – precious metals behaving as buck hedge – hmmm
K,
I’ve done that before… put in the incorrect buy or sell option. Some trades have to be put on quickly (trading too many stocks at once is overtrading) and there may not be enough time to check fat-fingering.
Is it okay to drink caffiene free diet coke and trade?
Speaking of coke: One can go almost anywhere in the world and get a coke. That’s why Mr. Buffett owns a lot of the company.
Mitch,
I know little about the dollar and gold movement, but I do have a gold dollar. I don’t know if the gold on it is real or not but it is pretty even with the corrosion. And this sucker is brand new.
Bombastic Bushkin move coming early. Didn’t expect this until 3:30. Maybe a fakeout.
Well, SPY failed that 5min 36MA, now heading for the 15min 36MA.
Shorts have been covering quickly lately. Lots of scalping going on.
BBT triple bottoms on 5 and 15min. Like pickin’ fruit off the tree.
Scalps-Я-Us
Stringm MIA for a couple of weeks now. Must be busy programming.
I was thinking last night that the big moves won’t come along until the market changes direction. That nice volatility and SKF $10 moves we all miss. We’re lying low like a flounder in the sand.
Ok with me, trades are nice n’ easy this way.
george….whats the difference between a lawyer and a flounder?
was out most of the day with the family.. Playing with your 2 year old in the sand beats trading stocks any day..
Looks like volume was extremely light today and must less than yesterday’s red candle. Tomorrow probably looks to be a quiet day too.
As an observation, we could be in a bull flag pattern since the morning, but volume is supposed to decrease in the pattern, but instead it has increased.. Doesn’t quite fit the bill.. but 923 was busted so the ball is still in the bulls court.
Also, the red volume bars for today represent some of the highest volumes for the day. This is looking a bit bearish and may carry through to tomorrow morning at least.
phil,
Sorry, had to take one of my cats to the vet. Emergency bladder blockage.
Lawyer and flounder… Hmmm, smells fishy to me.
I don’t know the difference, what it is?