The XLF raced above its August 31st gap on Tuesday, and successfully back-tested the top of the gap at 14.76 twice before running higher. It looked like the matter was closed, but a wave of selling in the last half-hour drove the XLF to a dramatic 4pm close at 14.75. So, the gap is still open, but is now just a sliver only one penny high.
A big part of the market’s problem was due to the IWM hitting its October 6th gap that I mentioned yesterday. The IWM closed at 60.56, which is only two pennies away from the bottom of the gap at the 60.54 level that I mentioned yesterday. Of course, the IWM represents 2,000 small-cap stocks, many of which will have corresponding gaps in this area. If many of these stocks stall, or pull back here, it is possible that the rest of market will do likewise. Another possibility is that money will rotate into larger stocks.
george …….uyg resistance is @ 6.99
Phil,
I wouldn’t doubt DOW 10000 the way it is going. I figure SSO, which is at $35+ right now, to maybe get to $40. Plus, UYG now has a “6″ handle.
UUP possible right-angled broadening pattern from ~1:15 today onward.
Stringm,
Huh, I don’t have that on my screen after logging in. I went under trading tools and it isn’t there either. I hunt around for it.
Thanks
george….you know me…..i will sell before 6.99…….lol
magnified chart show uyg resistance at 6.95…..ok i will be gone at 6.89
phil,
A good plan.
Am I looking at this right – futures dropping?
George
It looks kinda like an ad pop window. Guess you might call them.
String
junglegirl………..daily UUP candle looks like a hammer…plus heavy bearish sentiment on dollar .. DSI 4% bulls.. means we are probably close to a dollar turn but not there yet….situation looks similar to march low in stocks
junglegirl…..my schwab uup daily shows a hammer but a dollar dec future shows red candle closing at lows….rest of my post is ok
DOLLAR http://1.bp.blogspot.com/_goypolxEFd4/Sq4Hc-cZ7eI/AAAAAAAAB6Y/OgtAqE3H2JM/s1600-h/USD+Daily.png
Stringm,
I fixed some really good grilled chicken strips. I didn’t have any marinade so I made my own. I put the 10 strips in a baggie, added a little olive oil, dried onion and garlic spice, and about a 1/2 cup of orange juice. Let them sit for an hour or two.
Those were killer strips. If you like grilled chicken, give it a try.
OK, futures all over the place, I don’t have a clue. Heh,,,
dollar broke major resistance at 77.20 now we have to go alll the wayy down to 72
Stringm,
I’ll try TD again to see if I can find what you’re looking at. Our screens may be different depending upon the type of customer(?) I don’t use them as a broker yet.
I don’t like you guys. You go with the flow. Not cool
George
I’ll give those chicken strips a whirl, sounds good. We have been soaking strips in buttermilk with an egg, Emeril essence and Garlic. I can’t eat fried any more, but my wife came up with some Panko bread crumb and Zattarain mixture. We put them on a racked baking pan and oven fry. I think I like it better than fried. Do the same with Flounder.
String
‘K,gotta learn from the internet bust. everyone thought the market couldn’t go down,now everyone can’t believe the market will go back up.So what if we are creating a bubble,bottom line is to make money on these moves and try and provide finantial security for you and your family cause the gov. sure is hell is not going to do it.
scotty…..hear hear
Oooh, that sounds good Stringm. I’ll give that a try. Luv flounder too.
Stringm,
Here’s what I got from TD:
Ted: “thinkorswim from TD AMERITRADE” is our new, downloadable trading platform. It’s packed with innovative features for analyzing and trading stocks and options. The current preview version, limited to a select number of TD AMERITRADE clients, is a prelude to the full-featured version we will offer in the future. Eventually, you will be able to trade futures and forex with this trading platform.”
I’m not a select number. lol
K making dumb moves day in and out.
accidentally bought 10 options on AIB instead of 1.
my risk went from $40 to 400
George, Yerk
Today was over a 1.5% gain in SPY. I backtested buying closes of greater than 1.5% gain and selling 1,2,3,4,5 days later. Testing back to 2000 on SPY I don’t see an edge until days 4 and 5. Selling the next day was the biggest loser. Looks like there should be a pullback followed by better times next week. Of course I didn’t test for a 1.5% gain after seven fricking up days. I’ll try that.
String
String:
I always appreciate your posts. The PFE divvy play was a good idea . . . . it was torture for me holding that stock; it was so boring.
Mitch
Boring is a good thing. I bought some MO today. I know I should not support smoking, but what the hey 7% Divy. I plan to build a position over the next 3 months. They just paid dividends. So I have time to work. The real neat trick is buy in advance of the dividend, let the stock go up and when it fails on the daily. Like the MA crosses down with the MACD down and DM down, sell a call and buy a put. That way you are protected with the put, you will get the divy and call premium. Stock usually falls after the divy anyway so you might still hold the put whether you get called away or not. Doesn’t always work out that slick, but when it does it is fun.
String
String
I haven’t bought the put with the strategy (I trusted you when you said PFE was “not too volatile”) but that is added padding . . . sounds good.
OK, here’s the deal, I misspoke. Y’all are used to that though. I backtested 7 higher closes followed by a 1.5% gain. There was only one 3/21/2003, 5 days later was a loser. Then I questioned why today wasn’t a trade. It has not been 7 higher closes, DUH!! It has been 7 higher highs. Tested that still the one in 2003, 5 days later a loser. The only other 2 were this year. 3/17 and today. The 3/17 was a winner. Today is, well are you feeling lucky? Three times in 10 years doesn’t give you much data to go on hunh?
I still ain’t chasing this puppy for more than an hour at a time.
String
Mitch
I am NOT to be trusted!!!
String
SPX rising wedge.
here is the secret chart i’ve been keeping.
http://i26.tinypic.com/5oc9s.png
String
haha. ok, Grandfather taught me to take risk but calculated risk. I put your statement in the calculation – how’s that?
Mafia Sinks Ships Containing Toxic Waste
K,
Is that a rising wedge? Still going to rise or a fakeout?
Mitch
So long as you know listening to me is like playing Russian Roulette. 1 in 6 you get your head blown off.
String
K
Zerohedge has a fascinating article on those ships. They even use some vessel tracking images that show water freight now vs normal.
String
George,
Did you google a rising wedge? It means its a reversal pattern coming.
I spy 1020 near term and 950 by end of october. 777 by end of november LOL (hey don’t quote me on these they aren’t prediction except 1020 i just love numbers)
Good to see the futures in the greenish area. Somebody told me today the rally must stop sometime. How stupid is that? From now on the color red is banned from the stock market.
I had AAPL options sept 2nd or $62 and sold today for $157. I risked $62 and got rewarded nearly $100 on top of it.
talk about greenshoots
Tell us more about your BAD tradings.
oh the AIG?
I sold short AIG call option at $263 I covered at $1244
Happy?
Dressgaurd
I think the Central Banks of the world have beat you to the punch on banning green. Now if they can generate some jobs and not ignite inflation, then all will be well. Then we will all be rich and living on beach front property in Arizona.
String
the tickerguy has become scarier every day now
George – are you serious with your 11:05am post ? (re SKF)
SRS – i see 9.02 close, but it redeemed itself after hours up a penny…wow…whodathunkit
@K: I knew you’re infallible.
thanks man.
I is a human therefore I love money to lose and win.
I love the color red but pretty soon will decorate my account fully green. where is the red wallpaper going? to wall street of course!
@Stringm: Beach front property for all would be nice. The reality will be slightly different. What about the Americans going to war with their own government? Much more fun than being bored somewhere in Arizona.