Hammer on Volume + Neckline Support / Sector Analysis
Nice reversal at the end of the day. This was confirmed by a hammer on higher volume. The close also puts the head and shoulders formation on hold since the market was unable to close below the horizontal neckline. We are at regular oversold levels, so I do expect a sustained up day.
I will be busy today, but I will try to fit some trades into my schedule.
For my private coaching program, I got enough to fill my weekend slots for the next 10-11 months.
Here is the SPDR sector breakdown. Many are showing high vol reversal candles. XLB, XLE, and XLI are forming falling wedges, with upside targets as close to the upper boundary as possible. XLP is still forming a bear flag. XLU is in an ascending channel. XLY is range-bound but with a smaller descending channel within. XLF is forming a large descending pennant/descending triangle. XLK is forming a symmetrical triangle with a smaller descending channel within.
Damn it, i was typing my email …. omfg spot filled up so fast….
good morning
after taking a beating on most of my holdings yesterday i will be looking at the following for today:
INCY, AOB, PPHM, DRYS, OCLS
thanks CA…
Shorted a little HBAN @ 3.81 in premarket…. Cramer touched it… so SELL IT
CA is NENE ready to go?
Ready to go as long as it holds above .83
Thank you CA
Bought HGSI at $2.52
moved stop on ACCL up to 5.63 - PT is still 5.90. bought yesterday as posted 5.68/5.69
Bought UMC $2.72
Covered HBAN @ 3.63
long ARUN at $7.55
OK got my questionaire in . Hopefully John helps old determined men….
shorted SD @ 8.43
charts
so does that mean that any requests for the training will have to wait 10 months or so for you to be available?
No, because I know some ppl won’t qualify.
oh ok.. cool
Thanks for everything CA. Appreciate all you share with us. Busy today.
Hope everyone bankscoin!
First trade this week - long ICE at 86.25. A bit late to post, but its been a hectic am.
CA - awesome stuff w/ the training program. If you’re willing to take a 2 hour flight from DCA or Phily out of the US, let me know. You said no to this previously, so no worries if you’re response is the same.
Kman…. WTF! if that is your first trade of the week then how in the world is it a hectic morning. I think your full of shit! I think you were nervous you were wrong, so you waited till it was up $3 so you could look good! FUCK FACE!
Grouch
Dude - I’m not the first to say this, but you are a complete f*ck-up. I have a full time job and don’t trade everyday. Why do you need to try and call everyone out on their trades? Here’s my trade order…get a grip on life dude…
Stock Order: ICE-INTERCONTINENTALEXCHINTL
Status Filled at $86.2553
07/09/2009 09:43:00 AM $86.2553 115.000 $9,919.36
NET TOTAL 115.000 $9,919.36
Dude you must be SUPER fucking insecure, if you have to post your trade confirmations! I can post that, there is nothing there that i couldnt type on Word and copy/paste onto this blog. Go fuck yourself son!
Insecure? Wow, you are dumb. Just proves my point that you’re only role here is to be an idiot.
Once a dumbfuck always a dumbfuck ….. Kman disregard this dickwad unfortunately since DD and Joshtard unceremoniously got kicked to the curb someone had to take their place and grouch seems to fits the bill to a t.
And here’s my sell order…for a whopping +$325. Now who’s full of sh*t?
Stock Order: ICE-INTERCONTINENTALEXCHINTL
Filled at $89.0884
Sell
07/09/2009 10:21:11 AM $89.0884 115.000 $10,244.90
NET TOTAL 115.000 $10,244.90
look above
Bought more UMC $2.73
Volume coming in.. nice one
Retox, yesterday you suggested paper trading ES futures to practice pattern recognition. Do you have any suggestions for online futures simulators? I’ve been paper trading SPYs via my broker and a virtual account but it isnt exactly the same.
UMC auto @ 2.75
Mike,
Think or Swim has a free paper account. http://www.thinkorswim.com. You are right about SPY - it tends to over-react when the market gets hot - good or bad depending on your ability to get out REALLY FAST. Futures are a little more tightly bound to the market.
They should all let you paper trade futures and forex without being approved for live trades though so your broker migt do it too…
I’d be careful with the tos simulation, it fills at mark instead of bid/ask ($12.50 spread).
Try infinity their’s is also realtime tos only when account funded
APOL short @ 64.96 about to die - both intraday and daily look BAD
anyone joining in - breaking down - intraday target is 50 ma @ 63.24
CA,
Is this UMC a day trade or swing trade? whats your target?
Day only. YOU tell me what the target is.
I’d say around $2.90-95 based on the 50 day MA on the daily and 15 min chart going back to early June. There is some resistance there…
That’s about what i was thinking. Unless it really busted loose and made it back to the top of the downward sloping trendline around 3.10-15
Take a look at the 5 year weekly, this looks like it could be the bottom of a right side inverse H & S.
I’m thinking of swinging this, thoughts CA?
that’s a good call Bull
covered SD @ 8.60 mother fucker
HOV @1.92 auto
NVAX @2.74 on the dip
Long URE, FAS, TNA
$3.10, $38.85, $23.53
I assume this is for todays expected bounce? I am watching TNA as well.
who’s that guy on your avatar?
He is the Emperor of the Imperium, in warhammer 40K: http://wh40k.lexicanum.com/wiki/Emperor
cool… quite the formidable feller
I like the bullish attitude, been exposing myself to too many gold investors lately!
6E shrt 1.3971
6E cvr 1.3961 +10 pips
OMG! YRCW is on fucking fire! i was watching that bitch all day yesterday around 1.08
MT short 29.90 - fading the gap - target 29.40ish
stopped out.. long AMGN 57.77
CSE moving!
unfortunately without me …
CA, ABAT had decent gap up today and it seems to be flagging in an ascending wedge (if that’s even a pattern), any comments?
possible long candidate. The 20-day resistance is at $3.85 though.
OCLS 3.14
MTXX 5.44
Mike,
I replied to your question above - didn’t know if you would see it. Sorry - been busy trading. Euro is hot today…
Thanks for the response, I just ended up taking a few minutes this morning and making a spreadsheet in excel to approximate a futures trade. It’s a bit crude but it works well enough for my purposes and allows me to “trade” actual SPX values rather than SPYs. Not to mention - easy documentation and post market debriefs.
take a look at ZN from yesterday (10 yr notes).
I want a move like that in ZB today!
and now we’re in a wedge - kick ass.
nope - wrong way for me. big fake-out move though.
watching ZB now for break from the upper trend line. 1 min chart.
it’s begging to be shorted but not a good idea into the auction.
INCY 3.39
thoughts on CTIC daily?
dont like it much
thanks
ATTENTION:
I AM CLOSING THE AVAILABILITY OF THE PROGRAM AT MIDNIGHT (in 12 hours) DUE TO EXCESSIVE INTEREST.
I have enough people for the next 1.5 YEARS. Here’s a screenshot of my hotmail acct, for unbelievers, of course: http://i587.photobucket.com/albums/ss311/chartaddict1/1-5.jpg.
Frankly, I don’t even know if I will keep this going for that long. We’ll see when next year rolls around.
Thank you for the interest.
-MANAGEMENT
Congrats on your huge success CA!
Bought S @ 4.47
Bought UCO @ 9.71
you could auction it off to highest bidders CA…hah
Out of UMC $2.72
if Euro dies here - will take crude below it’s uptrend support - will sell off
otherwise it might rip out of the asc tri.
MONSTER crude short hotness.
as planned.
Sold S @ 4.41… definitely didnt not like how the stock is acting, probably bottom ticked it now lol
duece-bag..Obama…cap and trade bullshit…we need to recall his dumb ass home so he can be impeached for stupidity
Sold all dETFs
And back in
euro / crude set for more downside
short
sweet oily goodness - worked but I did jump in way too early
+.40 oil
+ 6 pips euro
I thought Cramer said Dykstra was a genious trader? Bro.
CA can I get your thoughts on UNTD here?
Hilarious website… along the same lines as textsfromlastnight.com and fmylife.com .
this one is a guy that replies to craig’s list ads and is just totally ridiculous: http://www.dontevenreply.com/index.php
Oh, this country is going straight to hell.
That site is fucking awesome.
HAHAHAHA! good one.
I agree with DPeezy. Thanks for sharing.
En Taro Adun. Very nice.
Sadly, I have not yet been selected for the SC II beta… *sad face*
It may be a long shot opting in for the beta. Do you have a beta code from Blizzcon 2008? I hear those guarantee participation.
I wish.
Right now, I’m applying the hope & pray method. That works so well in the stock market.
Oh…wait…
These are like the Jerky Boys or Jackie McGee prank calls updated for Craigslistards.
Funny stuff.
Meh, sold UCO @ 9.63… small loss, not feeling right… think oil could slide right before it’s 2:30 close
watch the euro - it wants to die here but if it rips, oil should not sell that hard
I’m already out as above but I’m still watching for another euro trade
I heard Fly is the first participant in the training class so he can learn to read charts better….
well played.
But the first rule of The Fly is that you do not talk about charts.
But the Fly is the father of the cock and balls formation!
I should hang a copy of that on the wall of my office.
lol!
Out of everything. Up 0.6% today. Good enough for me.
CA, just me or is there a rising wedge forming on the intraday looking at yesterday and today on the indices?
just broke
How’s that for timing? That is my caveman gut…
Caveman I was looking at the same thing and was reluctantly trying to find something to do, but as CA said the pattern just broke … good time to look for some shorts to ad I guess
Yea, a breakdown would be bearish but on an intraday chart you have to be careful not to over-read it beyond an intraday outlook. So at most that pattern break would say the market trades back down to even or to the lows but it does not necessarily mean much for a timeframe beyond that.
If you were daytrading (which I wasn’t and don’t) it would have been a good intraday bearish signal to short.
But since I am already bearish biased on the market it follows my expectations of a weak bounce to sideways/no bounce over the next few days before the next leg down.
and now if you see a retrace to the bottom trendline from that wedge, watch for hesitation (wedge is now resistnce) and enter quick short there (it is a fail if it moves hard back into the wedge - you’ll know quickly and can cut your loss fast.)
this one looked like it moved too far away for that but I’ve done really well playing wedges like that when I miss the initial break out. only for a scalp though for a point or 2
like that second leg down that we just got…
yup, got it.
That was a really nice call on the wedge btw. I’m only on a 1 minute + afterhours so it wasn’t obvious to me. I caught the second trade short - I owe you!
I used to do some good charting years ago (JakeGint can vouch for that) in a previous internet life. . I just dont have the time or personality to do it anymore on that timeframe. I now am aiming for the swing trading of trades that last a few weeks at least to a few months.
I now use charts as a great timing supplement to my other analysis methods.
anybody care to guess where oil goes from here. I had 59.70 as support from yesterday and it held well today.
I’m thinking the easy short trade might be over for now - we need to consolidate here no?
btw - if Kudlow gets his $20 oil I will sell EVERYTHING I own and load up on oil futures. He is deluded.
I do think oil has a very good chance of cointinuing to fall for the next couple of months back to the base it made early in the year in the 35 to 45 range. I am betting that with my DTO position.
in 50% cash
This link is to one of Chart Addict’s posted charts on the 7th.
look at his prediction.
look at what happened.
http://chart.ly/gbtcwk
fucking voodoo
The C’tan star gods came to me in my dream on July 7th. That’s how I knew.
Hat tip to the star gods.
that’s coin!
Fucking rating agencies. These guys have no reason to exist as they are dead wrong half the time.
hmm - last minute rip from the 200 day?
does 3 points count as a rip? fail.
Retox,
The dollar and oil are both rising, while the market is crashing
Either oil needs to correct itself and drop, or the equities drop is a bear trap?
crashing..????? wtf…you on crack
Oil caught a support area on an up day in the market and really didn’t bounce much at all. I’m still bearish on oil but I do think we need a pause after the last few days.
Bought SKS at 4.26 just before the close.
THE PRIVATE COACHING PROGRAM IS NOW CLOSED.
I have 43 candidates, good enough for the next 20 or so months.
CA,so fast.good for u
Thx