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NOTE: I will continue to post broad market commentary even after the launch of the 12631 service this Friday. If you would like to learn more about 12631, click on this link here (the service is only available to members of The PPT). Also, feel free to ask any questions.
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MARKET WRAP UP 11/09/10
Stocks continued to see bouts of profit-taking today in the wake of last week’s powerful breakout to fresh 52 week highs. With the S&P 500 finishing down 0.81% to 1213, the trading session was far from a bloodbath, but it was a party foul after the recent string of festivities that the bulls have enjoyed. Moreover, a fair amount of action junkies got caught with their hands in the momentum cookie jar on the long side. In particular, many of the precious metals and miners saw some nasty intraday reversals, after enjoying some impressive gains over the past few weeks. While one day does not a trend make, today’s action is enough reason to not initiate any fresh longs in the precious metals and their respective miners for a few days, at least until the dust settles.
Beyond the metals, the charts of the market leaders remain in good shape. As I have been saying for the past 100 points or so on the S&P, it is best to err on the side of the prevailing trend, despite how scary any one given day may appear. While we could easily see a few more days like today, that is precisely the reason why I did not proffer my weekly trading setups on Sunday. One can still be bullish within the context of an uptrend without always being heavily invested on the long side. Before you scroll down to my annotated daily charts of the major indices and sectors, take a look at some of these market leaders and decide for yourself if they are truly displaying any signs technically which would indicate a top, rather than a mere bullish continuation pattern.
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Thanks chess! Feeling a bit better about buying the dip today, FCX is a little concering but it has had a run with both cooper and gold. I am truly looking foward to the 12631 event.
Chess – how does the launch of 12631 change your posting here ….
I will be posting my trades and specific setups, as well as most of my analysis on the market inside 12631
what is the fee to join 12631?
Between $26-$29/month depending on your subscription plan. We believe it is very reasonable given what we are providing.
where to sign up?
as will RC I presume and that leaves ??? to be posted here …
I may be wrong but it seems as though iBC is on the tracks to “pay as you go” and the free service will eventually be entirely private …. Odd, no?
nice summary chess… i’m almost certain this was a head fake to scare some bulls out of their positions. if u click through all of the key sectors on the 5min u will notice that the majority of the day’s volume came in the last 10 minutes before the close and it was all buying. china releases numbers tonight – i see a gap up squeeze for tmrw. have a good night.
Party foul indeed! (havent been a subscriber long enough to use “indeud” yet). Nice summary.
Thanks
It seems like this is the standard formula, a blogger gets some site hits and before you know it they are charging money for something. Its the paradox of “stock advice, for a fee.” why do profitable traders give advice via a blog? To help people?, and not for money since they should be making significantly more trading. So then why spend all this effort creating subscription services for $30/mo? Is it just to have something to do?
As a member of the PPT, I’d like to respond. The PPT is a tool and a community of traders. As a tool, it saves me a lot of time and makes me a lot of money. Over the years I’ve paid tonnes [sic] of dollars for tools that would allegedly make my life as a retail trader/investor better/easier/more profitable, as well as newsletters (yes back in the day when they actually came in the mail). I’ve also built my own (AI based) trading systems. None of these even comes close to the value found here, whether it’s the iBankCoin “free” site, or the PPT tools.
I am HAPPY to pay a monthly fee, to continue to support the development of these tools. As a professional, my clients don’t expect me to work for free, why should I expect “The Fly” and his developers to work for free.
On another level, the PPT is a community of serious traders. As a retail trader/investor this is an unparalleled opportunity to interact with both professionals and serious retail traders. Nothing else even comes close.
No question, I get it from the user’s perspective. I just don’t understand the motives from those that are creating the services. If you are a professional money manager, why stay up until 3 am making videos to advertize a service that you are selling for minimal money (or whatever, you get what I mean)? It would be like a doctor getting home from work and setting up a lemonade stand out in front of his house. If you are who you say you are, you shouldn’t be putting in so much time/effort for relatively little money. And if you are just in it to help people, that’s cool. But then why charge? You wouldn’t offer to be a Big Brother and tutor someone, then ask for a small monthly fee.
It sounds like 12631.429501 is going to be overlapping a lot with what Chess has been providing here on the free side, hence his paring down the specific trade recs, etc. So it was something orginally offered for free, why not keep it that way?
Don’t get me wrong, I like this site. It’s just getting increasingly filled with schtick, where every other post is a sales pitch. It’s a red flag, is all.
Caesar,
We believe there is sufficient demand for the services that 12631 will provide. Of course in the week leading up to the launch we will try to publicize it. I am not a money manager. But even if I was, what’s wrong with creating a product in a capitalist society and publicizing its launch? You say you want me to keep doing this for free, but that type of demand is precisely why we are creating the service.
If you truly think that there are ‘red flags,’ then stop reading my work. No one is forcing you to read me or sign up for 12631.
Chess, that’s fine, I was never questioning whether there was demand for your service. You’re right, no one is forcing me to read this site. No one is forcing you to blog either. I’m just asking some simple questions regarding the underlying motivations of the service provider, which I don’t think should be that off-putting. Do you really expect people to read your material (and then pay for it) without ever questioning the motivations, or even just incentives, of the anonymous writer? And if I do that, then I should just stop reading your work altogether?
I think that’s the point C&W … Once the reader becomes a regular the source disappears. If Jake joins both you and RC then the only reason to come is for Fly’s daily monologue. At that point the site may as well be a fee for service blog only. Even then, if/when one joins the PPT (expecting more than the research) one could find a fee within a fee for the same blogs that were once open content on the site.
Don’t get me wrong … I understand capitalism and the concept of cashing in on one’s success, but the trend does indicate an end to this ungodly financial blog in due time … and a red flag to those that become too lazy or dependent on the tabbed bloggers as a crutch for their own trading.
I appreciate almost all the bloggers on this site but refuse to become dependent upon them for my trading ideas or success which is one reason I’ve refrained from joining the PPT to date … yeah, sort of like biting off my nose to spite my face but not cause I’m cheap or can’t afford it but more so to keep myself from getting lazy or dependent.
No, I won’t stop reading and I’ll hold out hope that as the current tabbed bloggers develop into “personal consultants for a fee” that others will replace them as Fly uses the free site as an incubator for fresh talent in place of the PG. Watching as things develop but that’s my take … no offense to you or any of the other bloggers.
Will there be an option to simply pay for a years worth of PPT/12631?
Yes
i still know old folks who call in their orders to the brokers and commissions are an afterthought,but thats old school. now comes the internet,where lots and lots of people connect to their portfolios differently. brokers, not only bought and sold for you,but told you what is, and what isnt. and the slick investor knew if he /she was getting pumped and dumped.but now,everyone thinks that they can be an expert instantly,and thats just not so.i find that even though i dont subscribe,i have found people like this chess and wine and scott and rc spyder,man these folks pour their heart and soul into something that they love to do,and it shows.when any good cook gives you a recipe,it has been said,they always leave something out over here,you get it all. no matter what stage you are in a craft,from novice to pro,somewhere along the line,you will find,that hey yea,i gotta ask somebody for some help,because after all,i dont know it all…….from what i have found so far,for the price this place asks for its service,it is not equal to their knowledge or caliper,its almost free,and that in itself speaks multitudes.