Cancel All Orders

Well, what do you know, more late day fuckery! Don’t you just love trading option expiration week? I warned traders in The PPT, via my video Sunday night, that we could see one hell of a week filled with strength to start the week, but even I, did not anticipate the bulls to take full advantage here.

It is amazing how fast things can turn. Around lunch time I was sure that the bears would grab their nuts and make a stand, the market looked ready to dive– CANCEL ALL ORDERS style. But, suddenly, just after 3pm, just after I added to my $TZA position, the bulls horns came out.

I was impressed with the way $TZA held up considering the run late in the day, but by the closing bell, it was all over– the bulls won. Within the time of my last post, up until the closing bell, the charts all of a sudden turned slightly bullish. Granted we are still trading on very light volume, the bulls did a fine job defending the 200 day today.

I, myself, have had enough of this schizophrenic market and will more than likely take the day off tomorrow, as stocks will be pinned to their strike price. The only thing that scares me is that many will do the same– giving the bulls another free day to run.

Looking at the chart below, the upside seems limited. But, never underestimate the power of the bull.

If you notice, the 50 day magnet is just ahead, which will also coincide with a perfect bearish head and shoulders setup. I will continue to hold my pretty large (as of today) $TZA position, up until the point the head and shoulders pattern fails. If we do rally past the 50 day, voiding the pattern, well then, CANCEL ALL ORDERS!

This shit is chess, it ain’t checkers.

[youtube:http://www.youtube.com/watch?v=gafALL-R1nI 600 400]

Comments »

A picture is worth a 1000 words, AND MORE!

Comments »

Small caps are running, Chinese loto names are on fire, and it seems every oscillator in the world is screaming overbought.

The futures are indicating a lower open so today will be a pretty good test to see just how strong this bull really is. I am still seeing a ton of great looking breakout charts, but at the same time know that the next move is ultimately lower. So where does that leave us?

Well, $GS continues to be a good tell on market direction and the ($FXY & $FXE) currency markets still lead the way.

When in doubt, fall back to my favorite $TZA, which will protect you from downside if you are long. And, if you are looking to add shorts, take a look at $RL, the chart looks like death.

Now on to BP. They did just what the market wanted to see on Wednesday, they cut the dividend cut and set up a bond. The stock spiked higher on heavy volume and was active in the user note section of The PPT. I’m sure there will be more action for day traders today, so keep it on the radar, for it is the new $AIG.

Don’t be Bobby the bull.

Comments »

The charts now favor the bulls, the shorts are scared, and it’s option expiration week.

I bought a few stocks midday as the bulls took charge with $GS at the helm. Natural gas plays looked great all day, even spec names like $RAME & $BDCO caught fire. $GMXR was up big, $SD looks promising, and I took another position in $ATPG today.

I think the bull has about another 2 days tops, before we see fresh flash crash lows. Tomorrow, I will likely add to my $TZA position on weakness, and take profits on a few longs.

Here are the top 3 ranked stocks inside The PPT:

$CRUS:

$GEOI

$MUR

Don’t forget to check out the iBC store,  indeud.com. It is amazing how fast the iBC swag is selling. The “FREE RW” shirts seem to be the favorite, with the indued shirts right behind. We are featuring a new shirt in July in memory of RW’s family. Take a peak:

Comments »

For those wondering what BTFO stands for? Watch the chart of $CIT. A move above the 50 day and this one will rip!

Disclaimer: Long call options

Comments »

Just about everyone I know is leaning short, well not everyone, but more than usual. Knowing this, coupled with option expiration fuckery, I would not be surprised to see a continued move higher throughout the week. Below is a chart of the S&P 500 ETF the $SPY, let’s take a look at a few things:

On just a little more strength, things could really get interesting as we would push through a tough resistance point. If this happens, I would not be surprised to see us push right up to the 50 day moving average near $115, which would equate to 1,150 on the index.

Comments »