Today was the perfect example of a day where you had to stand firm if you were short. There was no reason to cover despite the market killing most of your gains. You must know that, statistically, only 1% of breakaway gaps fill within the first 5 days. We marched to the high of the first opening gap’s bar and quickly failed, unable to fill, unless you were the Nasdaq (COMP). Right now, it’s a fight for the 50-day MA for the SPX, DJIA, and RUT. The COMP formed a shooting star, a ‘warning from above’.
Yesterday’s action confirmed the breakaway gap in several sectors, most notably in energy, cons. staples, and industrials. Further, the cons. disc. and materials sectors formed a 2nd consecutive doji, signaling major indecision. Health care formed a black filled candle at it’s uppermost resistance and we can see shooting stars in tech and utilities. All are potential reversal patterns. The financial sector is actually the strongest sector, but I’m not concerned at this time.
I’m pleased to announce that iBankcoin has received $4.85 million, our first ever round of capital from our new partners in Washington, DC. They are also investors in my own hedge fund. I set up the meeting a few weeks ago and Fly closed the deal immediately yesterday evening. The negotiated proceeds will be used for future acquisitions, tech upgrades, advertising, and general operations. We are working on establishing new partnerships for the iBC brand and attract additional talented financial writers and trading professionals.
thats sick about IBC partnership. I have been short and remained for exact reason of the fact that it didnt scare me i lost some profits. wasnt even retracement of 50% of yesterdays loss on top of the fact closed below 800 on monthly and quarterly. Not a good sign for markets. wheres your hedge fund based out of?
holy shit – congrats on the cash!
also, nice charts.
Chevy Chase, MD, right outside of DC.
CA by the way there is a H&S on RUT, ES futures and indices. ten minute chart is what im using.
CA what you make up of US dollar and gold. I cant make up my mind where they will go. I feel golds trendline might get broken as it has been tested several time.. Do you have a stance? Thanks
I see a pending H&S, confirmation on the neckline break. Both gold and the $USD are testing the 50-day. I’m not a big fan of trading gold, but the neutral is still resolved.
I am in the process of finalizing my side bar link library. If you people have blogs that are worth reading, let me know here and I will add it to the blogroll.
http://tacharts101.blogspot.com/
Add mine if you want thanks. hoping that neckline breaks on good volume that way i can sleep the day away
Alright, you’re in. You have to post everyday. No laziness allowed.
The biggest thing to look at are the world indices:
DAX, CAC, FTSE, HSI, NIKKEI, etc. The European indices will form stick sandwiches if they hold their present declines.
Thx and congrats iBC.
I have a site worth reading and would appreciate being added to your site. Thanks!
http://optionspot.blogspot.com/
Today is April 1st? So you got 4.5mil? Are you sure is not from Google Venture?
perphaps its april fools? now that i think about it
APRIL FOOLS
You guys didnt get shit.
Are people really that stupid
Yes, staying short was the right call. For the most part, The Fly, held firm, but he did capitulate on his oil trade:
“I sold out of my SCO position, which was initiated yesterday at $31.10, around $33. Although I think oil goes lower, I can’t stay short crude, while the market is spiking.”
Bit strange given how small his expressed positions seem to be.
switching to long for small bounce
think market going down as were stalling…. another shooting star perhaps
FOOLED.
Half my FAZ is gone, and into majority cash. Bought @ $19.799, reached a high of $24.97, and sold at $19.41. Go fucking figure.
bought faz twice today at 19.20 and sold for little bit above 20. and all that – without looking at a chart 🙂
fooled
no shit…buy the dips Jan 6 is on deck for all the markets
CA, you fooled me with your “I am quitting all trading post” on Twitter. I am so gullible.
Haha! My girlfriend caught the whole, April Fool’s thing. Glad to see you’re sticking with us!
FOOLED. GOT YA.
I can’t believe people thought I was quitting. I was getting “farewell” e-mails and shit. Stuff like “Please come back”. hahaha. I thought I was too late to play that game.