I’m continuing to look at the 20-day MA for the initial reaction in the SPX. I am also looking to see if it may possibly need the help of the 50-day MA, which will bring the market into a flat, neutral range. The latter is a threat to the rally. So far, I see an orderly pullback and nothing that suggests that we go crashing down.
There are a few things that I need to talk about regarding the individual sectors. The XLB, XLV, XLI, XLU, XLF, and XLE are consolidating nicely, which is expected. However, I am focusing on the XLK, XLP, and XLY. Make note that that these three are forming the apex of their respective wedges. A resolution here may foreshadow what is to come in the next few days/weeks.
I think XLK takes off today… lotsa Cube buying last couple days.
RIMM might be the call.
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I think that the market will need more time. But this isn’t a religion Jake and one should follow the evidence and the chart. I’m short the mkt right now- but will cover (at a profit) if pre-mkt highs are breached.
“This isn’t a religion??”
WTF??
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I like RIMM here to . DUG chart looks like its bottoming. I like it over 15
RIMM’s bear flag looks like a short to me with a stop at 68.81.
I’m paraphrasing JakeGint. BTW, just took half my short from last night off (posted here) +5%
Obviously, Cisco see value in technology acquisitions right now…
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thanks CA
JAZZ moving
Short PARD short LDK
Covered half PARD, half LDK …holding rest for potential swing.
Bought RNWK @ 4.01… huge bids… over 500k worth @ 4.00 and 4.01
Bids to sell…?
Fucker was playing games… he took the bids away… stops got executed across the board… he’s toying with the stock
closing half of my crude oil short from yesterday – 69.20
+1.17
worked a lot faster than I thought – would be great to see SPX below 1035 / Euro below 1.4500 to get 68.00 for the second target
Nicely done.
Thanks, I hate shorting oil – especially overnight but this Iran shit was overdone.
I’m getting all excited – IF we get near 1027 SPX, I’m buying for a bounce back to 1040 area. We’ll see if we can break 1035… I’m thinking we’ll know after lunch.
adding /ES hedge long 1033.75
selling half of the hedge 1035 +1.25
bought /ES at the close @ 1026 (avg includes what’s left of the hedge from above)
target 1032 overnight – no stop
I bit too early yet again… Saw what you’re seeing in XLK and XLP, but the Econ Data whipped me in the ass – it all comes down to XLK and the $COMPX in my honest opinion!
market needs the 50-day MA now.
Agreed.
I’m in for a bounce tonight (will be out before employment although it wouldn’t be unusual to sell a crappy number, shake it off and rally throughout the rest of the day).
I’ll be in again at the 50 day and in again at the lower trendline (from the March lows and mid-July) if we make it to those levels.
All this talk of 975 “right around the corner” is a bit nuts to me – this market won’t give up overnight after all the fighting to get here. It will, at the least, catch support where it’s obvious.
Buying dips has worked for 6+ months – too many traders will see these levels as just another opportunity to do it again.
Oil flattish from yesterday’s close while dollar up and SPX down. Which is wrong …how will this resolve …could the relationships be decoupling?
A violent correction in one or the other – that is exactly why I closed half of my oil short and hedged with some ES. With the gains from the first hedge (Euros) and the gains on first half, I’m averaged in somewhere over 72.30 on this position.
I still like the trade as it is but no way in hell would I open new oil short here! If the SPX comes back hard, oil could spike which would cause me to average up for a move down later.
I think the oil move yesterday was short covering on the better gas inventory numbers (oil nd nat gas numbers still suck) with overhype about the Iran meetings. It really went nowhere today after a pre-open spike.
and I think the Euro needs to give up 1.4500 if this sell-off is going to continue
if you’re gonna be NYC tomorrow, let me know.