Currently neutral-bearish. My sentiment has not changed and I believe the correction may take a while, but that’s just my thoughts. What are we looking for?
SPX – The 20-day MA test continues with a possible H&S pattern developing. The criteria is that a lower high is produced on the daily which is TBD.
DJIA – Possible ascending triangle still developing.Out of all the indices, if we do continue with the rally, the DJIA should be the first to break to new highs.
COMP – Currently the most neutral out of all the indices. Between the 20/50-day MA’s. Will be neutral for several days. Possible channels are drawn out.
RUT – Still the weakest of all.Broke an ascending triangle and now flagging. The 20-day MA has crossed below the 50-day MA and may be used as future resistance. Look for further consolidation.
BKX – Weakest sector is the banking index. Forming a bear flag. The market will have difficulty if the financials do not rally. Pretty obvious, right? Watch them carefully.
All of this is where the neutral-bearish stance comes. When you trade, never forget to look for the high probability setups. I am playing them daily, and winning daily. The better the intra-day and/or daily setup, the better odds you have at success. Don’t just “play anything” or people like me will take your money.
Don’t complain about my wins. If you aren’t winning, then you’re doing something wrong. Figure out what you’re doing wrong, fix it, and start winning with me.
2 trades last night. I’m feeling a little ill so I slept right through all of my alerts and woke up to a couple of surprises:
My oil trade posted at 7:35 last night (a ride from 78 to 79) worked out very well. Targets were:
78.30 +26
78.68 +64
78.84 +80
78.92 +88
78.92 +88
all targets hit for a total +346 ticks ($3460)
My other trade – short the close from Friday has not fared so well. I’m in for 3 contracts at an average 1066. This trade was not closed and is underwater by 9.5 points ($1425). I will manage this trade into the open as I suspect we will see an interesting morning.
Once this trade is closed, I will be done for the day getting ready for a vacation.
Great oil trade. The ES is battling out the potential left shoulder level on the daily right now. …and oil just spiked
a potential hurricane with Euros breaking 1.5 couldn’t even save it
hope that you feel better quickly and that you have a great vacation– thanks so much for all the teaching this last week.
Crazy but I’m trying some short scalps here on oil on breaks below 79 with stops at 79
worked okay – no more until we break the uptrend from 8:30
below 79 should now work for larger targets
Short CL 79.23
Thanks for the post CA.
Retox, sorry to hear that you are feeling badly. Everyone, please be very careful with these flu-like illnesses.
My younger son was sick about three weeks ago, and I also came down with it. I think it may have been H1N1, but we did not have much of a fever. His school had positive cases, and I have heard that you can have it with just a low grade fever. Our friends family also came down with a similar illness a while back, and their youngest had trouble breathing and was rushed to the ER and flown to a bigger hospital on Friday. He was in the ICU when I found out on Saturday. I am not sure if he is doing better. I am so afraid for him. His parents must be terrified. Please take care everyone.
ick. hope they all get better fast.
I just have “bubble head” (dizzy / light headed) but 6 or 7 of my wife’s employees have the flu. Course the doctors do no tests and just call it swine flu out of precaution… they’ve all been VERY mildly sick.
Thx retox, me too. I hope your family stays well, especially for the vacation.
EWBC
Bought $CHDX 12.27/32
APOL!
Sold $CHDX 12.27/32 lol wth?
aig
Bought $HGSI 27.89
Bought more $HGSI $28 flat
sold all CVS at 30.30
stop on $HGSI 27.90. cya
back. did very well. looks like my $HGSI is holding up
Long ARIA at 2.43
scratched
$DJIA first to break to new high
Sold all $HGSI 28.38/39
Bought $OPTT 10.11/12
back into CVS at 30.54
sold at 30.50
Sold $OPTT 10.02, not interested
Bought $AIG 36.33/34
Out $AIG 36.26, not interested
Bought $EWBC 13.19
Sold $EWBC 13.19/frac
Bought $STEC 13.70
Bought more $STEC 13.77
Sold 1/4 $STEC 13.91
Sold 1/4 $STEC 13.88
Sold 1/4 $STEC 13.83
Sold final $1/4 STEC 13.77
DRYS break out
LVS break out
WFMI
Its a pretty lame feeling dow-at-new-high day. IMHO
yea. The vol isn’t there making things very unexciting.
TCK
Short SWKS at 12.15
cover 12.18
CROX short
CHDX
lack of follow-through is back. beware.
FUQI
HGSI Short
Covered /CL short 79.03
+20 ticks
Horrible entry but I expected it to die after Ida passed so I held it. It smelled weak all day and will probably continue performing poorly in relation to the general markets.
On a 90% day with a hurricane (even a soft one), oil should be up a lot more today.
I’m sick like a dog and will not be trading tomorrow.