Let’s recap:
The market has run 1,000 points on optimism over a economic rebound, not a resurgence of the banks. Let’s make that clear. Everyone knows, the banks are NOT prudent long term investments, yet. They are trades.
In light of the recent run, many people, myself included, will take profits—fearing a pullback is in order.
This does not mean the Dow will retrace to 12,000. If the market dips, look for a 200-300 decline from here, then a resumption of the upward march.
Although you may not agree with my trigger finger approach, I must tell you—it is gratifying.
In order to erase my recent losses, I have to be more agile and sensitive to market trends. Meaning: I will show you trading fuckers what a true “calculator brain” can do, when properly motivated.
So, to sum things up, I am cash rich. I have static short positions, with movable longs.
I will be scalping trades, on a daily basis, much to your chagrin.
UPDATE: Stay tuned for a paid commercial from Alpha Dawg.
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The market has been swift boated per the John Kerry trading method.
Kerry is an asshat of the highest order and a disgrace to the U.S. Navy.
Hey, you gotta admit, Fly has balls to go long right up against a massive resistance level. I’m sure I’ll see you fuckers once again loitering on my lawn, within a week. Say hi to 1320 for me.
GW has a lot to say about the crack spread today in the PG.
Intra-day burst on the S&P above 1400, 1400, is a very good development. We are going higher, much to the chagrin of 1320.
http://stockcharts.com/def/servlet/SC.pnf?chart=$spx,PLTADANRBO%5BPA%5D%5BD%5D%5BF1!3!!!2!20]&pref=G
Aside from a few minor corrections, this market is going higher. Summer rally is coming early.
I may be the only one saying this now, but nasdaq 5500 is in the cards by late June.
Cramer is full of shit.
Ducati,
Why so bitter, man?
-DT
Alias BPOE:
This is Russian Roulette trading time. I think the SP500
can go to 1510. The problem is Mother Market can take the market down 500+ at any given time. You need to watch your trades all day. Stops will not work! This is a wild wild west game and I love it!!!
Play the upper end of this range all you want.
You will all be in my ‘hood soon enough.
DT – he’s pissed because his account got smoked.
From: http://caldaroew.spaces.live.com/
SHORT TERM: The market surged to 1405 by 2:30, right near the OEW 1410 pivot, and then headed lower. Just past 3:00 the SPX broke through the 55hma at 1387, mentioned yesterday, and the upward trend line to that diagonal triangle posted friday. The SPX then closed at the lows for
the day, right near the 1383 OEW pivot. Support for the SPX remains at 1383 and then 1364, with resistance at 1410 and then 1438. Short term momentum still has those negative divergences in place, as does the near term indicators.
The rally from the March 31st low at 1313, still looks like a ‘c’ wave diagonal triangle, as posted last friday. The selloff late today, right from the highs, supports this scenario. However, the OEW pivot at 1383 has yet to be broken to the downside. Once this occurs the market should head lower in earnest.
MEDIUM TERM: uptrend should have topped today at SPX 1405
LONG TERM: bear market
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987