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Post by cosmic on Aug 17, 2010 15:08:44 GMT -5
I'm with Snap - that was a hideous close.    Sure we still have Green Arrow, but nothing about the actual 'action' is leading me towards bullishness. Where the hell are the buyers other than the machines?  We may still tag that 1105 area, but unless I see some buying, Houston, we have a problem. As such, my warning is this: IF we drop below the 1055 area, it's gonna get ugly. Will shorting work? Yes, but I wouldn't be playing FAZ or whatnot - I would be using puts (no direct shorting and stealing old lady retirement funds for me). They have spent the last year+ conducting market research on how to kill a 3X inverted fund even during a crash. They're good at it.  Only one trade, picked up some of my 'punk' stock favorite right now. Info on that trade in my blog. I don't recommend this play actually so I'm not linking directly ;D Hope everyone made some money today and will do so tomorrow. Members, please post your results along with your RDA of smileys!  |
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Post by cosmic on Aug 17, 2010 15:10:37 GMT -5
I'll move that mark up - it's 107.15 area on SPY, so about 1069 on SPX give or take.
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Post by bellevuetrader on Aug 17, 2010 15:11:03 GMT -5
Awesome Cos...completely agree. I just chimed in on Snap's post as well...action was horrid.
2 trades for me today- Sold FAS at $20.75 and another sell order at......$20.75!
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Post by demanuel2001 on Aug 17, 2010 15:13:24 GMT -5
Nice all around day for me - up about $25k. Again the primary driver was my LVS position. Sold off a few more shares. Made a lot of money on my short puts. Capitulated and bought back some short Aug $29 calls. Sold some new Aug $30 puts. 3 days to option expiration - being cautious but dont expect much in the way of a decline this week - this stock is too strong. I thought the overall market action sucked this afternoon - I think the key for tomorrow is how things play in Asia tonight.
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Post by snapplemoney on Aug 17, 2010 15:14:30 GMT -5
agreed sadly  things were looking good but why the rally potash news? dead cat bounce  . that end to me was very weak. i see 1070s if the buyers dont show up and snap here is worried. my anticipation for a close on opex was 1115 however with current news makes me wonder. |
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Post by brosin on Aug 17, 2010 15:15:52 GMT -5
Nothing about the actual action? What about POT? Market gain over 1% today? I thought opex was supposed to be mainly flat?
I say meh to all the naysayers in general - you all know what I'm watching, and it seems clear to me.
Added my 4th portion of FAS @ $20.40 to keep my avg at the $20.38 level still. Won't add the 5th and final unless it goes under $19.50 - otherwise, I wait.
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Post by cosmic on Aug 17, 2010 15:18:41 GMT -5
I don't think that's the Opex mark Snap. I have it in the mid 1090's. Move was 1042 from last opex to 1132 (roughly, for easy computation) so 90 SPX pts - about average sometimes a little more sometimes a little less. So the pivot is minimally 90/2=45+1042=1082, however I added some adjustment for some 'time functions' i.e. how much time we spend at particular levels, so that bounced it up a little.
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Post by snapplemoney on Aug 17, 2010 15:22:40 GMT -5
this was the mark i had for opex b4 the recent drops we have encountered. if i was to guess now it would be between 1080 to 1088 which i believe match your numbers
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Post by novice08 on Aug 17, 2010 15:23:26 GMT -5
I'll move that mark up - it's 107.15 area on SPY, so about 1069 on SPX give or take. I have 1076.69 this week as very bearish. Don't know where I've been, but what is your blog address? ;D |
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Post by cosmic on Aug 17, 2010 15:28:53 GMT -5
I'll move that mark up - it's 107.15 area on SPY, so about 1069 on SPX give or take. I have 1076.69 this week as very bearish. Don't know where I've been, but what is your blog address? ;D Is that the opex pivot novice08? Or is that the support close for the week? Looks like weekly support close which would be nice also. My number is based on the Green Arrow. We have our new Fastopian Institute, which has blogspace (which you can request) right in it. We knocked down the General Store to build it, but not to worry all the stuff from the Store found it's way to the Saloon. That's why the Snickers are right next to the Heineken. |
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Post by timber on Aug 17, 2010 15:29:20 GMT -5
crappy close i agree...still bullish for wed. though |
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Post by Rothschild on Aug 17, 2010 15:42:58 GMT -5
Well, I got my helmet on (above and below the waist) for whipsaw wednesday. This should be fun. All I can see are the algo-bots buyin and sellin with one another. Very low volume as well. Its quite evident that the price discovery mechanism of the markets have been hijacked by the bankers with the guberment lookin the other way.
Didnt know what to make of this; it looks and feels gloomy because no one wants to hold anything overnight as gains are being booked quickly. traded fas,soxl,drn,tsla and booked the gains. started a 1/3 position in BGZ @14.70s and FAZ @14.90s. Im hoping for a gap down wed and then a rally to finish baby bull. Hope everyone made plenty of dough.
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Post by alphacpa on Aug 17, 2010 16:13:04 GMT -5
Purchased more YRCW today on the drop. Now holding about 109K shares along with 80K shares MVIS and the rest cool cash. Now does anyone not believe MVIS is the real deal after today's funding announcement? GL Wednesday.
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Post by cosmic on Aug 17, 2010 16:36:20 GMT -5
Now does anyone not believe MVIS is the real deal after today's funding announcement? All such bullish/pumpish statements must first be approved by vfrtxn. |
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yjfang
Broker/Dealer
Posts: 525
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Post by yjfang on Aug 17, 2010 16:56:21 GMT -5
Bought back ERX Aug 21st $32 covered Calls (sold on 7/29) for $1.15 gain today.
Shorted ERX Aug 21st $30 covered Calls for 0.55. Also shorted FAS Aug 21st $21 covered Calls for $0.23. Both of these turned out to be less than desired prices as I chased before the market took off to the upside. (Had a mini family emergency so got impatient and went for the quick fill.)
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Post by brosin on Aug 17, 2010 17:50:37 GMT -5
Hope everything is ok YJ
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Post by tajmahal9898 on Aug 17, 2010 18:07:22 GMT -5
only one trade long Sep 33 TBT calls -- decent quantity..
Was up nicely on ATEC before the mid afternoon collapse..
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Post by Rich on Aug 17, 2010 19:00:12 GMT -5
No trades, although I sure wanted to jump in. Glad I didn't now. Although I think today was a big positive for the market, even with the sell-off eod. Where's Timber? I bought a 2007 Ninja today. Lifelong dream. My wife hates me.  Not really, but she's not very happy. I have to piss her off every so often. It's written somewhere, I think. |
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Post by torrentio1 on Aug 17, 2010 20:15:40 GMT -5
I caught the first half of the session to invoke the Grey Poupon.  After review, I would conclude that the reversal follow through session went better than expected. It was a market up portfolio up session.  I expect several days of rally being tempered at worst only superficially by options expiration activities... Hope all did well!!!! ;D ;D ;D ;D |
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. that end to me was very weak. i see 1070s if the buyers dont show up and snap here is worried. my anticipation for a close on opex was 1115 however with current news makes me wonder.
