Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Feb 24, 2010 11:25:13 GMT -5
Agreed UK. I think dollar goes higher but yes may consolidate here - its 200 hour MA is at $80.4, which has held in previous tests. Also, look at the congestion zone in the different moving avg's on the Euro. The descending 200hma was tested and strongly rejected:
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Post by merrillstanley on Feb 24, 2010 11:26:03 GMT -5
10:56AM S&P 500 reaches resistance (SPY) : Noted secondary resistance at 1104/1105 (Monday low, 62% retrace of Fri-Tues slide, congestion) in The Technical Take and we have seen this level tested in recent trade. Intraday support is at 1101.50 and the 1100 area. Resistance above is at 1107.50/1108 (congestion/50 day sma).
10:51AM Stock indices run to new session highs in unison -- Dow +108, S&P +10.6, Nasdaq +26 (SPY) : Relative strength on the upside extension has come from Housing XHB, Semi SMH, Finance XLF / RKH, Materials XLB, Ag/Chem MOO, Gold Miners GDX, Steel SLX, Solar TAN, Rail.
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Post by ukarlewitz on Feb 24, 2010 11:26:34 GMT -5
I looked for a short steel etf the other day, thinking that would be a very handy instrument to have. Aks had a nice 2% bounce off the gap fill. Hitting R on its 200hma.
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Post by abdogman on Feb 24, 2010 11:28:46 GMT -5
Welcome to Whipsaw Wednesday - Which Way Do We Go!!! I'm baffled as to what's next... Interesting that both gold and the S&P e-mini are testing $1,100 right now Abdog if you're in Rob's room you'll notice that he warned about playing oil into the announcement - it's one thing to get the advice it's another to follow it...been marching to my own beat lately and it's been working - but he's a true professional and I should probably heed his warnings more often than I do... Mikey sorry for late response i have had contractors at house since 1000 for est's etc i have not been in robs room for days do to waiting for email ansr before i call rob to talk about future with him Thx
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Post by ukarlewitz on Feb 24, 2010 11:33:51 GMT -5
Note on tick: We had those two high ticks at 1045a. Spy continued to consolidate at the hod for another 15m before coming off. This delay seems to happen frequently enough. The way I look at it is you have a signal that buy programs have come in and the buy pressure may be soon exhausted. Then, look for confirmation. In this case, those 4 10m candles at R1 were the confirmation. Just my two cents on reading tick. Its very powerful but there is a lot to learn (for me) in interpreting it. Feel free to chime in with other thoughts.
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Post by ukarlewitz on Feb 24, 2010 11:39:52 GMT -5
Hot damn: Carl long a second at 1101.5. He's all in. I haven't seen this in awhile. What is curious is that 1105 is the top of his day range. He sees something new apparently.
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Post by merrillstanley on Feb 24, 2010 11:42:33 GMT -5
Market Vectors Steel ETF (SLX) PowerShares Global Steel (PSTL)
Benchmark index ETF symbol
UltraShort NASDAQ-100 Index QID UltraShort Dow Jones Industrial Average SM DXD UltraShort S&P 500® Index SDS UltraShort Russell 2000® Index TWM
Ultra Short Sector
Benchmark sector ETFsymbol
UltraShort Basic Materials SMN UltraShort Consumer Goods SZK UltraShort Consumer Services SCC UltraShort Financials SKF UltraShort Health Care RXD UltraShort Industrials SIJ UltraShort Oil & Gas DUG UltraShort Real Estate SRS UltraShort Semiconductors SSG UltraShort Technology REW UltraShort Utilities SDP
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Post by abdogman on Feb 24, 2010 11:59:30 GMT -5
Merrill thx for list of short ETF'S Mikey i ansrd email
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Post by merrillstanley on Feb 24, 2010 12:05:38 GMT -5
11:07AM S&P says Greece 'BBB+/A-2' ratings remain on CreditWatch negative
Rumor Round Up : Today was a much busier rumor morning compared to this week's previous two sessions. AM Superconductor (AMSC 28.58 +0.76) was rumored to be hearing interest from General Electric (GE 16.08 +0.13); we note this rumor has been around in the past. It was rumored that Microsoft (MSFT 28.70 +0.37) could be interested in Sina (SINA 36.81 -0.15) however the shares did not materially react. Weatherford (WFT 16.49 +0.25) was rumored to be hearing interest from Halliburton (HAL 30.33 +0.13). WFT shares spiked ~$0.15 after the rumor and have continued the strength, now up 1.5%. Palm (PALM 8.44 +0.24) shares had a spike in price and volume after a rumor circulated they could be involved in a joint venture to develop a tablet type offering. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.
11:40AM Transocean shares fall to fresh session lows as price now probes the Feb. swing/support low @ exactly 80.97 (RIG) 80.77 -3.74 : LoD now @ 80.71 as shares underperform following earnings. RIG -4.45% vs. SPX +0.80% & IYE +0.40%
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Feb 24, 2010 12:06:42 GMT -5
Cool Abdog will check it out later - got mtgs for most of rest of day
Just shorted X at $52.06
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Feb 24, 2010 12:07:32 GMT -5
Was gonna short gold via GLL when it hit 1,100 also but it looked like it had no volume i hate trading stuff w/no volume
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Post by elle on Feb 24, 2010 12:07:46 GMT -5
XLF looked like forming bull flag 10 min, but getting a little long now with trouble breaking through
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Post by elle on Feb 24, 2010 12:11:22 GMT -5
Watching XLF for some reason today, backtesting support - again, 4th time
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Post by jack on Feb 24, 2010 12:12:55 GMT -5
Was gonna short gold via GLL when it hit 1,100 also but it looked like it had no volume i hate trading stuff w/no volume "Low volume" - same reason I'm reluctant about APWR. What do you see in it Mikey I saw you mentioned it was "lookin' good" earlier. Thx
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Post by elle on Feb 24, 2010 12:16:43 GMT -5
If I ran the market, XLF would go to 14.65 and then back to 10 min 20/50 14.47/.52 - usually don't get the order right tho. Off for few hours, GL guys.
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Post by abdogman on Feb 24, 2010 12:20:22 GMT -5
see ya elle
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Post by elle on Feb 24, 2010 12:20:30 GMT -5
DDSS still a mystery. You'd think there's no interest, but 70,000 shares at the bid. Same as yesterday, large orders show up and sell into them for all of .02 - odd. I can see the buy orders, but why there is so much selling at this low level is the mystery.
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Post by merrillstanley on Feb 24, 2010 12:25:48 GMT -5
elle prob p/t? don't follow that one tho, just a generalization love the updated pic btw
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Post by ukarlewitz on Feb 24, 2010 12:31:21 GMT -5
Carl: Here is a 30 minute bar chart showing day session e-mini trading. Market activity during the past 24 hours has been an interesting exemplar of the "dog that didn't bark" principle.
Yesterday at 10 am the consumer confidence number was released and showed historically low levels of confidence in the current business situation. The market broke 10 points on the news (first red arrow). The interesting thing about this response is that the e-minis closed the pit session above the level at which they traded at 10:30 am, thus showing that there was no follow-through to initial selling. I thought this was a bullish development, especially since the market also closed above 1093, the level of the last low on the way to the 1112.75 high .
At 10 am this morning the market broke about 8 points on the combination of the lowest housing start number since 1963 and Bernanke's assertion that the economy was still in a fragile state ( second red arrow). But at 10:30 am a rally developed and was not accompanied by any news that I thought was important (green arrow).
The market's refusal the last two days to break further once the initial responses to bad economic news were out of the way was a bullish sign. An even more bullish sign was the rally this morning to levels higher than those at which the market stood prior to both those news releases.
I think a move to 1130 is underway. I expect to see 1200 sometime during the next three months.
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Post by ukarlewitz on Feb 24, 2010 12:34:52 GMT -5
DX doing what we thought it would do. But, Spy and DX now moving together? A third 1200 tick 20m ago.
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Post by jack on Feb 24, 2010 12:35:02 GMT -5
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Post by merrillstanley on Feb 24, 2010 12:52:40 GMT -5
jack, classic, probably how traders determine which way the markets move as well
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Post by ukarlewitz on Feb 24, 2010 12:55:21 GMT -5
Oil, Dx and Spy all up together. That's something new. Oil looks like it might have just realized that its doing something it's not supposed to be doing.
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Post by ukarlewitz on Feb 24, 2010 13:00:14 GMT -5
That dump in Vix looks incomplete - dump, consolidation, dump (missing). There's a gap from yesterday's spike higher that needs filled 19.94-20.06. Let's get there.
Elle, if you are around, IT srs target is 8.0.
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Post by jack on Feb 24, 2010 13:05:46 GMT -5
jack, classic, probably how traders determine which way the markets move as well Yeh I thought it was pretty cute. Thanks Merrill.
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Post by kryptos2009 on Feb 24, 2010 13:14:21 GMT -5
Has anybody here ever seen this video? Canon by Johann Pachelbel Played on guitar by Funtwo www.youtube.com/watch?v=QjA5faZF1A870,065,604 views and counting He makes it look effortless.....
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Post by elle on Feb 24, 2010 13:20:32 GMT -5
SPY top o' line
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Post by ukarlewitz on Feb 24, 2010 13:29:30 GMT -5
Jpm making a third go in three days on the 50dma. Hit and fail is bad news imo. Like baseball.
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Post by elle on Feb 24, 2010 13:30:29 GMT -5
Move up to pierce and fail would be telling, or holds for that matter. I need a good pt on SPY.
Thanks, Uka, for SRS #
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Post by ukarlewitz on Feb 24, 2010 13:40:14 GMT -5
Man, that was a pain in the rumpus. Anyways, first chart posted. Long story short, fslr coming into some key S.
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