JASO is spiking in pre-market trading.. wondering if I should drop it at open or if it's gonna ride up real high..
dropped it at open, looking like a good move. Then I got into LDK.. plan on holding that till the end of the day or till tomorrow. Tomorrow morning seems like it might be the time to go short.. Too bad I dropped SRS when I did.. could have made back about 25% of my losses by just holding for a day. Ah well
Nothing is happening today. Maybe we'll get some movement tomorrow. 50 day MA is providing strong support for the $SPX so it looks like we're likely consolidating into another upward move. Looks like my H&S recognition on DXO was right on. Oil continues to slide relentlessly in spite of all the factors that say it shouldn't (weak dollar, stronger equities, strong commodities).
so is TBT looking good now at 35.87? since these ultra's tend to lose value over time as the market (or whatever they track) moves up and down, and there doesn't seem to be much stopping everyone from flocking to treasuries, will i have to wait too long for the trend to reverse to get any value out of something like TBT?
I was doing some reading over the weekend and I am still trying to wait on tbt. it's gotten to an intriguing price level but treasuries are freight train right now and I don't want to get in front of that move. it feels like we are getting close to a top but there is no real catalyst or reason to expect treasuries to go down other than the fact that they are in a manipulated panic bubble right now. so basically...it's a trade i'd like to be in but I don't know exactly how to get into it yet because I can't really define my risk yet. still working on it.
Well I was going to ask what happened to the auto bailout that everybody was fretting about last week...then I see the "Bush suggests orderly bankruptcy" headline and down we goooooooooooo.
and also a headline just crossed about GE potentially losing its investment grade rating within the next 2 years.
S&P changed its outlook on GE and that spooked the market a bit. Looks like the trend line/889 retracement level is holding so far.
I've had stops hit on a few of my stocks today... metals took a hit and most of my FCX and AKS sold, but my healthcare stocks seem to be doing ok. I'm sure options expiration isn't helping in some of these cases. I'll probably take more profits from my WMT and MCD, but it's looking like I'm just going to stay on the sidelines with my cash for the rest of the year and wait for the new year or possibly buy at the end of the year if we have a massive sell-off. Of course this may all change if the market's up 500 by the end of the day...
Hehe... CNBC trying to keep GE stock propped up. Almost as humorous as when that reporter said "Large crap stocks" this morning...
SPX uptrend is intact thanks to the short rally at the close, but we're back inside the downward channel from September. It seems lots of people were kinda expecting a selloff and the bad news on GE finally triggered it, but there weren't enough sellers to really send things spiraling down. Tomorrow is the last day of options expiration week, so it looks like we will definitely see a big move, and it could be to the upside or to the downside... Also today's action is why I eventually decided to stay out of commodity plays for now. Oil finally dragged everyone else down -- energy, coal, steel, railroads, everything. I get the feeling we need to really see oil bottom or we're just going to continue in whipsaw mode. ES futures rising sharply in after hours.
I suspect we will see a reversal in crude tomorrow. It's up against long term support at $36, and the head and shoulders pattern has resolved slightly above its downward measurement (on USO the measurement is right at $32). The volume in the past couple of days has been ridiculously high ... significantly higher than anything we've seen in the past decade, so there might be evidence of capitulation. There is no reversal pattern yet, but I think there's a strong possibility one materializes tomorrow.
