8:40 a.m The good news is flowing in all fronts.
This usually occurs just before (or in ) a fifth wave.
http://business.maktoob.com/20090000004225/OPEC_Sec_Gen_says_oil_price_rally_may_persist/Article.htm
10:10 a.m Opened position in R(L) and D(L). Opened first short starter position in short silver.
10:20 a.m. Remember the 50W moving average. That is our first target. We don't expect the Jan high of 943 to hold. That is the battleground right now. It may prove to be a fight. But we expect the 50W to be tagged.XLU still has some room to run. In gold, we are slightly reluctant to name a top, but we are leaning towards the 1033 being taken out. That would the mother of all fakeouts. Say 1055? before the plunge downwards.
10:50 a.m. Battle for the jan peak continues. For the bulls, it smells, looks, walks, talks, quacks like a bull flag, thus far at least.
11.00 a.m. Silver continues to fall, so does the euro, so does gold. R is looking good for us. We are hoping for a break of the symmetrical triangle today. It could be one helluva move up in one day. TBT rallying again, setting up for a massive divergence (-ve) and a double top. This is a really nice short at the double top region.
We can feel our heart rate faster on a day like this. Guess for the same reason the vix is also up. Everyone is feeling jumpier. Remind us not to our emotions carried away. Staying away from news stories etc for a while, we don't more transference now.
11:40 a.m. Took 40% of R(~4%) and (~2%) of D - profits.
1:50 p.m Bull snooze button on. Transports have another 2-3% before the hit of the 200d, Will add a sliver of SPY shorts on the hit. We believe it is slightly late for new longs now(unless R breaks out of its triangle > 30) and blazes away, we will not add to longs. We hold. For dollar longs, Euro needs to break the ascending channel of the past week, it is around 141.6 now.
2.00 p.m Another sentiment watch (with care ofcourse, since everyone is a contrarian by birth ;-)), there are quite a few traders in chat rooms and boards, who have been massively short since the 850, beginning to add (hedge) longs, at the break of the january peak. We should get another spurt of buying today/tomorrow. These are extremely risky trades. In a contrarian sort of way, the market aims to whip them out a) either exit the long too early or b) make the longs also negative.
By the way, oil is beginning to show typical commodity behavior massive spikes into a peak or bottom. Don't know why it happens. Any clues?
2:30 P.M Euro fighting the uptrend line. The violence in the currency markets is stunning.
3.00 P.M Trail stopped out R and D. SPY sliver short added at 950. There seems to be some violence in the market and intra market divergences setting in (e.g FXE, XLF selling off). We have our dollar position, silver short and our SPY slivers. We are almost entirely short save for residual house money longs.
10:10 a.m Opened position in R(L) and D(L). Opened first short starter position in short silver.
10:20 a.m. Remember the 50W moving average. That is our first target. We don't expect the Jan high of 943 to hold. That is the battleground right now. It may prove to be a fight. But we expect the 50W to be tagged.XLU still has some room to run. In gold, we are slightly reluctant to name a top, but we are leaning towards the 1033 being taken out. That would the mother of all fakeouts. Say 1055? before the plunge downwards.
10:50 a.m. Battle for the jan peak continues. For the bulls, it smells, looks, walks, talks, quacks
11.00 a.m. Silver continues to fall, so does the euro, so does gold. R is looking good for us. We are hoping for a break of the symmetrical triangle today. It could be one helluva move up in one day. TBT rallying again, setting up for a massive divergence (-ve) and a double top. This is a really nice short at the double top region.
11:40 a.m. Took 40% of R(~4%) and (~2%) of D - profits.
1:50 p.m Bull snooze button on. Transports have another 2-3% before the hit of the 200d, Will add a sliver of SPY shorts on the hit. We believe it is slightly late for new longs now(unless R breaks out of its triangle > 30) and blazes away, we will not add to longs. We hold. For dollar longs, Euro needs to break the ascending channel of the past week, it is around 141.6 now.
2.00 p.m Another sentiment watch (with care ofcourse, since everyone is a contrarian by birth ;-)), there are quite a few traders in chat rooms and boards, who have been massively short since the 850, beginning to add (hedge) longs, at the break of the january peak. We should get another spurt of buying today/tomorrow. These are extremely risky trades. In a contrarian sort of way, the market aims to whip them out a) either exit the long too early or b) make the longs also negative.
By the way, oil is beginning to show typical commodity behavior massive spikes into a peak or bottom. Don't know why it happens. Any clues?
2:30 P.M Euro fighting the uptrend line. The violence in the currency markets is stunning.
3.00 P.M Trail stopped out R and D. SPY sliver short added at 950. There seems to be some violence in the market and intra market divergences setting in (e.g FXE, XLF selling off). We have our dollar position, silver short and our SPY slivers. We are almost entirely short save for residual house money longs.
2 comments:
Agreed. GM is filing today and futures are up??????? Go figure. I had gone to 40% cash and 20% bonds getting ready for today so that I would have lots of dry powder. We had bounced off of DOW 8500-8600 three times of late and I was ready to do it again, not only by the chart, but with GM news. Go figure. I was expecting DOW down 500 points this week. But I'm 40% invested, so if it goes up, that's fine too.
GM filing is good news in the long term really.
Finally one company less making cars.
Should have been done long ago.
I have a cycle turn this 11th (+/-). But we could turn as early as friday.
Slv is spiking into a top. Time to short is nigh.
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