Tie Me to the Mast (sell it on Monday)

It’s been a decent week for me, and like any red-blooded trader I’m absolutely dying to book profits. Take meat off the table, protect the gains and party over the weekend like it’s 1999.

Can’t do it. Tie me to the mast. At least until Monday…

Yes, had we not had disappointing jobs data, which kept this rally briefly checked (I’d have sold into a bang-up open had it gone the other way), it would be different. Instead the indices are stable-boring, while underneath the surface growth is quietly driving higher. Growth stocks are leading again (not unusual in January), as they have all week; the Chinese names listed in the US especially.

And then there’s Monday…

The biggest rally days since the March bottom have occurred on Mondays. Nine out of the last ten Monday’s have been up-days (that I have confirmed) and I am looking at un-confirmed data that 16 out of the previous 18 Monday’s were winners.

It gets wilder. I don’t have time to confirm all of the following (blame TransworldDepravity if any of it turns out to be inaccurate , but here it is anyway…

Since the March 9th, the Dow has had 30 “up” Mondays (or Tuesdays after a Monday holiday) out of a possible 43. That’s equal to 70 percent. And 16 of the past 18 Mondays being “up” (I just mentioned) equals 89 percent. Then incredibly, 80 percent of all the point-gains since March 9th came on those 30 Monday up-days.

Read that last line again. It’s truly amazing; the stuff conspiracy theories thrive upon;
It must be wrong; I better go check this out and report back

Add this to Mole’s point yesterday about the ISEE and I’m going to speculate the obvious:

Monday we’ll see a strong tape, we’ll see the ISEE hit a 240 trigger and Stupid Lucky here will bank sick profits and call it a day. The fact that the growth is surging today and the majors are quiet is a big factor, on top of the Monday data, since this is the type of tape I’m used to seeing a day ahead of a big, capping rally.

Monday then I can exit most of this (hedge-off the remainder only after the market begins downward) and begin to relax; focus again on Maverick’s, which may see 30′ surf by mid-week (Jaws in Hawaii might see 40′+ by Monday; this, according to buoy data which is starting to make waves).

Don’t think I’m not going to mention that. If you like your swells big, well, big swells are looming.

I’m shopping for helmet cams as we speak (tough to do when sitting on one’s hands) and planning to emulate Niagara Falls over a barrel; jamming my jetski right into the bowl by Big Wednesday next week.

Good wkend – Beast out!

This entry was posted on Friday, January 8th, 2010 at 3:42 pm and is filed under Market Outlook. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

gmak

IT seems that all areas these days are critical - but only if you believe the SPX /USD correlation is intact. There are some signs of carry trade renewal, but not convincing. I say go long or go home on a day like this.

http://evilspeculator.com/?p=14127#disqus_thread

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ultra

Morning all

EURUSD - possible target of breakout from here above 1.4670 - daily: http://screencast.com/t/ZmI1Y2Nm - bull flag on hourly: http://screencast.com/t/ZTllYmUyNTU

GBPUSD - similar shiznit although maybe further advanced on the breakout - daily: http://screencast.com/t/ZjIxNGYwZmI - hourly: http://screencast.com/t/MzEzODMyODU

SPX hourly - this chart is from one of my spread betters here in the UK so kinda more a proxy than anything incredibly accurate, but I wanted to share as there's clearly some nice channelling going on - if the acceleration channel is right then we could well be still in progress with a wave 3/wave c - you know it's not going to sell off *at least* until after the US is open and had its traditional monday morning ramp in any case - http://screencast.com/t/Mzk5ODM5

// having said that, I still reckon deep in my stones that - no matter how high it ramps early on - this week is going to be an outside red candle come Friday
tradejane

Agreed. This appears to be a critical area:

http://www.screencast.com/t/NTA4NjNlOWE
steveo77

The infamous Chart of Charts

All 3 crossovers show bullish.

There are a goodly amount of stocks ready to breakout, at least earlier in the week. Friday saw that number drop.

Of those ready to breakout, about 2/3 are normally bullish patterns, about 1/3 bearish.

The heat map basically says....do nothing. If in bullish positions, no need to sell them off.

There are a few double tops and double bottoms, which are some of the best performing patterns.

Last year, stocks were really moving in accord with moon phase, but that can be strictly coincidence, then they broke that trend as the permanently increasing price "government policy" went into affect.

This Thursday is a new moon.

Funny, also how no one is even talking about this being options expiration week. And last week was very small changes in the NYSE McClennan oscillator, 3 in a row, which is unheard of.

Who knows, maybe "they" ramp this thing up 8% in 3 days....that would disembowel the few remaining bears, and then you could sell their livers to the Chinese and get some of that copper back.

http://oahutrading.blogspot.com/2010/01/chart-o...
raised_by_wolves

Thanks for the update on your crossovers. By chance, did you read my bullish musings below? Got to get a little sleep so good night/morning!
steveo77

How do you view ratio charts, what do you use, that is chink in my armor.

Jan expiry week is 75% likely to be down based on last decade or so.
tradejane

The DAX made a new 52-week-high this morning. Banks & techs are still strong and, of course, salt stocks.

Today's pivot is seen at 6020. R1 at 6070 (currently trading at this area) and R2 at 6101. S1 at 5990 and S2 at 5950.
tradejane

PS. Chart update

http://www.screencast.com/t/NzM1YThh (weekly)

http://www.screencast.com/t/MDA5OTM1M (weekly)
raised_by_wolves

Thanks Jane! With DAX up and futures up, I'm 90% sure that the American indices will follow later today.

Look at silver futures! More good news for my SLV calls.

Well, time to find a place to lay my head. Last night it was in Portland. Tonight . . . wait, where am I again? Forgot the name of this town, but the I-5 freeway is above me, and that's all I need to know.
tradejane

>More good news for my SLV calls

I'm glad to hear it. Silver is one of my favorites too. 18.50 looks doable.

ETA: 18.75 to be more accurate.
Croozer

Morning Europe......and anyone that's still awake in the US.....

Anyone know why far eastern markets are coming down off today's highs ? Falling quite hard, Is there some news out ?
tradejane

Profit taking, maybe. It's happening in the German market too. First the techs, now everyone else. Underlying still strong.
PortfolioTilt

Good luck this week everyone! Futures are up so far, lets see if it holds into the open. Charts for Friday and a look at the week ahead http://bit.ly/6LtN6B
Darkthirty

Where is last support on the USD?
Gold_Gerb

Zero.
muwahahaha.
Darkthirty

Looks like we're heading there, invested heavily in lead, brass, and powder. That combination will get you all the AU you can carry.
vision_invisible

Best hedge for bears in hiding this year me thinks is gold.
I'm doing physical too. Still hoping to buy at $1050 as I mentioned a few weeks back.
Darkthirty

The risk of physical is confiscation by the government if there is a paper trail. If it's held privately, you've got a target on your back. The real question is .... who do you trust?
Centrifugal_Deforest

Evening...
Futures up on a Sunday night; Shocker ;)
steveo77

yeah, imagine that!
tradejane

Not really. Quite predictable - even without the aid of Greek mythology. /jk

The shocker is the amount of snow piling up outside. I thought we had ran out of that.
steveo77

http://screencast.com/t/ZmZlYzAwMDk

I added a cool gadget to the blog that shows the most active calls and puts of current day.
If you see one of your holdings on this list AUY for example, you best figure out what is going on.

http://oahutrading.blogspot.com/
Darkthirty

USD is showing it's value in the real world
hindyomen

ES is exploding higher tonight
(as predicted by four days of small mcclellan changes)

since ES is breaking ABOVE its RISING price channel
watching for the possibility of this being a/the blow off top
steveo77

Nice impulsive move, but .36% is not really "exploding"...just saying
gregn

Trading idea: COH 37/37 straddle. I was analyzing February expiration Right at long term resistance line with very narrow bollinger bands. Break even @ expiry at 40 and 34. http://screencast.com/t/MmEyMTk4Nz
labdude

It's Official: NBC Canceling Jay Leno's Prime-Time Show
http://www.people.com/people/article/0,,20335939,00.html

OH SHIT--P3, P3, P3--lolololol
labdude

More sarcasm/ Market will go up even more
Romer: Jobs Report Is Call to Action
http://online.wsj.com/article/SB126314590621723...
labdude

Sarcasm/ Hells bells--this is probably good for the market to go /Sarcasm off.
Venezuela Devaluation Helps Chavez; For Others, It's Unclear
http://online.wsj.com/article/BT-CO-20100110-70...
charles_smith

Hey Raised BW (may I call you RBW?) thank you for the VIX/GLD chart--most interesting. If we're not at your line in the sand we are certainly close.

In basic TA: stochastic is overbought/above 90, MACD has been flat since the Ice Age (slight exaggeration) and ADX/DMI is signalling change is in the air. VIX is hitting major lows (come on, 18 in a jobless recession in which GDP is only positive because the Fed. Govt borrowed and squandered $1.5 T, not counting QE trillions?) and the stochastic on the VIX is near-zero (an extreme suggesting a reversal is at hand).

Maybe we get the ramp as expected Monday, but maybe we get a reversal too.
raised_by_wolves

I introduced $VIX/GLD to Springheel Jack. He now prefers $VIX/GLD over $VIX because he finds his trend line touches are cleaner. You should look at those trend lines of his.

http://www.screencast.com/users/springheel_jack/folders/1001/media/7ea05471-8717-43f5-aba3-f96292eaa84a

As you can see, we're at Jack's line in the sand. He thinks it will hold here. We have a difference of opinion though. I think $VIX/GLD will drop. That's what my magic eight ball told me anyway.
stockfiendd

If this market is to crash we need to see an enormously large and fast spike to the upside, followed by an equally enormous and fast spike to the downside. This could happen in minutes, days, or weeks. But once it happens the top is in. the question everybody is asking is not "if" this will happen but "when"? It could be tomorrow, next month, next year, or the next decade (i doubt it though). That's the million dollar question. If only we knew. I myself think this year will be a sideways chop year followed by a bearish year in 2011. But that's only a prediction and predicting stocks is meaningless because we will never be able to take into account all the exact amount of buyers on sellers on each side of the trade until it actually happens, then we haven't predicted it because the candle has already been printed in front of us. Good luck to everyone this year!
tradejane

>we need to see an enormously large and fast spike to the upside, followed by an equally enormous and fast spike to the downside

Perhaps like this?

http://www.screencast.com/t/MzM5ODJmNmU

PS. Thanks to elliott_surfs for the original $INDU chart.
C's & 3's

You are here. Enjoy the ride. http://bit.ly/7y65Ao
ultra

Here's another interesting one to keep an eye on - when you take the rising dollar into account (i.e. as far as auslanders such as myself are concerned), US stocks are still off their highs

http://stockcharts.com/h-sc/ui?s=$SPX:$USD&p=D&yr=0&mn=6&dy=0&id=p04167024568
raised_by_wolves

Three hours goes by, and I haven't made it to my chess games, which sucks a little since I'm running out of time for some of them and don't like feeling rushed, which I'm actually not. I only feel rushed. I should be able to do nine moves in under an hour minus the time I spend commenting. Yeah, especially when no one's around to read them, hopefully I don't write comments for an hour. Well, did you have any guesses about what I have been doing these last few hours? I mean, I could have been doing anything. Robbing a bank even. Well, you know I haven't been playing chess. Surprisingly, I haven't been playing Jimi Hendrix either. Silence. I needed absolute silence. So, what could have be important enough to take me away from playing Chess and Hendrix? No, I haven't gone far enough with Echo Beth to be doing that—that being chatting outside of trading hours—though I see that she is now following me on DISQUS so maybe, just maybe, there is a reason to live, er, I mean, hope for that. Okay, dear reader, let's cut the foreplay. Attention! What I was doing was starring at a nude $VIX:GLD All Monthly chart in TOS Prophet. Eventually, I started dressing her with trend lines even adding chic 133% extensions. Okay, so it wasn't really like sex (as I imagine it to be) in reverse. The experience was more like I was a genius architect creating a structure. That's what it was like except that I was finding the structure in nature, er our little socially constructed world represented by bars, candles, and lines. Now, you're probably thinking that I'm a loser for spending my entire Friday night charting. You're probably objectively correct in thinking that. That said, I think you're a loser if you're not charting $VIX:GLD* instead of just plain $VIX. It's an entirely different woman, er beast, er whatever. All right, catch you on the flip side my fellow HOBsters, er Stainless Steel Rats, er muther fuckers. Yes, you caught me reposting. Good night all. Oh yeah—one more thing—I could be wrong, but I don't think we've hit bottom.

*Uh oh, I just insulted 98.5% of you. Get Mole to ban my ass when he returns for all I care. Those are my words in bold, and I stand by them boldly.
Macrawn

What chess openings you play? For black I always play the Sicillian Pelican version, or the Dutch. I've had many similar obsessions before like guitar, karate and a couple others I can't mention.

I spend my Friday night's charting too, but I'm old. Trust me on this, forget stocks, save up $1500 and take a train or bus to the Mexico border. Then take the 2nd class train and head south through Colca Canyon then on down the Pacific coast. Cut across to Chiapas then on down south to Guatemala. Head up to the highlands to a town called Todos Santos then across the jungle to Tikal. Head south to Honduras and the bay islands there (Utilia) to get some scuba diving on the reefs. Stay in cheap posadas and eat off the street vendors. 3-4 months of travel on 1500 bucks. Very doable. And the Latin ladies love Americans.
raised_by_wolves

I prefer playing black but have to play both colors during the online tournament in which I'm participating. For white, I've been trying various openings. For black, I've been working on the King's Indian Defense. We should play sometime. (Too bad I'm at the max number of games I'm allowed to play at one time).

The trip you describe would be amazingly fun. What about when the music stops and we all have to grab a chair? When shit hits the fan, we may be stuck wherever we happen to be at the time. Are you thinking Latin America for that situation? I'm thinking far, far North.
@torbjornrive

...that's such great advice that I've copied/pasted it elsewhere for future use.
Sounds like a trip. Have always wanted to get to the Baja area.
labdude

Have you done this within the past couple of years (price and attitude toward Americans still current?) Did you take your own equipment--or rent down there?
labdude

I read your comments. I am a loser. I am also a muther you know what.

I have done a google search regarding the $vix:gld, piss poor information is all I could find. Do you have a link I can go to, to study what it means and how to interpret it.

Fuck you (err I mean thanks) in advance!! (Freudian slip there--pardon me).

PS: Regarding your previous posting (a week ago) on who can live off land (so to speak)--I have over the last year been trying to re-acquaint myself remember all that (it was how I was brought up--I've seen many deer, rabbit, and squirrel skinned--a LONG time ago). I do read your post asshole (err I mean kind sir)--another slip--sorry. Maybe I need medicine for Tourette syndrome you fuckhead (err sorry again). I guess I need to snort some more carcinogens (I'm such an asswipe).

See I do read your post--AND What his name hamsters--Corporal Carrot (if he was really good he would at least be a Colonel Corn), and Bobthehorse (braggart) to name a few.

Again, link please.
raised_by_wolves

Lab Dude,

Although $VIX has been known for oscillating more so than trending, $VIX has been down trending for, what, a year? While I'm able to draw trend lines more or less successfully on a 30-day chart, I have had more difficult drawing them on larger time frames. My idea was to use something that is better known for trending to permute $VIX. I don't know whether it is more accurate or leads better or anything like that. All I know that it is more convenient for me. Compared to straight $VIX, $VIX:GLD is both smoother on shorter time frames and more structured on larger time frames. That's been my experience anyway.

I'm not swearing today, tomorrow I just can't say.

Raised By Wolves
raised_by_wolves

Lab Dude, let's talk about living off the land one of these weekends.
raised_by_wolves

Lab Dude,

I'll share some more love (this time sans affectionate swears):

Instead of $VIX:GLD, try charting $VIX:$SPX this time. After you study $VIX:$SPX for a few minutes and compare it with straight $VIX, flip the ratio to $SPX:$VIX, study that, and compare it to straight $SPX. Do you have any observations (with or without favorite four letter words)?

Love you too,

Raised By Wolves
raised_by_wolves

No syndrome on my side. Just a little PCP.

http://screencast.com/t/ZWI5Yzdm

A prototype. Still a work in progress. Will repost an optimized version on Monday.
tradejane

>Do you have a link

Here you go:

http://tinyurl.com/yhwrdzq
TWD

That didn't pull up anything. Try this one.
http://stockcharts.com/h-sc/ui?s=$VIX:GLD&p=D&yr=2&mn=0&dy=0&id=p97562309410
tradejane

Thanks.

You can also find a closeup here:

http://www.screencast.com/t/NTM1ZmYwYmMt
labdude

Thank you Very much.
TWD

I like the new look Jane ;)

Hooray for black and white portraits and avatars
labdude

Just curious, Who is your avatar?
TWD

hey labdude, it's johnny depp

btw, you should look into one yourself. people get suspicious of a faceless typist.
labdude

Thanks.
Gold_Gerb

:-)
labdude

Also, thank you too.
ultra

so maybe, just maybe, there is a reason to live

you really do make me LOL sometimes, amigo

schlaf gut.
raised_by_wolves

Psst, hey Ultra, can you keep a secret? I calculated a higher percentage for HOBsters (go have a look), and, if this were a sport, it would score like golf. It's 5 AM, and I'm finally going to bed. That means I put in a 23 hour work day minus lunch, restroom breaks, and a few chess moves. I'll get a few hours sleep, and then I'm hitchhiking to Seattle and then Portland. I know I'm crazy so that means I'm not crazy, right?
ultra

SPX weekly - http://screencast.com/t/NWJlYTEzZjk
Guest

So what is that chart telling us, ultra?
ultra

It's telling us that *if* we are replaying April 1930 here, we just hit target.
Guest

Thank you !
raised_by_wolves

Love the new avatar! By chance, did you make it yourself?
zstock7

I have the QCOM,CREE,GMCR short and the FXP long worked out in my 4 previous posts, to this KO post.Click here to see The KO downgrade chart, equals buying opportunity.
raised_by_wolves

Hammy, got your MWJ bull trade on yet? Waiting for any other conditions to be met? Unless the unless happens Monday, time to get a little short-term bullish, right?

Hey, I forgot to tell you that I bought SLV calls when SLV:GLD moved above 104-day Rodent MA and upper 52,0.618 Rodent Bands. Profitable so far.
Stainless_Steel_Hamster

i haven't rvrn demobilized my shorts, this time god's finger is so up our colective.... portfolio that it might break
raised_by_wolves

Also, (4) $VIX:GLD . . . went below lower 104,1.618 . . . room to move down to lower 104,2.618 . . . bullish (for equities) unless reverses and moves back above 104,1.618.
raised_by_wolves

(1) $SPX:$CPCE . . . 6-day MA pointing up . . . bullish unless direction turns down.

(2) SLV:GLD . . . room to move up to 0.17 . . . bullish unless reverses and goes below 0.16.

(3) As far as indices to gold, I think $COMPQ:GLD is the one to be watching right now. Support at bottom of 13,1.618—check. Support at top of 52,0.618—check. Support at 104-day MA—check. . . . bullish unless support breaks down.

According to these observed facts and our interpretation of them, equities are probably headed higher. How much higher? Should we even care about price targets anymore?
Stainless_Steel_Hamster

don't know, there's the judas candle and a wave 5 doesn't have to reach targets
raised_by_wolves

Hamster, is $SPX:$CPCE updated intraday or at end of day?
Stainless_Steel_Hamster

they both have candles, so intrady, but itps the ma6 that's predictive and that's EOD stuff (unless you reconstruct and bet before it closes...)
weasel_whisperer

Is this MoleCool's product that he's rolling out at the CES?

http://www.popsci.com/gadgets/article/2010-01/new-worlds-largest-tv-asterisk
StainlessSteelChicken

No, it's this one. The company name is a dead giveaway.
http://myces.bdmetrics.com/CDT-6277844/P3-International-Corp-/Details.aspx
Stainless_Steel_Hamster

you're alive! funny P3...
Stainless_Steel_Hamster

nopes, but I bet know which one

Mole, if you're there (and i know no german so it's just an added joke)

als neue Vision ist von gestern einen Blick auf sechs Quadrate nur hätte eine zusätzliche Dimension
PRAMOD

PCX, QQQQ, OSIS and more..........

http://stockmarketmasala.blogspot.com/
Stainless_Steel_Hamster

had to leave, no surprises

reread my last answer to dave, still some room for higher commodities and equities (and even gold hasn't touched my 1042-1044 firs target)
hindyomen

wow thanks for the emails.
i'm just scalping right now.
the trend is up until isn't not anymore!
don't go swinging short unless you want to die

...and only trade if your stops are on GLOBEX
hindyomen

that being said,

according to trendline analysis
THERE IS NO ROOM FOR ACCELERATION TO THE UPSIDE

to overcome your trading bias, try your drawings on the inverse of SPX:

http://screencast.com/t/YmJlOTcxMTgt
TWD

Bahh, you and your ocean waves. I'll stick to my sedimentary crests thank you very much! http://vikkiweldon.com/wp-content/uploads/2009/...

"(blame TransworldDepravity if any of it turns out to be inaccurate ;)"
Sheesh, that's the kind of distinction I get for cross thread post jacking...but I cited sources so you can whine to her, and I'll even be the intermediary. hmmph.

:-P

Enjoy your weekend rats, gerbils, wolfie, and davey's
raised_by_wolves

Actually, I don't do weekends. Maybe in my next life. You have a better one (weekend and life). Thanks anyway. Now I'm off to that post you mentioned earlier. . . .
Stainless_Steel_Hamster

hi raised, have you seen the ma 6 on the spx:cpce?
raised_by_wolves

I used Photoshop to overlay $SPX:$CPCE and $SPX:$CPCI so you could study them together.

http://screencast.com/t/ZWE2N2VmM2Mt
Stainless_Steel_Hamster

spx:cpci looks inconsistent look a bit
raised_by_wolves

I see.
raised_by_wolves

Now, what about $SPX:$CPCI? Although it doesn't follow the larger shape of $SPX as closely as $SPX:$CPCE, this also looks useful for improving one's timing.
raised_by_wolves

How about overlaying RSI(2)? Take a look at this and tell me if RSI(2) looks useful to you on our ratio chart.

http://screencast.com/t/ZTY2ZTQyMj
Stainless_Steel_Hamster

the rsi2 only confuses, no straight signal
raised_by_wolves

Alright, I'll ignore RSI(2) in this situation.
raised_by_wolves

Yes, I'm studying it right now on stockcharts with $SPX behind it sans BBs. So, the idea is to (a) watch the direction of the MA 6 and (b) trade in the same direction. Anything else? Do you pay close attention to the candles themselves as well or primarily just the MA 6?

http://screencast.com/t/Mjc0MWU3
Stainless_Steel_Hamster

been looking at the candles... short of end of year a candle outside a short hamster 13, 1,618 seemed a good key reversal point
raised_by_wolves

Are you talking about the candle I have highlighted in yellow?

http://screencast.com/t/ZmU5MGI2Z
Stainless_Steel_Hamster

yeps, fake as judas (sign of god's work) as it turned out
raised_by_wolves

What's the lesson here for a stupid, stoned Raised By Wolves? Should we ignore the candles completely since they can be traitors and only follow the MA 6 since it's our savior?
Stainless_Steel_Hamster

nopes, but they sure as hell show there was something new from xmas onward
Stainless_Steel_Hamster

just the ma6, but throw in a shortest hamter BB13,0.618

seems to me it gives a very probable next day (strange for a 6 day delayed info)
Centrifugal_Deforest

Yes - I need a staff!

Nice rock. I used to climb a lot when I lived in SCal. No ropes, just acid ;)
TWD

siiick burrrn! :highfive:
Scoops

Gap down Monday morning!

Screw this tape, back to World of Warcraft and reading the latest EWFF.
Gold_Gerb

don't forget your working this weekend, and your behind on those TPS reports.
texpresso

january effect on schedule, awesome week for china. next: heavy vol on the comm sm caps this afternoon, they will probably pop monday, ADCT, CTV & OPWV look good
bergs

Target hit, will see if she holds or goes up to the light blue trendline after hours.

http://screencast.com/t/OWE0Mjc0
boldventure

VIX is acting like it did in 2003... From Sept-03 to FEB-04 went from 22 to 14.
Great time at these prices.... if your an option buyer.
bubble jeopardy

ho hum, another week up on the burj dubai elevator to heaven and we're all comfortably numb.
I_got_Prechterized

This has all the makings of a 8-10 pt gap Monday.
Me_XMan

I would love it :)
Schwerepunkt

Yep, they'll gap it up over "resistance" overnight Sunday. We'll wake up in a +SPX 1150 world.
Gold_Gerb

9:30 EST - SPX 1145 - you may be correct!
Trouser_Silo

Fine by me. Easier to trade with the trend than against it.
hindyomen

i dunno about that...
despite the market being very strong
it's also been very very technical... extension, retrace, rinse, repeat
the market has held its rising resistance TLs on globex
right now it's at the very top of the TL with no room to gap above

look, it's entirely possible that it does anyway, in which case i'll be looking at it
as a blow-off top and looking for pivot reversal entry points

more likely, i think mutual fund monday will not pan out and is way crowded

also, monday is when traders return from vacation and we should see volume back
with, imo, profit taking
hindyomen

re-sold ES@1141.5
with full stop on globex
for scalp

1141.5 was the fib extension target
should retrace to 1136.5 at least
Rightside_ot_trade

good entry!
way to wait for it
hindyomen

thanks. this is after i sold 1139s overnight, didn't take profit at 1132, then trailed stop at 1138s so i blew a good scalp today already. i'll be more disciplined on profits this scalp and not upgrade it to a swing. LOL
I_got_Prechterized

First week of trading in 2010 almost complete. A mere 30 points tacked on the SPX. Looks like this won't end until rising rates crush the entire economy. Is it any wonder the Nasdaq hit 5k in 2000? Look at the geniuses out there in the equity markets. Back then you just needed to change your company's name to a .com or split your stock and you'd get a ramp job.. Today, just wait until the GS or JPM props come in to ramp your entire sector. God help us all!
Rightside_ot_trade

breach of the upper TL starting from 10/20 high as best as I can draw in TOS
ES that is.
well at least put a pin through it , so far
bergs

Gone all day and missed nada,love it.

Playing with the ending count.

http://screencast.com/t/MDhlMGU0Z
bubble jeopardy

Gonna see a 17 on the $vix before the close?
Rightside_ot_trade

I think 18.14 will stick, but mid to low 17's for next week
bubble jeopardy

If things couldn't get any worse when $vix spiked to the 80's, now things must be getting about as good as they can get. :)
Gold_Gerb

$VIX @ 18.12 - aka March 2007.

"all is well, go back to shopping".
bubble jeopardy

Ladies and gents, this is your captain speaking -

All is well and we are right on schedule. Go back to sleep.
crush1618

No market reaction?

# 02:58 PM Calif. Gov. Schwarzenegger declares a fiscal emergency, unveiling an $83B budget that doesn't raise taxes but calls for $8.5B in spending cuts (mainly social services and prisons) and counts on $7B in federal funds to end up balanced. 1 Comment

http://seekingalpha.com/news/market_currents?source=headtabs
WTFed

all the more reason for an S&P spike apparently
centerline

happy happy joy joy
bubble jeopardy

All is still well on the good ship Titanic. :)
centerline

The band is still playing. Everything is just fine!
bubble jeopardy

Chuck Prince might even be dancing again :)
Rightside_ot_trade

And you have to admire how they rearranged the deck chairs
bubble jeopardy

Below deck the ship is taking on water and the crew knows it is hopeless while above the band is told to keep playing.
Rightside_ot_trade

those poor GS workers down there
bubble jeopardy

"doing god's work" no less
Schwerepunkt

GS stands for "God's Servants." Didn't you know?
Rightside_ot_trade

Yeah, he who thinks he is god is at the helm
Schwerepunkt

Speaking of which, the shippers (dry bulk and tankers) are flying today, anywhere from up +3% -to- 8%.
bubble jeopardy

$BDI may be rolling over on a daily chart
Schwerepunkt

If China falters, BDI will get CRUSHED and so will the shippers.
bubble jeopardy

absolutely!
Centrifugal_Deforest

http://www.businessinsider.com/jim-chanos-china-is-headed-for-a-huge-crash-2009-11
Schwerepunkt

I read that yesterday. I agree with him, but China Inc. may remain solvent for a long time and Mr. Chanos has billions to play with. Can't front run something so seismic, got to wait for the tremors.
Rightside_ot_trade

Interesting. I kinda want to go back and see what is going on. From 2001 to 2008 I was there for 6 months out of the year
Centrifugal_Deforest

You saw rapid change in that few yrs I bet
Rightside_ot_trade

I was mainly in shanghai to nanjing. The number of factories and apartment blocks boggled my mind no matter how many times I went.
Changes were significant; construction, the new F1 track, power plants, millions of trees planted along the major highways and arterials to hide the old China (remaining collective farms) from the visitors to the olympics.
Didn't you write that you were there last year?
Centrifugal_Deforest

I was in Beijing in November; it was totally thriving.
Check out my smog pics...
http://www.facebook.com/#/album.php?aid=51041&id=1209601068
Rightside_ot_trade

uhm smog, it's what's for breakfast...
Gold_Gerb

that's not smog -

http://www.cibmagazine.com.cn/Features/Business...
Chinese smokers bought 1.2 trillion cigarettes in the first 6 months of this year.
elliott_surfs

Mr. Davies, again thank you for all the contributions. The reads are great and you have your own bookmark folder on mi comp.

As for big swell, are we talking Eddie sized? 20ft+ (faces) up here on NS yesterday - come out and visit sometime soon!
(I'll trade places once it starts getting a tad bit warmer over there ;)
Centrifugal_Deforest

Nova Scotia?
I spent a week at Chetticamp (sp?) once. Turns out my wife has land there (her dad bought in the 60's)
elliott_surfs

North Shore, Oahu

I know a few people from Jersey looking into buying land out there. Got the chance to surf Cow Bay in Nova couple summers ago. Great right and left points everywhere =D

(very lucky she has land there - one of the prettiest places with some of the nicest people I've met)
Centrifugal_Deforest

http://www.lajollasurf.org/images/pacne168.gif
75' waves out there somewhere (and that's not the face!)
Centrifugal_Deforest

I love Sandy's Beach on Oahu.
Centrifugal_Deforest

Is that Outside Log Cabins break on Oahu?

Tie Me to the Mast (sell it on Monday)

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