Overbought Symbols Roll Call

UPDATE 12:30pm EST: It’s time rats!

The next 100 comments I see better have symbols in it. Let me rip the lid off of this one with POT:

Could bust a liiiiittle higher – but that diagonal should offer some resistance. And yes, noobs – we’re talking shorts/puts here.

UPDATE 12:35pm EST: Oh my god, oh my god, oh my goooooddd!!!

I’m getting really giddy over here – this is going to be fun. Frankly, offhand I have no idea when we were at such lows in the CPC. Fantastic!!

This thing has been a long time in the making – we had to go through all stages of evolution to get to this point. Not much farther now – I can smell it…

UPDATE 12:55pm EST: Pickings are still slim – looks like a bit more upside is in the cards – if you can believe that.

ISRG – let it come to you.

This entry was posted on Friday, February 6th, 2009 at 12:31 pm and is filed under Intraday Update. 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.

  • El gAto
    ACL continues to lag for two days in a strong tape.....a close under 81.5 would increase probabilities greatly into next week....otherwise stop lowered to 85

  • jaxon
    PS-did anyone else get on the oil train. what a nice ride.
  • jaxon
    not expecting for this to go much further. i've been loading up and will continue to do so. there is no wind under the wings. btw...as we all know, this bailout BS is one big ponzi scheme.
  • NYADV stops advancing and finally heading lower, I saw a 2567 print, last at 2561, but a bounce back from 2555, we're not out of the woods yet, but this is encouraging. Also NYA double topped at
  • katzo7
    NEW POSTY
  • Bearishness aside, its nice to have a clear long signal on Zero, sans whipsaw.

    Don't know about the rest of you but in my experience, being patient and waiting for a strong signal has proven very profitable.

    Thanks Mole (again) for the "Z"
  • standard_and_poor
    Average true range really dropped as we rallied from 852, as did volume in SPY.
  • there is a war going on at 869
  • Kurious
    im going all in at 890
  • lester
    long or shit
  • Kurious
    short
  • lester
    i meant short
  • fuzzygreysocks
    Last two days they've been about interchangeable. :-)
  • powerpak59
    You guys are better than old Cheers reruns
  • bee01
    The Beast is unstoppable.
  • Looks to me like new short interest in financials has hit such high levels of intensity that it will take bad news of massive proportions to avoid a short squeeze here
  • yazzer
    squeeze? gimme a break...maybe some short covering rallies here and there, but no squeeze - have you ever seen a real SQUEEZE...?
  • dust13
    Looking at BGZ (FEB 90) Calls BGZBR @.9 for quick lottery play
  • Timmy
    Overbought:
    ADP, AEP, FII, PX

    Take a look at these charts...PX looks the most prime for a fall..comments?
  • NYADV @ 2529 and climbing
  • looks like we're headed for the double top
  • I enetered into puts for GS, RIMM, AAPL & POT
  • trader_atl
    I am looking at the following:

    qqqq dbl top @ 31.50 area

    RIMM march 50 puts. This will be the 6th consecutive up week in a row. I like the odds on a reversal. Rimm is coming up to a fib retracement as well.

    ICE - FEB 55 Puts. Moving into resistance and a divergence on the volume with the move higher. This will be the 4th up day in a row. Good statistics to look for a down day.

    Green screens for everybody!!
  • Douala
    Good Call on the QQQQ... got in QID @49.01 because of it. +1
  • dust13
    LLL can't even go up on a strong day. April out the money puts look like a bargain
  • wex
    Has anybody looked at the Homebuilders recently? I follow KBH and TOL and they have been doing nicely since the recent housing sales numbers came out.
  • Keirsten
    VIX presents a nice round top on the 15 min.
  • RSI > 74, man it needs to break hard
  • NYADV = 2508 still climbing, the higher it gets the harder we fall
  • tfyisrich
    goog is a great short right now.
  • Vardoger
    Are there no bulls here? Does no one think we rally next week? If we are finally getting stimulus why would we make NEW lows?? IMO, you only make new lows when there are NO buyers, i.e. no hope. I'm looking for a pullback but I know guys who are counting this e wave up and think we are in 2 of 5 now targeting 890 for wave 3. With that said I have a short position and might add some at 872 spx but I will not be at all surprised to get my face ripped off. Watching EUR/JPY for an entry, its chowing through right now but if it rejects I will increase shorts. JMHO
  • i guarantee you that one of the next three openings to the market will be down HUGE
  • Vardoger
    agreed. that's why I am building and tracking for a short. Just the contrarian in me. I am in the camp where I think we rally into the end of next week but there most certainly will be a pullback, *completely reserving the right to be WRONG
  • katzo7
    I agree. This market is famous for teaching lesson about being too long term in the thinking in any one direction. We are still in a bear market.
  • MaxPainMan
    agree
  • MaxPainMan
    USO spiking ... turning positive?!?!
  • MaxPainMan
    wow, what a reversal
  • Publius Federali
    PNC anyone?
  • in the money on my MS short again :>)
  • Mole,

    Do you see today's set up similar to Feb 4th?
  • wex
    I like oil long er term. I think that the producers require higher prices and will figure out how to get it. Long UCO here at approx these prices
  • Joe8888
    QQQQ Coming into Double top @ 31.50 area....

    that February,05 Pivot worked...Really nice bounce,,,starting a short here !!

    Wonder if the 871 SPX , will be the top today,,,!
  • yazzer
    23 day double top on the Qs in 31.50s...
  • Veal_Trap
    How about picking up this FED here as a long play. These other heavily shorted banks are absolutely ripping and this one hasn't done crap.
  • maya
  • energy stocks screaming, oil up
  • Vardoger
    consumer credit @2est. not usually a mover but given current levels might be a catalyst. EUR/JPY and USD/JPY about to test resistance at yesterday's highs.
  • finalbull
    rimm anybody
  • i'm already short it
  • Keirsten
    I think we share a brain sometimes. :-)
  • :>)
  • Careful guys - I think it's not done yet.
  • bounce damnit bounce
  • katzo7
    Maybe we here are all wrong, everything is fixed.
    But I think NOT.
  • OK, reckoning day. NYADV @ 2473, 2500 or above a good turning point
  • hindawg
    5 of C
    ok just under 50dma and TL for C wedge. trying short. 868, w1-w5 relationship could take us a little higher though.
  • standard_and_poor
    Check out the good volume on spy down ticks.
  • 25cm
    bought FAZ at 43,19, hope it works
  • MACT
  • krcube
    AAPL, JLL
  • fuzzygreysocks
  • Morphesus
    Little help please,,, not been here long... Took the wrong pill (blue). Finally took the red one a few weeks ago. Question... Put call ration being so low is another supporting indicator of a big drop? Yes? No?

    thanks
  • fuzzygreysocks
    Yes.
    http://tinyurl.com/c9com5
    There is typically, but not absolutely, an inverse relationship between the $CPCE or $CPC and the $SPX.

  • Morphesus
    Thanks for the help and education
  • Yes,

    When retail goes bulish, Whales feed beans to ms. market so she can farts.
  • aum_namoh_shivay
    look at itwo ...although i must say it is my old company ...but the stock been doing well lately...
    also look at sape and infy
  • ROMERO
    Buying FAZ and TZA. Will double (at minimum) before February's close. Do not mind risking a (comparatively) small ride down before that time.
  • workdog
  • IMO AMZN might be overbought... but still not get killed because it did really well this holiday season... people are going to buy *some* stuff and it looks like they prefer amazon over others..

    Even when financials were getting killed, GS did not get killed... so the traders now have preferential treatment ,... at least for now... similarly RIMM might be overbought... but still not fall..
  • Keirsten
    Exactly. I think one of the worst things you can do as a trader is assume something is overbought and not pay attention to the price action before you take the trade. The last few days should have taught that lesson well.
  • I didn't - and people keeps mentioning that pattern - beanie is a fan of it. Does it indicate we go down or up?
  • Mostly it means it will drop rapidly, It doesn't tell you if it will make new lows but we can expect accelerated drop.
  • HardTimes
    OK, I'm asking this question because many times people see an upright H&S after a drop and think it shows another drop. Obviously the pattern only works after an uptrend and what they're seeing is more likely a bear flag, etc.

    This seems very similar to a H&S from a psychology and charting perspective.

    Does this pattern need to be after an uptrend, downtrend, or doesn't it matter?
  • DMS425
    You are right they are reversal patterns.
  • na, na, na, na, na, na......Batman
  • localandbitter
    The market doesn't wear hockeypants, does it ?
  • now that i just closed out of my long on WFT, take a look at it short
  • cj
    gold looks tired, if in canada, the food retailers and food processors look exhausted, probably the down there.
  • GOOG & APPL nearing next Resistance zones (daily chart most prevelant) however both busted out of their respective trading ranges and continue to apper strong (ish).
  • fakie99
    i like SMN too. and what about TWM? russell up on some real pansy-assed volume.
  • standard_and_poor
    Reloaded at 864, loved once, love it even more.
  • havefun
    aapl, oih
  • FPL - Mole, since you asked for it, I took some puts on FPL. It seems to be at a very actionable point here.

    http://screencast.com/t/Xb5OUnOp
  • BigHouse(Aka Mr Vix)
    MS coming down hard now
  • moneyfarm
    Yes - very nice. Picked up some puts yesterday after seeing your chart - thanks. What do you think of GS for a short here?
  • BigHouse(Aka Mr Vix)
    I'm staying away from GS it scares me lol
  • Steve
  • I'm kind of conflicted on MA - I'd give it a day or so.
  • katzo7
    AAPL for short, bouncing off of 100.

    BTW, Monday is Feb. 9th, right?
  • krazykev
    Profitable a little so far on these shorts MCD XOM AAPL KSS
  • geckoman
    I hate to keep beating this drum but BBY looking juicy right here.

    http://www.screencast.com/users/geckoman/folders/Jing/media/bdfed85a-020a-4064-b3ae-0ec2bbf3ca0a
  • Kurious
    bby is a perfect short.
  • moneyfarm
    Current shorts:
    MHS, DRI, XOM, BAX, UUP, MS, HRS, AMZN

    March, April, June SPY and IWM puts
  • standard_and_poor
    FITB, BAC, C, SWKS
  • i owned 50,000 shares of swks on Monday, I've had a great week, sold just about all of them now
  • lester
    closed my BAC Puts for 50% loss. I am drunk now.
  • standard_and_poor
    Sorry, friend.
  • GMunni
    VIX

    It's the only thing that has me worried. It's not down as much as the SPX is up. Kind of makes me wonder if we don't continue to grind higher from here. Rising wedge on the SPX means we could see 87X by the close.
  • krazykev
    Keep an eye these , Rats APOL ESI STRA could be juicy shorts . A lot of weakness on such a strong day
  • I don't like any of them - you love them educationals, don't ya?
  • krazykev

    Making money in the markets is playing the movers - JESSE LIVERMORE . These stocks are getting over-own . Once they start going down it goes down fast !
  • Flatlander
    I trade only ETFs and right now I see nothing I'm comfortable with trading. FAZ is interesting but only if I see a move in the XLF confirmed by the SPX, Slightly higer low at 12:40 PM versus 11:15 AM.

    Mole, any other old movies you recommend. Dang, I haven't even watched any new movies in a while.
  • Birth Of A Nation?

    (j/k - guys)
  • can almost see the whites of their eyes!!! 30 min. stochastic just turning over, 60 min still upward, get ready
  • Woolly Llama
    BAX - rolling over at top of up channel
    PCP - top of triangle
    FPL - rolling over
    GR - rolling over at res, reported on wed., would like to see some volume
    HUM - stoch overbought, rolling over?

    thoughts?
  • BAX - kind of like it.
    PCP - don't like it.
    FPL - I'm sure it'll drop but question is how far.
    GR - not yet
    HUM - my favorite, but wait a day or two.
  • yazzer
    HIG - short since $11.40 on this pig....hit it at anytime bet 11.40 and 11.50 based upon the daily..
  • By god is SMN looking beautiful right now

    http://screencast.com/t/2kuakjWQqf8

    XLU's another ;)
  • XLU - not yet - I told Tim the other day but his time frame is wider than mine

    SMN - too late..
  • XLU I'm still biding my time.

    For why SMN too late? Have e/e for a long position with a stop just under 35.
  • ronamatron
    http://www.screencast.com/users/ronamatron/folders/Jing/media/1231cde6-c312-4441-83ee-5119eb62c328

    RIMM looks easy to manage. And I'm awaiting my replacement BlackBerry so it's a fitting short.
  • moneyfarm
    Haven't taken any of these yet, but watching:
    Short
    CSX around 33.30 would like to see it tag the upper BB and fail
    http://stockcharts.com/h-sc/ui?s=CSX&p=D&yr=0&mn=9&dy=0&id=p02631572819
    Long
    FMC - nice breakout on volume today
    http://stockcharts.com/h-sc/ui?s=FMC&p=D&yr=1&mn=0&dy=0&id=p39092783338
    ENSG
    http://stockcharts.com/h-sc/ui?s=ENSG&p=D&yr=0&mn=9&dy=0&id=p02631572819


  • I like CSX and FMC, but not yet!! Wait for it.
  • Please tell me you are really giddy for short.

    plz plz plz.
  • katzo7
    He is TW.
  • Yeahhhhhh
  • Baby Dragon
    POT I had calls from 3rd Jan.
    I am thinking of selling on Monday.

    Short PALM and NOK and QCOM and BRCM and VZ and T and AAPL for next week......
    also XLE and OIH looks good here as short.

    cover WY and MMM shorts and go long.
  • Leon
    RIMM, GS, MS, AAPL, GOOG, V, MA - all the supposed "leaders" in the market right now.
  • lester
    I closed all the Puts I bought yesterday (QQQQ SPY BAC). This has been ugly. I still have 25% cash to reload long if good idea. Completely undecided. Switching from coffee to beer.
  • powerpak59
    I'm scaling in QQQQ puts now and will stop out somewhere above the Jan 6 highs. I'm buying April puts so it gives me some wiggle room.
  • localandbitter
    Darden (DRI) and Kohl's (KSS) look overbought considering the circumstances and fundamentals...
  • krazykev
    Okay MOLE ! Taking a little pain , but putting out shorts/puts on IBM EOG BNI MCD BRCM AMZN GENZ ARE FRT $NDX AND MA risistance @163
  • Kurious
    MMM 3m's :)
  • Jammer63021
    How about puts on AVP and DO?
  • Check out WMT, CMG, and GNK as potentially overbought right now
  • powerpak59
    TM - depends on your drawdown tolerance. The close it gets to $69.90 the better the odds. I see an ascending wedge which could lead to a solid breakout on the other hand. I've shorted TM in the past but, love the products.
  • Keirsten
    Here's a potential short for the mix: AMZN. Butting up against the 200, also old resistance at 66.04 that won't show up on this chart. Support @ 64. Let the trade come to you though, don't enter too early and get burned by the molten lava.

    http://stockcharts.com/h-sc/ui?s=AMZN&p=D&b=5&g=0&id=p19473080820
  • TonyPCF
    Second that. Not that it will matter if Monday is an up day, but today we closed the gap from Oct 3rd to the penny!
  • Insect Overlord
    Damn you mole, once again I posted and in the 30 seconds it took to type it, you made a new post. I swear either your timing is impecable or mine is horrible...I'm thinking it's you. :-)
    Pretty much the only things I'm playing these days are /NQ and /YG, and obviously /NQ is overbought IMHO. Can't post a screenshot right now, but I'm waiting for a reversal trigger as Kiersten so aptly noted, don't short thinking it can't go higher...it can and will. Plus like I said, employment data is horrendous and yet the market goes up. !?
  • standard_and_poor
    You and Mole crack me up, he always does this to you. Good post Insect.
  • roncofooddehydrator
    Thoughts on Toyota (TM)?
  • Keirsten
    I'd watch the Yen with that trade. There's a reason they're bring it down.
  • localandbitter
    Credit rating downgraded...

    Building inventories...

    Future profits questionable...

    Yet the Japanese automakers rallied...

    I'm Short HMC at these levels
  • Who just bought some SDS??? THIS GUY! Damn str8. Market has to give it back sometime. 859ish on the /ES looks good to me.
  • We're getting close the $NYADV is linked to the low CPC reading, the low CPC reading's pop turns to a drop once the NYADV is overbought, getting close

    http://stockcharts.com/h-sc/ui


    Mole, just got through teaching my sister what a bullish flag was using POT as an example of a stock I want to short but want to be careful near term. Also short candidates: NU, GNK, STLD, NUE, GS, MS
  • powerpak59
    I'm going short the Q's as it hits the underside of a trendline. The closer it is to $31.40 the better and $31.60 would be a dream.
  • yazzer
    dang - you must be inside my head - 31.60 is a double top that won't be broken IMO...I started a short yesterday in the Jun PUTs...will add today - hopefully with the market a little higher...
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