Diagonal Support

2:45pm EDT: I’m not sure whether or not we’re bouncing into the close but it seems we’ve painted a floor for today at least:

I would keep my eye on that diagonal support line which I pointed out yesterday already. At some point it should become the basis of a fourth wave bounce to the upside.

3:53pm EDT: We need a clean up on isle 5 please!!!

NOT looking good for those bulls right now – the SPX might fall of the shelf here any second.

This entry was posted on Monday, June 22nd, 2009 at 2:47 pm and is filed under Elliott Wave Theory, 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.

  • chilling
    Best day in a while! want no chops. just trends.
  • ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T ``°º¤ø„¸
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  • isaiah64v4
    Did you anyone watch this video [posted earlier by someone, sorry I don't remember who] of the former market-timing consultant at Goldman Sachs. Interesting. If we break 850 we will test the lows.

    http://tinyurl.com/nn43qb
  • Hey guys, was very quiet day for me. Other than the morning, didn't trade that much which was good because despite the loss from my long, I more than made up for it with today's tape.

    Anyways, I have a target of 872 on this leg and I'll show why on in my post tonight. Hang onto shorts.

    p.s. that last EOD crap was a huge bull trap.

  • Count_de_Monee
    Well, just like I thought would happen. They tried to close SPX above 900, actually managed to kiss it and then it fell apart. Made a little scalp trade shorting ES and the NQ when they popped and just closed out my position. 100% cash and waiting again. I don't trust holding overnight as I don't think the bulls will give up 900 that easily. Nonetheless, the character of this market is changing again in favor of the bears. You can smell the fear coming back to the bulltards. Their days of easy money are gone IMO.

    All in all a great day. Hope everyone did well.

    See you tomorrow.
  • CandleStickEmUpper
    what a F*in awesome day! Lets not get carried away with our emotions now..
  • Futures still dropping
  • disrespekt
    Am I the only one who gets sexually aroused by the sight of massive amounts of red prints on my watch screen?

    I know it's an evolutionary biological maxim that red is a danger sign but I can't get enough of this color...WE ARE THE FUTURE, NOT THEM
  • Hmmm, so do you think this downside is a result of Curly pulling liquidity last week? If so, we should have much more to come.

    As Johnny Drama would say, "Victoryyyyyy!!!!!"


  • CowboyTrader
  • thunda72
    LOL.... Johnny Drama...
  • gusrock1414
    Mole, great job on the put play from last week and especially Friday. That was like taking candy from a baby. I can hear the bulls weeping now.
  • Oh, this was just the overture. Let's talk later this year when those bulltarts on Wall Street will be lining up on window sills. NEXT!!!! Take number please - no cutting in line - the clean up crew below is understaffed....
  • the only sorrow - this scenario (BTs on the sills) is not gonna happen - back in my time there they made windows from break proof glass and they cannot be open - so watch the roofs now
  • LMOL good post molester! BTW what;s that crap on the floor??
  • DoubleNaughtSpy
    Ooooo...is it bull crap... hehehe :-)
  • heh heh heh Mole said it was the bulls puking, but your's sound even better Jethro!
  • I have to admit - he beat me to the punchline here.
  • Keirsten
    For the bulls, it's de nile.
  • heh heh heh nice. :-D
  • SNORT!!! You crack me up Keirsten.
  • BTW, participation here today is lousy and I'm not talking about the fucking Zero either.
  • Hi guys (and gals) :-)
    that was a classic EOD bulltrap and I didn't buy it! the trend has clearly moved into the bear's camp and they are coming out of Winter hybernation. God it's about time!!
    As I said before on any bounce now I sell into it.
  • Yes, what a beautiful close. I think we'll drop further tomorrow morning.
  • I concur SHJ!
  • cuvo
    Europe closed down abt 3% today, looks like S&P will do the same <pinches self=""></pinches>
  • cuvo
    wow, this was not the market I've come to know and loathe. congrats to bears and FAZers.
  • thelefteyeguy
    looks like shorts didnt even bother covering...
  • Went long Palm July 13 calls
  • faafa
    Hi Mole,
    "We don't do anything until we get a bounce."
    By "bounce", do you mean the 903.79 on your chart above? TIA.

  • thelefteyeguy
    pretty huge swings...im seasick again <lol></lol>
  • The tape is getting volatile... big move coming IMO... which will define the next couple of days...

    Take your bets 880 or 920
  • icetigaurus
    880 first, then possibly 920 after some chopping around for a while

    or we could just go right through it
  • Hey everybody, been on autopilot all day, looked at the t.v. and bottom of the pool more than the monitor today and haven't traded a share, sitting pat on my late friday positions. But this market sure looks weak. We're burning up STOCHs, but making little advance.
  • Looks good for bears
  • tru dat double tru
  • There is your big blue candle.. just the way my daughter would say "big blue blankie"
  • anthem
    S&P not moving. /NQ is melting slowly upward. Wish I kept hold of my AAPL calls, but got out of them at a small profit. I'm not holding anything but my very far out SPY put overnight though. . .
  • hey Anthem! My only long hedge is an apple call spread. Actually didn't do bad today. :-)
  • anthem
    Annamall - rode appl down for a few points and then went long. bailed out after it didnt look too promising but probably should have stayed in a little longer.

    Glad you made out ok. I really wish I rolled my GOOG puts over from last week. . . seriously thought hard about it, but after its down 8 out o f9 days, figured I'd give it a rest. . . oh well.
  • GS back to (edit: On the way to) where it needs to be - crap hole.. I would love to see GS trade in low 2 digits some day.
  • I would prefer it to be a penny stock in my dreams! :-D
  • cuvo
    Financials in the crapper. Where's Dick Bove?
  • IMO this is *exceedingly* bearish for equities.

    http://247wallst.com/2009/06/22/gold-fields-drops-pursuit-of-new-capital-gfi/

    They wouldn't do this unless they expected the market and/or gold to drop, and/or the dollar to rise.
  • troym
    they might be sniffing a bounce soon and reposition the terms in their favor a week down the line or two...
  • Maybe.

    If I were them I'd wait until September-November.
  • thelefteyeguy
    here comes the ppt...

    EDIT...sorry premature ejack
  • thelefteyeguy
    looking at June 15th ...today's action looks very similar
  • They are 'trying' - seems like the bears are making a stand.
  • cuvo
    A trending market? No tricks? Is it possible?
  • DoubleNaughtSpy
    Possible but not likely...
  • buyemsellem2000
    sold Faz 5.33
  • Short TLT or Long Palm?
  • Call me what you want to call me - buying PALM Jul 14 Calls here for a scalp
  • Count_de_Monee
    They're going to try to close it above 900 I believe. They may actually get it with all the happy bears closing shorts to lock in profits but it won't last long.
  • ropey
    nice little surge to 905-915 tomorrow would be ideal..
  • Yes, to reload Ropey
  • Count_de_Monee
    We can only hope...
  • thelefteyeguy
    just like they did late last week...when I thought 920 was it...then it popped to 927....it will get there 1 way or the other

    905-910...my guess..

    then I will buy back my 50% that I unload today and short it back to 880 at least

  • ropey
    oh and ladies, when the butterflies return, do yell - i want to give them a whirl for July opx especially Fujisans fave GOOG - i'm wondering where they'll settle the market...i know it's early so i guess its a hardcall, hopefully less than 920 on SPX lol. That drive to the 420 pin on friday was startling, it really does have a huge probability of landing on exactly one of the strikes at opex...seen it so many times now
  • Hi Ropey,
    You know I will! Looking for some good ones this earning season. i think we've seen the rally for the year and will not see the earnings the bulls were looking for :-D
  • Heavy volume only on energy and material stocks..

    Look at the sick volume on XLF... I am getting worried here.. I really wanted to short the heck out... but it would suck big time if we get a major rally here..
  • Blind_Squirrel
    GS heading South LOD
  • Keirsten
    I have a target in the 135 zone, but not sure if it can achieve that today. I'll wait....
  • Check out this chart, 2 channels and a measured move, pointing to 870 maybe 860. My ovals arent perfectly the same for the measured move, no time to re-do. I think the point remains the same.

    http://screencast.com/t/86SUKXxdtSQ

    Also on BLOG, easy to go to later, see how it panned out.
    http://oahutrading.blogspot.com/
  • I think you might well be right. Like your blog BTW.
  • Alright, glad you like it. Still many bugs to work out. Some traders have said they cannot post chart links into the post, and...as the operator i have seen the same thing. Sometimes, I copy my chart link into Word, and then drag it over...and that works....at any rate, expect better things in the future.

    Right now a mini bear flag, good proportions...

    Steve
  • ropey
    nods good call mole - looking forward to shorting the next surge, wondering when they will fill that SPY gap made today, sooner rather than later i hope....same with Qs, i believe they still have the 36.80 to sort out...aapl held up well today all things considered, probably the PR about >1million new iPhone 3GS sold was the prop job..
  • I'm done for the day, back in cash , awaiting further instruction. What a great day!
  • thank you for the update Mole-ster
    I don't think we do much either way into close, but I am staying in my Spy puts and am lightly hedged with an apple call spread.
  • ennuigo
    Mole-

    Any impressions on the Neo call that the 6/11 S&P top was " THE TOP FOR 2009!" and that the S&P trades down from here to the ultimate bottom? EWI not on board this view as far as I know.
  • zenith191
    EWI suspects we make one new high before starting the next Primary wave down. However, back on March 6th they were saying there was "one more" new low before Primary A started. This of course never materialized. So if they can be off one wave on the downside I suspect they may be off one wave on the upside. So I lean towards Neowave's interpretation.

    Then again Bob Hoye thinks we'll top out this Summer and possibly into Fall.

    Who ever is right one thing is for sure - there is a lot more downside than up in the year ahead.
  • Keirsten
    Covering short on GS- love to harvest money shorting those crooks.
  • DesertEagle
    Crooks is too kind...Vermin?
  • Keirsten
    Indeed BaldEagle- the amoeba that floats on top of the pond scum. LOL
  • ropey
    Man POT got absolutely whacked, i'm changing my strategy to slightly longer term i.e. more than a day ;)...the daytrading i sadly cant deal with much more than 2 hours - at work, probably not reflected on quite so well with my boss watching over lol..
    Going to be selling call spreads on SPY+Qs on the next leg up for July and try and take a slightly lower risk/slower trade for the time being...
  • Keirsten
    Hey- I was looking for you earlier! Yeah- best laid plans on POT, huh? I think we'll get one last whack at it here shortly- will have to review that chart again tonight. ;-)
  • ropey
    Yeah i was a bit of an idiot on friday so just wiring more funds in to build up a much better capital base - i shall return with a vengeance tomorrow lol, i dont want to miss the ride on this market down. My trading style needs to be a little more balanced, got too caught up in the tick by tick daytrade so just easing my timeline out a bit i.e. a few days to a few weeks...Mentality was buy the dips before, that's most certainly changed so hopefully shorting all rallies will be a good gain.
    I'm looking for a retest after the dump today before they finally take it down...will have to see the fed impact tomorrow, hopefully a pump job.
  • Keirsten

    Yep, the rules have changed, at least for a little while.
  • good job Sistah! +1
  • Keirsten
    How are you doing sistah?
  • much better today, when I won a small amount of money (peanuts) on the power ball Saturday, I knew my luck was changing! ROTFLMOL heheheh
    looks like you are doing great!
  • annapower-ball peanuts to you may be 25k, as pretty as you are the females here help me out ALOT, thanx a bunch
  • Seawolves! LOML yes it's all relative. But it wasn't 25K, (would have been nice) just a few hundred, but LIke Keristen said a lil bit is even good. I look for those to be good signs! :-D
  • Keirsten
    Enough to buy a supply of Latisse- have you tried it yet?
  • Keirsten
    Hey- that's always fun to win- even if it's a little bit. :-)
  • ckeltner
    Neutral atm. Got stopped out of my spy puts and closed my vix calls a bit too early this morning. Waiting for better entry for either side.
  • Count_de_Monee
    Well rats,
    Looks like my (and others') call from last Friday and last night about a big drop was pretty accurate.
    I closed my shorts earlier around 896 SPX and FAZ 5.25 for a tidy profit. Don't want to be too greedy.
    I'm still expecting we go lower this week and ramp up into markup next week, but I'm 100% cash right now, waiting for good entry points on the short side if we get the usual EOD bulltard GS assisted spike.
  • Good job Count! +1
  • Count_de_Monee
    Thank you my dear.
    It feels good to be back with profits ;-)
  • yes, it does Count! real good
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