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Getting Warmer…
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Getting Warmer…

by The MoleJune 18, 2009

1:13pm EDT: Getting warmer – just in time for the summer solstice 🙂

I’d like to see 923 minimum before I consider taking short trades. BTW, SPX breadth ratio right now is 2.4:1 advancing – not bad for a OPX Thursday.

1:49pm EDT: Channel surfer’s half pipe:

There seems to be a resistance line which – if breached might push us higher into 930. Either way this is the point where I feel comfortable dipping into short positions.

DISCLOSURE TIME: Since I don’t know if this is only (X) of {2} or maybe even the beginning of Primary {3} I have taken the following positions:

SPY July 89P
SPY Dec 72P
SPY Dec 69P

The idea here is to ride this corrective wave further to the downside (hopefully) – if it turns out that we are dealing with Primary {3} then we are already properly exposed to participate in the meat of this move. If it turns out that we are in (X) we’ll sell those December puts at our target low.

I am willing to take on quite some pain with those puts – meaning if we rally higher today and tomorrow (and possibly Monday) I will sit it out unless my line in the sand is broken. More about that later in one of my forecasts.

2:37pm EDT: Williams R% just triggered a sell signal:

However, there seems to be a buyer at 912 and it’s likely we’ll see higher highs today.

2:43pm EDT: Scratch that – the candle popped higher and the sell signal went bust. I think more upside is developing here. Cool – another opportunity to load up 🙂


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • alphahorn

    I get the feeling this is weakening and will be surprised now if it reaches 928, i agree with Mole 923 is a good entry and i'll be finished by 925.

  • http://www.pacfreehotwater.com steveo77

    Mole, just got up, no chance to read posts, but thinking that some July, Aug, Sep puts, fairly OTM might be good, start scaling into them, and buy more. Maybe set some stink bids to pick some up on the cheap on any big pops….like some stop clearing runs/expiry solstice madness that may occur.

    Expiry has been damn doring on the last 2 days for the last few months (unlike last year), as it should be, but also thinkng of alternation. Maybe the market is gonig to surprise everyone a little bit with some big moves.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Buying 2 RIMM June 90 Calls and 2 RIMM June 65 Puts – net investment < $200

  • C C Rider

    I'm leaning towards 928 or 934 level as a top today

  • http://www.mylifemytrade.com MyLifeMyTrade

    MM suckers – most pinnable stocks are *right in the middle* of two strikes

    GS – between 140 & 145
    RIMM – between 75 & 80
    AAPL – between 135 & 140
    GOOG – between 410 & 420

  • ausdude

    So, are you using a really tight stop?

    Or is it more like 929 or so?

  • Keirsten

    GS pushing over resistance- just had an alarm go off.

  • C C Rider

    One way to look at it. The easy money was made on the short from the break of 928. If that were to get taken out, the gap at 946 gets much easier to fill.

  • http://www.pacfreehotwater.com steveo77

    http://screencast.com/t/PnSIM1McsL

    Very tight triangle formed on the SPY, these usually do something dramatic

  • anthem

    It's been on a rising line the entire day. Never broke the line until about half an hour ago. . . I got stopped out earlier on that last push down.

    That resistance is the same point of resistance on the way down that it broke through 2 days ago, right ?

    So, are we looking at it now going up rather than quite a ways down ? Considering going short on an ITM option play since I think its overextended. However it did just pust past its resistance point and its been looking strong all day.

  • amgrant

    We're pretty overbought here, think a correction to this run up is due.

  • amgrant

    Could see a ES 905 print again.

  • Keirsten

    That first 60 min candle was awfully bullish to kick off the day with- I wouldn't short it until it loses that line of resistance again at the very least methinks.

  • cuvo

    SPY TBT split screen. PPT tries to stanch the sell-off and TBT pushes up strongly.

  • fuw

    I wonder if we are seeing toppiness or just ways to screw with people trying to take early put positions?

    So far this seems like a trending day, so I'm staying long, but my exit finger is itching.

  • Keirsten

    I dunno, but somebody at the bid on SPY wants to keep this plate spinning up here. Watching some shenanigans.

  • http://www.pacfreehotwater.com steveo77

    http://screencast.com/t/O3Q3uMgIVr9

    ES Chart….if it follow SPY tight triangle this would be a 12 point move.

    My gut says this is just part of the whipsaw and we see higher numbers yet today.

  • salvadorveiga

    i agree with mole… I already started with residual position at 917.25 on ES… will add on a new high… DAX is so weak is ready to tumble… nasdaq really weak as well… 923 SPX seems a good entry

  • http://www.pacfreehotwater.com steveo77

    Keirsten, on TOS I am seeing large block bid and small ask bids. How do you look at that, do you see just one volume number below and on above or do you get a range of sizes at different numbers?

    Not comfortable with short intraday postiions when seeing that. Any help?

  • amgrant

    You might be right…I really dont want to be short this market right now.

  • Callie

    I was just looking at ZBU9 (30-yr T futures), has retraced 50% from recent run-up, and ZNU9 (10 yr) 61.8 %.

  • ropey

    RIMM frontmonth IV now 189%…

  • anotherone

    I just closed out my GS puts for a small loss. The “narrative” of a drop to 135 was invalidated by todays move up. I wouldn't be surprised if it went sideways between 140 and 146 for a while.

  • Keirsten

    I don't use TOS, so I'm probably not much help with you there- my window is split and yes, I get different sizes and prices Bid/Ask. When one of them starts flashing size I get very interested. 😉 If you see mwse on there, that's the one to watch today. Every time the price falls back too much he'll increase his size. The question is: when is he going to let off (or not.)

  • alphahorn

    i get the feeling the following wave down is going to rip some faces off

  • amgrant

    Though this could be something…

  • Callie

    Great call…I was too chicken, even though (DXY moving up again and Treasuries meeting retracements) lots of things were lining up.

  • amgrant

    Seems 905 now is in the works.

  • Keirsten

    He's probably letting somebody unload today.

  • cuvo

    EUR/USD skydive

  • http://tradingsigns.blogspot.com/ T. Waffle

    I am short ESU9 @ 917.75

    Expecting 897-900 level.

  • http://www.mylifemytrade.com MyLifeMyTrade

    I posted some trades that I took this morning. Trying to post some more I took.. I have to figure out a way to update my blog from my windows mobile phone.

    http://www.mylifemytrade.com/

  • C C Rider

    Out of longs. This tape could go either way. I'll stand aside untill next week. GL.

  • molecool

    See update above – want to make sure everyone sees it.

  • anthem

    That was definitely an ugly move. I went short at 143.5 with some ITM puts. We'll see how it goes. it's moved down quite nice so far. But I don't think it'll move that far. I'll definitely close it out by the end of the day though.

  • anthem

    Your entry is a lot better than mine. I'm in at 915. I hope we hit your exit point :-).

  • Edward65

    sssss

  • amgrant

    Feel free to pull out one of my teeth. That would be more fun than today.

  • http://tradingsigns.blogspot.com/ T. Waffle

    So far that's what looks like. Let's see if we can get there by 4:00 😀

  • salvadorveiga

    yeah i played it small since i though a higher high was possible but also it couldn't reach higher perhaps so i took a dip… still have a few sprinkles to add in case we go higher… or else ill add on weakness

  • thelefteyeguy

    hmm…wave v of C?

  • Keirsten

    I actually traded when I was getting a root canal once. Very understanding endodontist. LOL

  • amgrant

    Perusing through blogs, watching TV, etc sentiment seems a bit of a mixed bag right now.

  • anthem

    Wow, had a nice ride down and was just moving my stops down with it. Ugly spike just took my position out for a small gain. . . I think it'll go down again, but that green shoot pissed me off.

  • Callie

    Hey, I took 914.50…

  • amgrant

    Wow, that takes talent lol.

  • amgrant

    905 coming. May go long at close though.

  • http://www.mylifemytrade.com MyLifeMyTrade

    If I want to bet that GOOG gets pinned to 415, what is the best play?

  • anthem

    Well, then I'm sure you'll be happy with Waffles exit point as well :-). . . .

    I think we're going to look at 905 rather than 897, but we'll see. Let's hope we're all right.

  • Keirsten

    You live to trade another day Anotherone. 😉 Small losses are the way to go.

  • anthem

    VIX Crush ???

  • thelefteyeguy

    i wish Windows could multitask like that!

  • anthem

    sorry, I meant sell for the vix crush. . .

  • fuw

    Dollar going up, ie not supporting the market tanking.

  • http://www.mylifemytrade.com MyLifeMyTrade

    I would love to see a print of sub-900 on SPX today.. however, if it comes too early, we could get a green rocket.

  • isaiah64v4

    Noooooooooo way……. R U serious?

  • Callie

    Moved stop to 915.5…don't want to take too much risk.

  • cuvo

    Hmm, looks like a tell to me:

    <blockquote>DailyFX.com DRodriguezFX:
    * 18 Jun 01:57:20 PM US Dollar suddenly higher across the board with no real rhyme or reason.

  • Keirsten

    I'm serious. LOL I'm also nuts in case you didn't figure that out. He was pretty interested in watching what I was doing, and I told him that's how I pay him the big bucks.

  • alphahorn

    let's get on with this final wave already!!!!!!!!!

  • amgrant

    I am not shorting this market until it stops acting like this. We're back to the same tape we had a week or two ago.

  • cuvo

    au contraire, mon ami

  • http://www.mylifemytrade.com MyLifeMyTrade

    RIMM selling off – If 76 busts, then next support at 72-73, which could come in a hurry.. Although speculators might keep a bid under the price.

  • Kirklandguy

    Hmm, a few things you could do. I assume you're a TOS user, right? Try plotting the following out on the Analyze tab and see what the P/L graphs look like:

    Sell 410 and 420 straddles (selling 410 call and put, selling 420 call and put)
    Sell 410/420 strangle (sell 410 put, 420 call)
    Sell 410/400/420/430 iron condor (sell 410/400 put vert, 420/430 call vert)
    Try variations on the strikes for the short iron condors too, might be able to do something wonky with like a 'double iron condor'.

    There might be a butterfly that works here too but I'd defer to Fuji, I don't do many of them.

  • ropey

    RIMM will not go below 71 (200ma) unless they really screw up their report, i dont think they will. I think they are dropping the price ready for a move up and to be honest i don't expect it now to get above the high it made the other day, not tomorrow.

    MACD showing a bullish divergence on the 60min so i'm staying in….i think it'll be pinned somewhere between 75-85 tomorrow – given the huge amount of calls at the 80 it maybe around there..

    86 -> 76 in a couple of days with price targets recently raised to on average >90$

  • Callie

    Tsys are up a bit, don't you love fibs…but too early to call it a reversal though.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Megaphone pattern forming on 5 min ES chart – big move coming IMO

  • KidDisco

    NEW HIGHS!!! YIPPEE!!!

    I need to get out of these longs I played for a quick 'bounce' but ended up getting raped on.

  • http://www.pacfreehotwater.com steveo77

    Which platform do you use….
    I had Etrade Pro and the trade screen was awesome, but Etrade came with other drama, and futures were not available on charts at the time.

    Thanks

  • GDII

    my fellow rats, do u notice the drop of eurusd?
    i suspect it relates to the n korean ship thing just happening.
    no sure what to do. i long some tlt

  • Callie

    Has something to do with a big German bank selling EURUSD and more banks going to contribute to LIBOR fixing polls which, I quote, 'has created some anxiety in the market.'

  • fuw

    What timeframe are you looking at? USD has been rising since 1:30.

  • http://www.pacfreehotwater.com steveo77

    http://screencast.com/t/8wRxkvDtX

    http://screencast.com/t/ivTHQnHYs

    Looks like a bear flag or a consolidation triangle on ES, both pointing down. Expiry week….keep your guard up.

    Check out my channel madness, both views of the same thing. These often work for me, even over a period of days.

  • Paleface

    Agree. $TICK climbing up while indexes making a bear flag. APPL and XLF crawling above VWAP. It stinks.

  • thelefteyeguy

    mm are in the house

  • amgrant

    England vs Spain on the tube right now for any of you soccer (futbol) fans.

  • dullmind

    Just got back to my computer, saw Mole's message on the Zero. Yep, my thoughts, but nice to know somebody I consider an
    expert thinks the same way. I am already long SDS at 55.6, stop 55.1 and TZA at 23, stop 22.47 so I have some bear
    participation. I looked at buying a Dec 2009 put at $69, but Ameritrade DID show the last transaction on May 15. Now 2:41pm EST
    it shows a transaction at 14:25EST for $1.66 per contract. I trust Mole enough to put a 'little' of real money into that, but am I
    looking at the right thing?

  • stealthadvisor

    Hey mole, interesting conflicting EW analysis:

    Prechter Says Stocks to Resume Bear-Market Rally Soon: http://twurl.nl/gvbarg

    NEoWave Institute's Glenn Neely is forecasting the largest vertical drop of the decade for the S&P 500: http://twurl.nl/ixabfv

  • Callie

    I just have to open the window here (Amsterdam) to follow the game, whole city is (very vocally) watching.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Big support at 914 now on ES

  • molecool

    Hehe – the Brit's chance to make up for the ManU whipping they received from Barcelona 🙂

  • C C Rider

    Couldn't resist! Shorted DUG. The weak dollar, strong oil story has more legs.

  • isaiah64v4

    Wooooooow you are hard core…Navy Seal material…I bet you this spills over to all aspects of your life. All “Isaiah64v4” can say is…GO GIRL!

  • Basilfawlty

    A VIEW POINT:

    The saga the Expected Down Draft versus “End of Month Window Dressing and First Half Score Card”:

    Since the March 6 2009, the pull-back in the recent days has been the first time the internal of the Market been damaged.

    The evidence?
    Many bullish percent indices have flashed “BEAR CONFIRMED” for the first time since March 6 2009.
    These include Energy ($BPENER), Finance ($BPFINA), Materials ($BPMATE).

    http://stockcharts.com/def/servlet/SC.pnf?chart
    http://stockcharts.com/def/servlet/SC.pnf?chart
    http://stockcharts.com/def/servlet/SC.pnf?c=$BP

    The Dow transportation sector has resumed the “BEAR CoNFIRMED” state.
    http://stockcharts.com/def/servlet/SC.pnf?c=$BP

    The “General Market” ie NYSE ($BPNYA) is on “BEAR ALERT”.
    http://stockcharts.com/def/servlet/SC.pnf?c=$BP

    It is however my opinion that the expected BIG DOWN DRAFT (Approximately 33-50% correction of gains from 3/6/2009 low) will be temporarily DELAYED.
    I suspect it will be delayed for about 2 weeks.

    WHY?
    “End of Month Window Dressing and First Half Score Card”

    I suspect we will resume the uptrend on Monday 6/22/2009 (Probably after an initial big gap down in the morning to trap some bears; Fujisan ) until 7/2 0r 7/3.
    Then on 7/6/09, I suspect the big draw-down will happen in earnest.

    If you ascribe to this view, then the correct way to play the expected uptrend next week is by starting to compile the “List of Must Own Longs” now.

    Ask yourself, which stocks should every Mutual fund/hedge fund etc have on their books to show to their investors that they owned them during this significant run from the March low even if they didn't?
    Those High-fliers are the “List of Must Own Longs”.
    You know most of them eg AAPL, GS, BLK etc.

    The recent pullback has made these stocks (“List of Must Own Longs”.) relatively cheaper compared to 10 days ago. And I am sure quite a few people have recently short them.

    Please do you homework.

    Good Luck

  • amgrant

    Tired of seeing those wankers win all the time. I had buddies that went out to celebrate in Barcelona…said it was a gong show.

  • isaiah64v4

    GDII

    have a link you can post on the N Korean Ship ordeal? I can't find anything..

  • Callie

    Another reason for the stronger dollar is a higher demand in the USD-funding. Some banks were forced to sell EURUSD.

  • ropey

    Quick analysis on RIMM via schaeffers..

    http://www.schaeffersresearch.com/commentary/co

  • Keirsten

    Excellent viewpoint as always Basil.

  • stealthadvisor

    Interesting, thanks…

  • Keirsten

    SPY has cleared that gap resistance from Jan. at 92.26 currently. Be careful if you're shorting.

  • rhae

    SPY 5m easy money all done by 10:30 est… reat of day so far, Just Vulture Pickings .
    http://screencast.com/t/gbajnMg8

  • amgrant

    Say what you will, but this market looks awfully bullish.

  • molecool

    Wankers… LOL – you must be a Brit then? 🙂

  • jbrennan

    UFPI (big move up/declining volume) and ADVS (triangle pattern about to break to the downside) look like nice potential short opportunities

  • divergence

    Out of HK short that I held since last week. Had a little size on it. Looks like it is at support. Have posted a few times, and been bearish on CHK, HK and other natural gas equities over past 6 weeks. It has been a helluva fight, had paper profits and seen them erode to even a few times. Made a little milk money along the way, got stung a little, but kept shortin the tops based on charts like this
    http://www.screencast.com/users/divergence/fold… and based on what I know about the fundamentals. If they break down from here, and that's possible, I will short again, but not losing this profit like I did back in May. I have said before that I am a relative newbie trader, but I am in the oil and gas business and like to think I have decent common sense and I have worked up to the point where I have put some funds of size in my account with some confidence.

    I will say this, and I am as pleased about this perhaps more than I am with the trade. My analysis. I was charting the spread between UNG and Crude at least 3 months ago, and I dismissed the divergence based on what I know about shale plays and horizontal drilling. Just right now you are hearing the idiots start to talk about this on TV. I was looking at charts paring XNG and UNG months ago and saw that the divergence would have to come back to the middle. Now with people talking this on TV, I am getting out for now. I really didn't maximize this thing to the greatest profit, but am very pleased as I feel it represents some evolution as a trader.

  • anthem

    I dunno. We are up 1% (+10 points), but it seems to be on the brink of failling. It keeps pulling back and then going up. I don't see the bullishness but that might just be me. .. .

  • cuvo

    Interesting, BF. On the other hand, Mad Hedge Fund Trader is stating that hedge funds that “rushed headlong into piling on new risk positions as recently as last Friday are now unwinding them today just as fast.”

    http://seekingalpha.com/article/143976-market-o

  • thelefteyeguy

    +1…we've been going sideways after 10:30…we'll see what happens in the final 30mins..

  • amgrant

    No man the wankers are ManU. I'm half Scottish, half Argentine though a die hard fan to the Argentine team when it comes to soccer.

  • Callie

    Gold dropped quite a bit today.

  • alphahorn
  • Fujisan

    I posted my modifly and condor last week with an estimated strike price of 415, but I guess it's too late for that.

    We have another round of OPX coming up (June Q options) so save your capital until then.

  • alphahorn

    turn your charts over, i think you're reading them upside down

  • cuvo

    longs, exercise extreme caution

  • ropey

    It's called opex 🙂 tendancy to be bullish this week although how it plays out tomorrow is anybodys guess…

  • http://zstock7.com/ zstock

    EIX JUL 35 puts filled 3.60, might have to add more at 32.5**I'm also long BBY at 34.0

  • alphahorn

    one last stop flush

  • GDII

    it's a top secret. 😛
    i saw it on tv. i believe it is fox news

  • alphahorn

    fake out or is the 5th wave of c truncating???

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    C'mon PPT, how bout a rally into the close, just for old time's sake… pleeeeeease?

  • salvadorveiga

    hey guys…. i've been trying to search for Bullish blogs that have a lot of audience does any one know any?

    No I didn't became a bull, but I'd like to visit some beucase I like to have a sense sometimes of what is the feeling reigning on the other side… so if anyone could give a few names on bullish blogs be my guest…

    thanks

  • fuw

    I'm all up for it 🙂

  • salvadorveiga

    No PRechter states that this is probably an X wave but we could see higher high… but even so he says there's a good possibility we topped…

    Also look at what the news says on Neely, it says we're topping… not that the highs were made…

  • ropey

    thestreet.com is always a laugh 🙂 lol

  • anthem

    No doubt that OPex wreaks all sorts of havoc. Who knows where the market will end up, but we're within a couple points of the HOD but it seems a lot of small selloffs happening. . . Which is why I don't see the strength. ..

  • anthem

    CNBC. Doesn't Cramer have a blog ? ??

  • ropey

    rimm now >193% frontmonth ivol…insane….july has hardly budged which is interesting

  • thelefteyeguy

    you should ask DavidDT….he's analysis is based on the beginining of wave 5…

  • thelefteyeguy

    the move today does confirm your analysis that we are on “abc”…and hopefully “c”.

    just don't know how long this c is going to last.

  • Callie

    If you believe that this is (well, was) a liquidity-driven rally, then you definitely want to wait till the FOMC meeting next week on tuesday en wednesday. Just a whisper of rate-increases will really spoil the party.

    I think we will see a 38.2 to 50 % retracement, in quite a short time, then C up to finish P2.

  • anthem

    yeah, almost impossible to make it work. . . . I probably should have stayed out last week as well. Pretty sure the VIX crush is going to take any upside that I might get (and thats assuming that RIMM knocks it out).

  • stealthadvisor

    sure agree…I just posted the titles (or similar) to get some feedback. Thank you!

  • alphahorn

    we're down to this last move, fake out or truncated 5th, decision time

    http://www.youtube.com/watch?v=u0-oinyjsk0

    http://www.screencast.com/users/alphahorn/folde

  • salvadorveiga

    wave 5 of what ?

  • Keirsten

    Thanks for updates Alpha. 😉 Keep 'em coming.

  • salvadorveiga

    i was talking more a blog like this kind… like slopeofhope or evil, but on the bullish side…

  • Keirsten

    Whoops, there goes gap support on SPY

  • alphahorn

    i'm out of my long scalps, just adding to shorts now

  • thelefteyeguy

    sto just crossed on the 60min

  • amgrant

    I'm keeping an open POV here…I'm still cautiously bullish over the next 1-2 sessions though. Thx for the chart.

  • Paleface

    Jun 70/65 Put credit spread @1.01 10 minutes before OPEX…

  • anthem

    Does anyone else enjoy riding a GS put/short down as much as me ??? I just love riding on this bastard going down. Don't care that its up for the day, but just riding it down gives me the greatest enjoyment. . ..

  • Mastachopchop

    Time for some Rammstein…

  • molecool

    Meh – only once we start seeing this market cave in. The bulls are still way to willing to buy the dip.

  • amgrant

    WTF happened there??

  • amgrant

    We just dropped 20 DOW points in about half a second only to rebound back up….this is all program trading.

  • newbear

    For now… 🙂

  • annamall

    Hi Ropey I got a RIMM Calendar put spread June/July 70 put spread

  • itsgold

    Anyone notice a pop in the $TNX? It went straight up today.

  • itsgold

    I picked up SPY July 93 puts at around 92.60.

  • amgrant

    I have this sinking feeling I'm pushing my luck on the bullish side. But not going to question things until tomorrow. I want to see the market prove me wrong before I switch sides.

  • itsgold

    At the end of this month, I am dumping most longs and going mildly short. I think Ben is going to sacrifice the equity market to keep rates down.

    Getting a bit more cautious and staying more in cash.

  • ropey

    Good earnings on rimm, light sell off i think it's gonna be pinned 70 -> 80 unless something comes out of the CC…anyone selling premium should of made a killing.

  • GoCougs

    RIMM not doing well after hours…shit.

  • Mastachopchop

    Fair enough. The odds supported a bounce today. The fact that they couldnt even bring it to 928 is a win. ES closed right on VWAP.

  • Keirsten

    Yeah, as Yosemite Sam would say, my biscuits are burning. Looks like I've got my work cut out for me tomorrow. LOL

  • amgrant

    There just seems to be a level of buoyancy right now, similar to what we saw a few weeks ago. Before I short I want to be convinced the market is weak again.

  • annamall

    I did a RIMM put calender spread June/July 70 thinking that this might happen. The IV was huge in June, so I sold that.

  • ropey

    yeah i did 80+85 – assuming it stays around here and the frontmonth IV drops to say 110 or lower, should of clocked 80% or so..if it managed to crawl to 75-80 then the profitability doubles – really hinges on the CC and macro market tomorrow..
    If they take it below 70 i lose a small amount and move on to another trade…

  • C C Rider

    So much for the selloff on RIMM. Just went GREEN! We go higher tomorrow.

    http://finance.yahoo.com/q?s=rimm&.yficrumb=cxB

  • annamall

    Might pin around 70 or a bit above tomorrow, at best 75.

  • Iguanadon

    ??? down almost 5%

  • GDII

    u disappeared for the whole day. what's going on?
    i think rimm er is a pretty good one. not sure why drop 5%

  • amgrant

    Just a quick update to explain why I'm still (cautiously bullish)…

    http://www.ambgtrading.com/2009/06/forecast-upd

  • ropey

    70 is fine should still net a reasonable profit..

  • annamall

    CC RIMM is down over 5.00 points, where do you see green on it?

  • annamall

    I have down 5.32 Iggy

  • Iguanadon

    Yep, moving down faster than I can type… 6.18% last look

  • C C Rider

    Click on the kink above. Currently down 3.5, but prob won't know until tomorrow, jumping all over the place.

  • http://trading-to-win.com/ DavidDT

    Well, had to keep my RIMM puts (just gave up 20% o profit I made on those) – it is really “flying” on “really good news”
    At least tech sector will take it in the chin tomorrow – I still have plenty of tech puts.

  • annamall

    Had to regroup, wasn't feeling well, thank you for noticing 🙂

  • annamall

    Will get a huge IV crush on June tomorrow 😀

  • anthem

    Not sure what you are looking at. It's down pretty hard. Like over 5 points.

  • http://trading-to-win.com/ DavidDT

    it is definitely not “jumping”, but “tanking” using technical analysis' terms…well it is, I'd say “sinking”…oh “sunk” already

  • Iguanadon

    I thought you'd run off with Lester… met up with him on his vacation. 🙂

  • thelefteyeguy

    rim is getting rimmed

  • annamall

    My june 70 puts I sold will take it in the backside . LOL

  • http://trading-to-win.com/ DavidDT
  • BigHouse(Aka Mr Vix)

    Shit Rimm is really moving…

  • annamall

    short tech too! and spy's

  • http://www.mylifemytrade.com MyLifeMyTrade

    Is it – i dont see it.

  • C C Rider

    I see now. Yahoo delayed. Thx.

  • annamall

    LMOL he might like that, but his wife wouldn't

  • amgrant

    Parked at 72

  • Osso

    ???????

  • http://www.mylifemytrade.com MyLifeMyTrade

    So much for my 65 puts and 90 calls on RIMM – any way lost 200 bucks… I am glad I closed my loads of Vertical call spreads… So, officially my record is still perfect – 6 out of 6 wrong.. I was looking for a BIG move either way.. It didnt come…

    AAPL gets pinned to 135
    GS to 140 or 145
    GOOG to 410
    RIMM to 70 or 75

  • BigHouse(Aka Mr Vix)

    Ilm getting great scalps on RIMM ..WEEEEEEEEEEEEE

  • flatlanders

    Down $5.26 AH Anyone short for earnings? Congrats.

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • http://www.mylifemytrade.com MyLifeMyTrade

    I dont think anyone is affected by what RIMM reported.. SPY flat, QQQQs down a bit – I am sure they will be back to unchanged AH, IWM is in fact up

  • molecool

    Jeezzzz – you are freaking me out – LOL

  • molecool

    Actually the program traders expected a sell off today – I'm pretty stoked that we got an opportunity to load up a little.

  • springheel_jack

    Last bull theory suggests that this correction will only stop when the last bull turns bearish. You hang in there CC!

  • http://trading-to-win.com/ DavidDT

    I hope they are over 18 🙂

    Still, you did great under circumstances, RIMM is one tough stock to trade on upside (ER wise), I normally short it next day if it was up – easy money except last time

  • http://www.mylifemytrade.com MyLifeMyTrade

    I can tell ya people must have been short and still would have lost money… All those ATM puts

    ________________________________

  • C C Rider

    TOO FUNNY!!! My bad!

  • http://trading-to-win.com/ DavidDT

    Maan, even if your knowkledge if free – I don't want to know 🙂

    On a serious note – this market is the toughest bitch I've met for the last 20 years

  • GDII

    this situation concerns me. if rimm drop 6%, there is no way the market is steady. also i am not sure why the drop comes. i read it as a pretty decent er. is the market wrong this time? per my observation, after hour usually pointed the direction pretty well. strange divergence.
    anyway, i am holding my shorts

  • Mastachopchop

    Agreed. The move on the puts was solid. I sold my june calls at the top and bought puts at the top. Today was clearly an anomaly. I'm doing nothing for the rest of the week.

  • ropey

    Ya go team 🙂 Awesome play, this one should bank some coin – will try it again on similar setups in the future….

  • http://www.mylifemytrade.com MyLifeMyTrade

    Your concern seems to have been addressed – LOL

    ________________________________

  • http://www.mylifemytrade.com MyLifeMyTrade

    I sure find it tough – this market.. I started trading Dec 2007 – my initiation was quite rude – late Dec 2007, I purchased RIMM, AAPL & PCU 3 months out options… And guess what, Jan 1st week – unemployment report came out and the market tanked never to look back.. It sure have learnt a LOT.

    Mole keeps watching the tape.. and keeps complaining. I can tell you that I have watched the tape a LOT in last few months… And I have LEARNT a lot.. And after having watched that much tape, I have a good sense for where the tape is headed next.. I have been paper trading a lot of futures scalping for a while.. I have to formalize it as a system before I trade with real money.

  • ZeroPointMind

    I too would love to know. Been using the net since the 80s and know my way around it but have NOT been able to find one. Perhaps because we are in a bear market and will be for a while to come. Consider. bovine herding vs bear solo roaming. Perhaps any self motivated free thinker will be a bear during a bear market. The force of the bull is the simplistic follow the butt in front of you ! What a view, not to mention aroma…. Look at a cow field, one path 12 inches wide and they all use it. Just rambling here but damn, I would love to find a good blog with charts by bull biased chartists !
    Please if you find one, share a link…..

  • ZeroPointMind

    I too would love to know. Been using the net since the 80s and know my way around it but have NOT been able to find one. Perhaps because we are in a bear market and will be for a while to come. Consider bovine herding vs bear solo roaming. Perhaps any self motivated free thinker will be a bear during a bear market. The force of the bull is the simplistic follow the butt in front of you ! What a view, not to mention aroma…. Look at a cow field, one path 12 inches wide and they all use it. Just rambling here but damn, I would love to find a good blog with charts by bull biased chartists !
    Please if you find one, share a link…..