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Channel Magic
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Channel Magic

by The MoleApril 22, 2009

UPDATE 2:49pm EDT: I cleaned up that channel a little – seems like a nice fit now:

Despite that lunch break drop I have an inkling we’re busting higher today to test that diagonal.


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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  • ZigZag

    Repost again. LOL

    DIA daily channel..

    http://tinyurl.com/cxalqu

  • annamall

    Mole, did you tell your friend earlier he needed to get his Opel serviced in German? 🙂

  • rhae

    SPY 10m… putting a lot of lines on the chart really looks kool ( mine not mole's)…

    I think the dark blue buytrigger is the most important one to watch for now, especially if it busts out with avengence..

    http://screencast.com/t/1QOgKust

  • BalaB

    I'm blind! The f'ing lines! I can't feel my legs! LOL….
    Love your charts….Don't always understand them, but still enjoy seeing what you've got.

  • El gAto

    A close over 6.05 should do the trick on NKTR…….210 day high!

  • TomOfTheNorth

    Your chart triggered an acid flashback

    Cool

    +1

  • annamall

    thanks for the chart rhae, I did get a little dizzy looking @ it though 🙂

  • Douala

    rhae

    I am like BalaB… “Don't always understand them, but still enjoy seeing what you've got.”

    This one looks like the Big Bang.. the birth of the universe. Hope there's a black hole to suck in the bulls already.

  • annamall

    LOL

  • v8muscle

    looks like theres some demand stepping up here

  • TomOfTheNorth

    I can't take it – The President has “issued a memo directing the Department of Energy ” to increase energy efficiency standards on domestic refrigerators. Meanwhile, the CFO of Freddie Mac has committed suicide after receiving an $800k bonus, GM is defaulting on a bil and CA default notices jumped by 80% in the 1st qtr…….

    Hellooooooooo????

    I'm going for a walk….

  • Blind_Squirrel

    Watch evil GS moving back to highs

  • annamall

    Long GS (even though I agree with you 😉 BS)

  • Keirsten

    It's chart porn. Enjoy it. LOL

  • disrespekt

    IYR forming a triangle it looks like

  • standard_and_poor

    Just added a 10% short position basis 855 SPX, now 35% short.

  • Squidman

    Chicken sandwich on wheat bread made this morning with Joseph Drouhin pinot noir and homemade strawberry rhubarb pie. Extra abs this afternoon.

  • Blind_Squirrel

    I meant watch for a breakout to new hod's on indices etc.

  • annamall

    Hmmmm sounds good! 🙂 Pinot Noir is my fav..yummy Last night I was rather good, but tonight Not so much! LOL

  • v8muscle

    hangin onto my longs. have a sell order for my FAS calls because the liquidity/spread sucks though. i think this market will rally to 865 today and continue the move higher, eventually taking out the 875 highs

  • innatedc

    Ok you two quit your flirting and get a room……..

  • annamall

    Sold SPY Calls for a quick gain

  • yazzer

    AAPL Strangle update – earlier I bgt May 140 Calls for 1.28 and bgt like dollar amount of May 110 Puts for 1.68…currently, the former are trading at 1.44 (up 14%) and the latter at 1.82 (up 8%) ! WTF – this is working out very well so far – the entire position cost 2.96 and is now sitting at 3.26 (up abt 11% {since I own more calls for the same dollar amt])

  • Squidman

    Okay!

  • BalaB

    Ha!

  • annamall

    Good for you Y!

  • molecool

    Yeah, that's a tough joke to explain. Opel drivers are usually associated with riff-raff in Germany – it's the 'piker mobile' if you will 🙂

    Hey, he asked for it – besides he's Swiss, so there's a good chance he didn't even catch the joke (it's a German thing).

  • HungryNewt

    I can't buy this anymore cus I'm already long.. but I think CME is a buy here. I'm just point this out cus it would be nice for someone else to profit as well. 🙂

  • HungryNewt

    strangles go up in value as people keep buying… What you're seeing is volatility rush (as we discussed here last week. You actually should at least consider selling the strangle before earnings… otherwise volatility crush is going to come into play. Just something to think about.

  • annamall

    Wow I surprised even myself (must be my German half! :-)) LOL

  • annamall

    ok 😉

  • BigHouse(Aka Mr Vix)

    damm COH.. My head is getting thumped by coach bags lol..Back to 23 again..

  • annamall

    absolutely! Man that's a great feeling (the rush that is. ;-))

  • annamall

    I was out buying a ton of them. 😉

  • annamall

    I went long yesterday when it was @ 214 and change. I bought OTM May calls. We'll see, but so far so good! 🙂 Went long SPY Calls again. I have a strong gut feeling we are going higher!

  • Blind_Squirrel

    Boy, Katzo leaves just as he thaws you out!!!

    Talk about bad timing!!!!!!!!

  • annamall

    Wish he'd come back. Mole was only kidding (I think 😉 ) I miss his input!

  • yazzer

    yup – very aware of that…that's why my position has improved VASTLY. One option is to sell BEFORE earnings and gain some profit but, my whole idea here, is to take advantage of a big move in AAPL AFTER earnings – it could go either way and I should be able to make much more on the side that the trade favors than I lose on the other side – the only “bad” thing that could happen is no movement in the equity but, since I got in somewhat ahead of the volatility rush, I have some margin to cover that circumstance.

    Another option is to dump half the position pre-earnings and let the other half ride…I'll look at that as the afternoon wears on.

  • Squidman

    Us older guys win on stamina every time!

  • annamall

    IMHO I would take some profit. 🙂 leave some house $ to play with.

  • HungryNewt

    It sounds like you have things pretty much covered. 🙂 Excellent. Hopefully it works out for you.

  • annamall

    🙂

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

    Short /NQM9 @1359.00

  • annamall

    God Cramer is such a ham! LOL

  • DMS425

    Tom,

    I had to put a sign up on my monitor. (“Patience”) I have just started setting up for a Q3 decline. When this break and it probably will in the next 30 days. I will put the real money to work.

    The markets are trading on hope………let the hope continue. I wish the market well.

  • BigHouse(Aka Mr Vix)

    XLF kind of lagging here with general market

  • disrespekt

    was gonna type the same thing a few mins ago.

    the q-fund blowup darling IYR sure is. The crappier the stock, the better.

    My new trading philosophy will be to find the most BK stocks out there, those who have just lost record amounts, those who have defaulted on payments and buy the fuck out of them with front-month calls!!!! lol

  • BalaB

    Dr. Squidman…..

    What do you think?
    http://globaleconomicanalysis.blogspot.com/2009

    Sounds really odd…..a guy with a daughter, 800K bonus…commits “suicide” by hanging himself.

  • Blind_Squirrel

    Sure as hell does!!!!

  • BigHouse(Aka Mr Vix)

    If COH goes to 25 this week, i will have to buy an adidias bag (b/c its cheaper) and cry in it.

  • chumprop

    Time for the PLD or is this a head fake?

  • Squidman

    Suicide is an act of anger directed usually toward loved ones. On the surface it does seem odd, but, who knows what demons may have lurked within the family. We will probably never know.

  • EDC

    $DXY nuff said.

  • nhsadika

    Seriously it is unreal. I sense margin calls are gonna go out tommorrow morning.

  • Squidman

    I'm sure Annamall will lend you one of her “out of fashion” ones.

  • Count_de_Monee

    I still have my AAPL 120/125/130 butterfly. Don't know if I should close the whole position or just the short 125's.
    What do you think?

  • http://www.aggressivelyuninformed.com nepharis

    You beat me to the punch.. awesome entry! Double top on the daily and intraday, I'm getting a sell signal on my intraday stochastics, and Zero confirming negative momentum. I'm short @ 1354. Today's VWAP is down at 1345… seems like a good target for now, no?

  • annamall

    call spread right? I would either close out the whole thing or 1/2 (profit you have right) or do a ratio backspread by selling the long legs but leaving some for protection. I am fully short into earning with 140 calls.
    I expect it may pop, then sell off after commentary.

  • Count_de_Monee

    yup, call spread. I might sell some of the long legs if the margin requirement doesn't kill me.
    thanks

  • grednfer

    Lots if indices up against major trendlines. Very exciting to watch.

    Look at the $RUT 2 year…about to get bullish over 483………Got a lot of TZA
    I keep buying FAZ when RIFIN gets close to 580……nice little downline from 600 to 577…through the gap.

    Tight stops as they keep buying the dips….very exciting.

  • annamall

    Plus you will probably get some IV crush on it tomorrow as well.

  • bender_b_rodriguez

    I am having trouble logging into my TD webbroker to doublecheck…TOS shows a huge 7M volume sell on SPY with a long down candle at 3:00…can anyone else verify that data is real? thanx

  • Squidman

    The Sachsons are back, just in time. Largest green tick of the day.

  • annamall

    Keep some for protection if you do, unless your'e very comfortable being naked! 😉
    Still long SPY Calls GS GOOG Whoa I am going to buy more Coach bags this afternoon! 🙂

  • molecool

    NEW POST!

  • molecool

    THAT IS FUNNY! I'm gonna use that if you don't mind, squidman 🙂

  • Count_de_Monee

    I have to keep some because of the margin requirements with IB. I have a hell of a lot of contracts.

    I like being naked, just not in these circumstances 😉

    Good luck with GOOG.

    I'm short SPY puts, looks like we're on opposite sides of the trade 🙂

  • Squidman

    Can't verify it's real but I see it on my gay Scottrade screen.

  • thunda72

    No…. I'm showing 760k shares.

  • Squidman

    Little Aryan humor! By all means.

  • http://www.fit-start.com Trouser_Silo

    It's also on stockcharts.com,

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

    1344 is RL support from where we bounce in the after noon. I think after earnings we should breach that and head south to test the 50% RLs.

    I had target to sell at 1361 but i always go 2 point less than my target just to be safe.

  • annamall

    LOL did anyone have a problem on TOS getting filled on SPY (I was trying to sell when it was @ 86.20 and it wouldn't fill?

  • bender_b_rodriguez

    thanks…i was able to get into TD and it shows the 7M vol there as well.

    somone wanted out of SPY…

  • TomOfTheNorth

    Hey DMS,

    My vent was not related to the market so much as my sense that the Administration is really starting to lose their shit. The other day the President described an initiative resulting in savings of $100 million. Today we've got refrigerator efficiency standards. And as I noted, this comes on a day when there is still more 'extremely troubling' news. As I mentioned to BalaB offline, the suicide reminded me of one that occured back in the day on LaSalle St. when a banker @ Continental leapt to his death. It turned out he was at the epicenter of what later came to be called the S&L Crisis and Continental became the first institution that was “too big to fail”. I know nothing about the poor man from Freddie, just saying this story triggered an old memory from a similar era and it turned out badly last time. It bears watching. GM's announcement of payment default is tantamount to confirmation of bankruptcy IMO. Seems to me folks have been (and remain) in denial over GM's fate. Now it's gonna happen and it's gonna be bad. And if housing is the root of our economic troubles then the data point that CA mortgage default notices jumped by 80% in the 1st Qtr is another brutally ugly fact. So this has nothing to do with my p&l. This has to do with our Govt repeatedly focusing on the wrong issues at the wrong time. THIS is what is most frustrating & troubling to me. The fact that I'm oh-for-the-world trading for the last couple of months is merely an inconvenience.

    Regards

  • http://www.aggressivelyuninformed.com nepharis

    Nice.. sounds like you've been killing it today. Are these 2sweeties' RLs
    that you use?

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

    No I use my own RL's

    I don't think I will sign up for RL's No disrespect to 2sweeties.

  • http://www.aggressivelyuninformed.com nepharis

    Nice… are they fibonacci based?

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

    Yes, Fib RLs

  • standard_and_poor

    Smart lady, for that here's a treat, I know you like Beth Orton: http://www.youtube.com/watch?v=qWoMq46g0XU

  • annamall

    God I just saw this S&P I love her and the video thanks hope you get this!

  • standard_and_poor

    Serendipity, yes. I'll be working on several projects in addition to trading so unfortunately I wont be in front of the computer most of the day or in front of this site none the less. Email me comfort888 (at ameritechdotnet).

  • standard_and_poor

    Smart lady, for that here's a treat, I know you like Beth Orton: http://www.youtube.com/watch?v=qWoMq46g0XU

  • http://www.hotoptionbabe.com annamall

    God I just saw this S&P I love her and the video thanks hope you get this!

  • standard_and_poor

    Serendipity, yes. I'll be working on several projects in addition to trading so unfortunately I wont be in front of the computer most of the day or in front of this site none the less. Email me comfort888 (at ameritechdotnet).