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New Channel Magic
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New Channel Magic

by The MoleJune 23, 2009

2:19pm EDT: We’ve got a small new trend channel developing:

Follow the yellow brick road, ladies and leeches 🙂 Hey, was that a good call on the bottom or what? I’m on fire lately!

1:26pm EDT: The Dollar is being man-handled by Curly & cronies again:

Our line in the sand for the medium term bullish scenario are the 6/11 lows – whatever index you are looking at – that’s your line in the sand if you’re long the ole’ buck.

1:44pm EDT: Nurse Hatchet, please call the doctor – VWAP just broke on the NQ!

Yummie – I think I’m feeling sick… better check myself in.

1:59pm EDT: Where’s that doctor, nurse? The ES just gave it up too! OMG – we got a flatline on both now! Doctor Mole to the emergency please!!!

Not THAT kind of doctor!!!

2:06pm EDT: Now we’re above VWAP on both – what a ride! I guess I’m the only one who’s having fun today.

2:12pm EDT: Doctor Who’s sonic screwdriver did the trick – we’re pushing back up now:

Sorry guys – I’m having too much fun today… BTW, here’s the updated channel chart:


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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  • disrespekt

    lol…en fuego for sure

  • http://www.mylifemytrade.com MyLifeMyTrade

    Someone call 911 – Mole is indeed on fire 🙂

  • http://www.mylifemytrade.com MyLifeMyTrade

    +1 for avatar

  • anotherone

    Repost:

    Just bought another POT put. In the big drop over the past week, it has crashed through several support levels. The major one being a channel from the Dec lows. It has now come back to test that lower channel boundary from below. Also BB's have widened from the pinch back on the 15th and price is riding the lower one down.

  • BigIslandLife

    http://www.youtube.com/watch?v=BcFIpOUDr1w&feat

    Uncle Willie's spirits in the wind you got to love this and his style

  • BaldEagle

    Shawty on the dance floor?

  • ropey

    anyone know how the 165bill$ auction went?

  • Keirsten

    They said it went well.

  • http://es seawolves

    mlmt should I expect an eod rally for tommorrows fomc this tape is stickey both sides thanx

  • malusDiaz

    Here's a thinkscript code snippet (study):

    declare lower;
    input time = 14;
    input filter= 0.69;
    rec xClose = (high + low + close) / 3;
    rec xOpen = (xClose[1] + xOpen[1] + xOpen[2]) / 3 ;
    rec xHigh = Max ( Max (high, xOpen) , xClose);
    rec xLow = Min ( Min (low, xOpen), xClose);

    rec atr = AvgTrueRange (xHigh, xClose, xLow, time);
    rec xOxC = xClose – xOpen;

    rec inc = xoxc / atr;

    rec avginc = Average(inc, time);

    def val = if (inc > 0, if (inc > avginc, inc, 0), if(inc < avginc, inc, 0));
    def v = if (AbsValue(inc ) > filter, val, 0);
    rec renko = renko[1] + v;
    plot r = renko;

  • kinihepu

    I don't think we're done going down just yet. Banks are bouncing off of resistance that used to be support, AAPL looks to be setting up for another drop, and 898 SPX seems to be a wall at the moment. Picked up some QQQQ puts that I'll likely sell before the close.

  • molecool

    You can make most of those defs – this way it'll be faster. E.g.:

    def xClose = …

  • amgrant

    Agree and wanting to add to shorts. Still maintain we make it to 872 until we show some serious upside move.

  • molecool

    I would usually ask 'where is everyone' but after all that blog spam I guess I know…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Every one, even the bulls are looking for 880 to go long.. i dont think we get there easily – Period

  • malusDiaz

    absolutely.

    I think the only one that needs to be rec is xOpen.

    they got left in after experimentation =)

  • http://www.mylifemytrade.com MyLifeMyTrade

    I can tell ya Mole I have one comment posted since last night on my blog…

  • http://www.mylifemytrade.com MyLifeMyTrade

    I did some Atilla style micro-managing on my FCX calls… legged out on the highs and legged back in on the lows..

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

    I'm back — nice work gang, thanks for making the market wait around for me. You may now proceed with instigating a wildly profitable move (either direction, I don't care).

  • Turps

    Mole, I think your channel has just been trashed 🙂

  • Keirsten

    Nice- I just flipped it from long to short- just scalping it today. Never completely filled the gap this afternoon, so watching carefully.

  • http://www.mylifemytrade.com MyLifeMyTrade

    I dont know mate.. only if I knew…

    I know that usually the bias going into FOMC meetings has been bullish.. And more often than not, the outcome after FOMC meeting is also bullish.. Why in the world would Feds say something negative esp now given that the market is teetering on the edge of critical support. Their announcements usually create a 2-3% move… 2-3% down from here means SPX is headed to 800… I dont think Feds would like that..

    As for EOD rally, I dont think there will be any big moves before Fed announcement.. I am surprised that EUR/USD has made such big move since yesterday.. The way I read that is. that there has been some chatter about raising interest rates.. and Fed is going to put that to rest.. which will cause dollar to tank.. So, dollar has already tanked in anticipation of that move…

    So, to answer your question: IMO, we keep chopping with slight upside bias till fed announcement.. I am using the chop to optimize my positions… legging in/out.. adding/removing hedges…

    ________________________________

  • molecool

    You know what guys – everyone is absent, so I'm going to stop posting for the remainder of the day. Have fun!

  • http://www.mylifemytrade.com MyLifeMyTrade

    Who the fuck is absent.. .I am alive and kicking as usuall

  • http://www.mylifemytrade.com MyLifeMyTrade

    Folks solars have taken a nice dip.. TSL, STP, SPWRA … if you were interested at some point and missed out, now might be a good time to start *LOOKING*

  • BigHouse(Aka Mr Vix)

    nice pullback.I expect the market to run up to new intra day highs..IMO

  • anotherone

    Mole's offspring? 🙂

    German six-year olds cause panic with play atomic reactor

    http://www.earthtimes.org/articles/show/274445,…

  • Keirsten

    Looks like AAPL is coming to life now here too- could have just been basing all day. Note it's been holding a nice little TL all day- higher lows- smooth and easy.

  • molecool

    Yeah, it's you me and the chicken at this point – LOL!

  • molecool

    It's YOUR channel too 😉

  • BigHouse(Aka Mr Vix)

    I am long RIMM at 68.Anyone else?I wondering if its going to fill the gap in the next day or so at 72..

  • ckeltner

    Shhh, I'm trying to nap…

  • http://www.finz.tv/posse bhbgrouptrader

    who u calling a chicken???

  • http://www.mylifemytrade.com MyLifeMyTrade

    RIMM is a good play with nice stop… today's low should be the stop … nice one.. I got stopped out of my vertical call spread that I entered into yesterday.

  • stealthadvisor

    I'm around ….although I'm working on putting a putting a new pc together.

  • chumprop

    Head & Shoulders forming on 5-min /ES now… forming the right shoulder…

  • Keirsten

    Yep-me, also AAPL and GS. Just sold POT long, went short and got out of that too. 60 min charts look like they want to rock and roll from my vantage point

  • http://www.mylifemytrade.com MyLifeMyTrade

    I am still of the opinion that by 2:00 PM ET tomorrow AAPL would have made up all that it lost today and more… I am loving this swing trading.. of course, I have to make sure that I dont get cocky..

  • http://www.mylifemytrade.com MyLifeMyTrade

    It ain't a right shoulder until it turns.. let the market come to you..

    it could easily be a higher high..

  • http://www.mylifemytrade.com MyLifeMyTrade

    TSL calls from sub-21 level today are doing really nice..

  • Keirsten

    Yep, just be ready on the trigger. That's why I'm not posting much today- plates spinning, flying, hitting the walls and general havoc. LOL

  • molecool

    “working on putting a putting a new pc together”

    I got to see that…

  • chumprop

    Looks like were right so far 🙂

  • Keirsten

    Back in POT again, tight stop- RIMM and GS both have beautiful rounded bottom patterns formed between yesterday and today.

  • stealthadvisor

    yeah, if the damn thing will start running it should be cool…lol

  • molecool

    Did they blow up their science class? No? Then they're not related to me…

  • Keirsten
  • springheel_jack

    Just grew another head.

  • CandleStickEmUpper

    who's absent? not me

  • stealthadvisor

    oh man that's funny…

  • http://www.mylifemytrade.com MyLifeMyTrade

    I love sharing the stories of my stupidity: Till few months ago, if the market looked like going up, I would go play TNA or FAS or IYR and if it looked going down I would play TZA, SRS, SKF, FAZ…

    I have learnt over past few months that the way I used to play was very stupid.. Yes, if the market goes up, then TNA and FAS and IYR would most likely go up. but best reward/risk ratio is obtained by identifying which sectors are oversold and playing them to the upside and vice-versa.

    Yesterday I had to decide what am I going to go long – old time MLMT would load up on FAS.. and guess what today there is a very measly return on FAS… new MLMT figured that FCX had been taken to the cleaners.. if I am betting ont he upside, then FCX (just an example) is the way to play…

    Often individual stocks would offer better risk/reward..

    Dr. Brett maintains a basket of 40 stocks – 4 each ffrom the 10 sectors he follows.. I am going to start doing the same.. very often one of those stocks has to have a big move if the sector is going to move big time.

  • http://www.mylifemytrade.com MyLifeMyTrade

    OMFG GS up 4 bucks.

  • Keirsten

    I've got an even better one than that if I can find the image around here. LOL

  • http://www.mylifemytrade.com MyLifeMyTrade

    BIDU almost in green.. my calls are up 35%

  • LostIllini

    I also enjoy a beautiful rounded bottom. To quote Noble Laureate Sir Mix Alot “I don't want none if it ain't got bunz”

  • http://www.mylifemytrade.com MyLifeMyTrade

    If fed delivers something good for the market, we will have a massive massive short squeeze.. I know of so many people who went crazy short assuming that 880 was a given…

  • stealthadvisor

    lol…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Disclosure: I am playing small – calls in AAPL, BIDU, TSL, FCX

  • http://www.mylifemytrade.com MyLifeMyTrade

    I enjoy looking at them 😉

  • Keirsten

    LOL, I don't have a bubble tush- I think the Scandinavian gene pool missed out on it for some reason. Probably because they were always freezing their butts off living there?

  • annamall

    Long Apple @ 133.50 VCS

  • LostIllini

    Red beans and rice did miss her

  • stealthadvisor

    jesus christ girl, can't you wear your hair in a bun and scowl or something…I'm trying to get things done here…

  • Kirklandguy

    Despite being incredibly busy and unable to do any of my normal market research the last few days – having a fantastic day today on oil and other commods, on the heels of catching most of yesterday's drop. Currency moves are nuts today, although EUR died right at the 1.41 channel top area which is where I added to what is now a pretty decent-sized EUR/USD short position.

    Hope everyone's having a great trading day!

  • Duuuuuude

    I will have to ask my parents….they are in Norway this week.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Those looking to play Ag – IPI is the fastest mover of them all

  • http://www.mylifemytrade.com MyLifeMyTrade

    Are you having fun tape gazing.. or are you having fun making money or are you having fun despite losing money?

  • molecool

    Can you leeches at least spread the love a little? I have a feeling I'm spinning inside a hamster wheel here..

  • molecool

    What's the C4 for?

  • Keirsten

    If they come home looking lighter in the trunk, you'll have our answer. LOL

  • molecool

    What's the C4 for?

  • molecool

    I know – she's terribly distracting – believe me…

  • chumprop

    Yeah, looks like I jumped the gun there, luckily we came back down and I was able to get out with small loss.

  • stealthadvisor

    sheesh, glad she's not on my twitter feed…

  • Keirsten

    TRA can also be a rollercoaster ride. One must strap themselves down while trading it sometimes.

  • molecool

    I was playing the futures this morning but am sitting on the sidelines now. Have hedged any burn on Dec puts already, so I'm good for the day. Waiting for more downside – or more upside – whatever will happen. This is not where you trade unless you are a piranha daytrader.

  • Keirsten

    What's a C4? Surely you jest that I would know these things. ;-P

  • Turps

    Yeah, just went for a run, feeling a lot less stressed about everything now

  • BigHouse(Aka Mr Vix)

    Go to bed lol

  • http://www.finz.tv/posse bhbgrouptrader

    can I ask what strikes in dec you are holding or looking at?

  • http://www.mylifemytrade.com MyLifeMyTrade

    MLMT's “opportunistic bastard plays of the day” have been long AAPL, long TSL, long BIDU, long CME.. I took the first 3 and left the last one on the table…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Stop running.. once the hamster stops running the wheel also stops – LOL

  • http://www.mylifemytrade.com MyLifeMyTrade

    You must be nuts to play futures.. such a tight range.. with 1 or 2 point move either way for most part…

  • molecool

    69, 70, 72.

  • http://www.finz.tv/posse bhbgrouptrader

    thanks Mole…u r a good man…. spreading some love for you….LOL

  • BigIslandLife

    spx has a nice triangle for the day 894 lower 896 higher lines which way will it break is the key for next day or so

  • Leon

    I don't post very often as I'm not that experienced of a trader, but I would consider today's action so far to be considerably more bearish than bullish because:

    1. IWM is meaningfully lagging
    2. $spx can't break above it's 50 DMA
    3. this is all the bulls can muster up for turnaround Tuesday?

  • isaiah64v4

    Keirsten [“Queen of Sway”]

    Between now and Friday, when the market is expected to jump up [Fujisan SPY road map] for this so called window dressing, I plan to scale into DTO. Do you agree a roll over of the market in July will have DTO shooting upwards, because of the flight to the USD?

    http://www.youtube.com/watch?v=dG8giVJKQPI

  • cedieke
  • springheel_jack

    Not alone on that one. Choppy day.

  • Keirsten

    That works for me Isaiah- did you see my charts for you last night?

    Cute song too!

  • isaiah64v4

    No I didn't…. I'll look for it now. Thanks!

  • KidDisco

    Pre-fed, late day rally please.

  • MaxPainMan

    long /ES @ 889.75 (tight stop)

  • Count_de_Monee

    OK, couldn't sit on my hands any longer. I went short 1 contract the euro at 1.41 exactly

  • springheel_jack

    This paint doesn't seem to be drying. Chop chop chop.

  • isaiah64v4

    Thanks! Glad you said something. I found the charts. What is the indicator just below $WTIC?

    http://tinyurl.com/kw7nlv

  • springheel_jack

    Should retrace back to 1.40. That might be bearish for stocks but correlation limited today.

  • annamall

    LMOL that was funny! 😀

  • annamall

    what can I say I am a happy girl! 😀

  • annamall

    ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ 😀

  • OJuice

    i resisted that urge, but, only just barely.

  • Keirsten

    That's the Wilder's DMI aka ADX. It's a goody. 😉

  • fuw

    Oh, drop then already… I'm bored.

    Financials were holding the market up in the morning but are showing weakness now.

  • http://www.ryanbarr.com Covered (kzhat)

    My favorite! I've been sniping points all day

  • faafa

    Dr. Steenbarger is co-hosting a free seminar in Chicago on 7/17, register here:
    http://blog.marketdelta.com/?p=494

  • isaiah64v4

    OK! We're rock'n…. never used DMI before…looks interesting. Thanks again for everything.

    😉

  • BigHouse(Aka Mr Vix)

    damm market…still going sideways…zzzzz

  • http://www.pacfreehotwater.com steveo77

    http://screencast.com/t/xkmIunBz

    My favorite — triangles, rally into the close, pop some stops along the way….yeehaw!

  • Fujisan

    This tape reminds me of Apr OPX. Monday after OPX, SPX dropped more than 30 points, the following Tue, it went lower, turned around, and finished higher. I'm out of my shorts entirely. I might have left some profits to the downside, but I don't want to be screwed up with short squeeze tomorrow. Possibly looking into longs soon.

  • MaxPainMan

    out at 891 (quick scalp)

  • http://www.cafes.net poisonfrog

    I fear that too, ribbit.

  • Count_de_Monee

    yeah, the correlation seems gone today.

  • stealthadvisor

    😉

  • http://www.pacfreehotwater.com steveo77

    One channel to rule them all— and a bounce fits in here too.

    http://oahutrading.blogspot.com/2009/06/and-one

  • BigHouse(Aka Mr Vix)

    They should close trading 30min early when the market is not doing anything..

  • http://alphahorn.blogspot.com/ alphahorn

    this is feeling more and more like wave iv, with a wave v down still to come

  • molecool

    Whatever it is – it's the Swedish Chef chop special

  • Keirsten

    I'm a little suspicious of the lack of a follow through sell off this morning Fuji, and this slow melt up goin' on. I'm hedged to the hilt at this point and will wait for ORCL earnings AH with interest.

  • annamall

    Hi Fuji=san, not a bad idea. The tape has allot of gyrations coming tomorrow for sure! 🙂

  • annamall

    ditto sistah, I am short ORCL stock

  • Fujisan

    Thanks, K. Yeah, ORCL could move the market tomorrow, whatever the results would be.

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

    msft closing(?) 2nd day under 23.34 tdst

  • http://alphahorn.blogspot.com/ alphahorn

    possible count, wave iv triangle

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

  • http://www.pacfreehotwater.com steveo77

    http://screencast.com/t/dTFLghph8W4

    Maybe this triangle bust higher, odd shaped flag though

  • Fujisan

    That's right. I could always jump right back in whichever the market decides to go.

  • BigHouse(Aka Mr Vix)

    market looks to be pumping up lol

  • springheel_jack

    How high could iv go?

  • kinihepu

    Here's the chart I'm following for now. Holding my puts overnight.

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

  • Douala

    What do you folks think?

    http://tinyurl.com/m52lc8

  • springheel_jack

    I'm with you and alphahorn. This looks bearish IMO. Wave 5 down still to come after this choppy waste of time.

  • fuw

    I like it, but I'm biased downward right now waithing for final washout.

    Now to hell with this. Staying short and getting a beer.

  • annamall

    Wow look at that big sell of ES right @ the close!

  • springheel_jack

    Looks like it just left the triangle heading the other way though.

  • Douala

    When I drew it hadn't dropped. But it is still within the triangle [barely]. We'll see at tomorrow's open I guess.

  • 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„¸

  • Count_de_Monee

    Well, couldn't help myself again. Shorted SPX at 897.20 and scalped some NQ.
    I'm thinking of holding my SPX and euro shorts overnight. The failure to close above 900 and the failed ramp up in the last 1/2 hour two days in a row has got to be scaring the bulls.

  • springheel_jack

    We'll see tomorrow. I'm still thinking we will go down though.

  • GDII

    doji doji doji
    what do u want me to do? punch the doji in the face? lol

  • http://dreadwinaard.livejournal.com dreadwin

    Looks like ORCL is spiking AH, however 🙁

  • annamall

    yes, damn it! LOL but the conference call will be the tail 🙂

  • http://www.mylifemytrade.com MyLifeMyTrade

    They have this notion in the game of cricket.. If it seems that there will be no outcome, on final day, they can call the game off an hour before close.

  • http://www.mylifemytrade.com MyLifeMyTrade

    With all the bears and a lot of the bulls looking at 880 (for different reasons obviously), it is not going to take much to create a 30 point SPX short squeeze tomorrow, making Fed minutes as the excuse.. I am treading very light.. mostly cash.. I will look to fade the big move that Fed minutes create.

  • disrespekt

    lol…en fuego for sure

  • http://www.mylifemytrade.com MyLifeMyTrade

    Someone call 911 – Mole is indeed on fire 🙂

  • http://www.mylifemytrade.com MyLifeMyTrade

    +1 for avatar

  • anotherone

    Repost:

    Just bought another POT put. In the big drop over the past week, it has crashed through several support levels. The major one being a channel from the Dec lows. It has now come back to test that lower channel boundary from below. Also BB's have widened from the pinch back on the 15th and price is riding the lower one down.

  • BigIslandLife

    http://www.youtube.com/watch?v=BcFIpOUDr1w&feat

    Uncle Willie's spirits in the wind you got to love this and his style

  • DesertEagle

    Shawty on the dance floor?

  • ropey

    anyone know how the 165bill$ auction went?

  • Keirsten

    They said it went well.

  • http://es seawolves

    mlmt should I expect an eod rally for tommorrows fomc this tape is stickey both sides thanx

  • rosocecasita

    Here's a thinkscript code snippet (study):

    declare lower;
    input time = 14;
    input filter= 0.69;
    rec xClose = (high + low + close) / 3;
    rec xOpen = (xClose[1] + xOpen[1] + xOpen[2]) / 3 ;
    rec xHigh = Max ( Max (high, xOpen) , xClose);
    rec xLow = Min ( Min (low, xOpen), xClose);

    rec atr = AvgTrueRange (xHigh, xClose, xLow, time);
    rec xOxC = xClose – xOpen;

    rec inc = xoxc / atr;

    rec avginc = Average(inc, time);

    def val = if (inc > 0, if (inc > avginc, inc, 0), if(inc < avginc, inc, 0));
    def v = if (AbsValue(inc ) > filter, val, 0);
    rec renko = renko[1] + v;
    plot r = renko;

  • kinihepu

    I don't think we're done going down just yet. Banks are bouncing off of resistance that used to be support, AAPL looks to be setting up for another drop, and 898 SPX seems to be a wall at the moment. Picked up some QQQQ puts that I'll likely sell before the close.

  • https://evilspeculator.com molecool

    You can make most of those defs – this way it'll be faster. E.g.:

    def xClose = …

  • http://www.ambgtrading.com/ amgrant

    Agree and wanting to add to shorts. Still maintain we make it to 872 until we show some serious upside move.

  • https://evilspeculator.com molecool

    I would usually ask 'where is everyone' but after all that blog spam I guess I know…

    Seriously, you guy are friggin' boring today…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Every one, even the bulls are looking for 880 to go long.. i dont think we get there easily – Period

  • rosocecasita

    absolutely.

    I think the only one that needs to be rec is xOpen. (edit renko as well)

    they got left in after experimentation =)

  • http://www.mylifemytrade.com MyLifeMyTrade

    I can tell ya Mole I have one comment posted since last night on my blog…

  • http://www.mylifemytrade.com MyLifeMyTrade

    I did some Atilla style micro-managing on my FCX calls… legged out on the highs and legged back in on the lows..

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

    I'm back — nice work gang, thanks for making the market wait around for me. You may now proceed with instigating a wildly profitable move (either direction, I don't care).

  • Turps

    Mole, I think your channel has just been trashed 🙂

  • Keirsten

    Nice- I just flipped it from long to short- just scalping it today. Never completely filled the gap this afternoon, so watching carefully.

  • http://www.mylifemytrade.com MyLifeMyTrade

    I dont know mate.. only if I knew…

    I know that usually the bias going into FOMC meetings has been bullish.. And more often than not, the outcome after FOMC meeting is also bullish.. Why in the world would Feds say something negative esp now given that the market is teetering on the edge of critical support. Their announcements usually create a 2-3% move… 2-3% down from here means SPX is headed to 800… I dont think Feds would like that..

    As for EOD rally, I dont think there will be any big moves before Fed announcement.. I am surprised that EUR/USD has made such big move since yesterday.. The way I read that is. that there has been some chatter about raising interest rates.. and Fed is going to put that to rest.. which will cause dollar to tank.. So, dollar has already tanked in anticipation of that move…

    So, to answer your question: IMO, we keep chopping with slight upside bias till fed announcement.. I am using the chop to optimize my positions… legging in/out.. adding/removing hedges…

    ________________________________

  • https://evilspeculator.com molecool

    You know what guys – everyone is absent, so I'm going to stop posting for the remainder of the day. Have fun!

  • http://www.mylifemytrade.com MyLifeMyTrade

    Who the fuck is absent.. .I am alive and kicking as usuall

  • http://www.mylifemytrade.com MyLifeMyTrade

    Folks solars have taken a nice dip.. TSL, STP, SPWRA … if you were interested at some point and missed out, now might be a good time to start *LOOKING*

  • BigHouse(Aka Mr Vix)

    nice pullback.I expect the market to run up to new intra day highs..IMO

  • anotherone

    Mole's offspring? 🙂

    German six-year olds cause panic with play atomic reactor

    http://www.earthtimes.org/articles/show/274445,…

  • http://esecfutures.com Vladz

    Euro found resistance at top of last weeks channel:
    http://www.screencast.com/users/vlads123/folder… which is also 61% from euro highs ~1.41

    Considering some levels broken today, few interesting set ups at retracement with 20, 50, 200 hourly emas in retracement zone, or bottom of channel + previous high 1.4007

  • Keirsten

    Looks like AAPL is coming to life now here too- could have just been basing all day. Note it's been holding a nice little TL all day- higher lows- smooth and easy.

  • https://evilspeculator.com molecool

    Yeah, it's you me and the chicken at this point – LOL!

  • https://evilspeculator.com molecool

    It's YOUR channel too 😉

  • BigHouse(Aka Mr Vix)

    I am long RIMM at 68.Anyone else?I wondering if its going to fill the gap in the next day or so at 72..

  • ckeltner

    Shhh, I'm trying to nap…

  • http://thebhbgroup.com TheBHBgroup

    who u calling a chicken???

  • http://www.mylifemytrade.com MyLifeMyTrade

    RIMM is a good play with nice stop… today's low should be the stop … nice one.. I got stopped out of my vertical call spread that I entered into yesterday.

    And I have sworn that I WILL NOT go chase a trade that I have been stopped out of.. doesn't matter how much profit I leave on the table.. I am not going to chase it.. period… sounds like a stupid rule.. but chasing a trade I was stopped out of hurt me a LOT

  • stealthadvisor

    I'm around ….although I'm working on putting a putting a new pc together.

  • chumprop

    Head & Shoulders forming on 5-min /ES now… forming the right shoulder…

  • Keirsten

    Yep-me, also AAPL and GS. Just sold POT long, went short and got out of that too. 60 min charts look like they want to rock and roll from my vantage point

  • http://www.mylifemytrade.com MyLifeMyTrade

    I am still of the opinion that by 2:00 PM ET tomorrow AAPL would have made up all that it lost today and more… I am loving this swing trading.. of course, I have to make sure that I dont get cocky..

  • http://www.mylifemytrade.com MyLifeMyTrade

    It ain't a right shoulder until it turns.. let the market come to you..

    it could easily be a higher high..

  • http://www.mylifemytrade.com MyLifeMyTrade

    TSL calls from sub-21 level today are doing really nice..

  • Keirsten

    Yep, just be ready on the trigger. That's why I'm not posting much today- plates spinning, flying, hitting the walls and general havoc. LOL

  • https://evilspeculator.com molecool

    “working on putting a putting a new pc together”

    I got to see that…

  • chumprop

    Looks like you were right….

  • Keirsten

    Back in POT again, tight stop- RIMM and GS both have beautiful rounded bottom patterns formed between yesterday and today.

  • stealthadvisor

    yeah, if the damn thing will start running it should be cool…lol

  • https://evilspeculator.com molecool

    Did they blow up their science class? No? Then they're not related to me…

    Seriously now – kudos to those kids – future evil speculators in the making 🙂

  • Keirsten
  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Just grew another head.

  • CandleStickEmUpper

    who's absent? not me

  • stealthadvisor

    oh man that's funny…

  • http://www.mylifemytrade.com MyLifeMyTrade

    I love sharing the stories of my stupidity: Till few months ago, if the market looked like going up, I would go play TNA or FAS or IYR and if it looked going down I would play TZA, SRS, SKF, FAZ…

    I have learnt over past few months that the way I used to play was very stupid.. Yes, if the market goes up, then TNA and FAS and IYR would most likely go up. but best reward/risk ratio is obtained by identifying which sectors are oversold and playing them to the upside and vice-versa.

    Yesterday I had to decide what am I going to go long – old time MLMT would load up on FAS.. and guess what today there is a very measly return on FAS… new MLMT figured that FCX had been taken to the cleaners.. if I am betting ont he upside, then FCX (just an example) is the way to play…

    Often individual stocks would offer better risk/reward..

    Dr. Brett maintains a basket of 40 stocks – 4 each ffrom the 10 sectors he follows.. I am going to start doing the same.. very often one of those stocks has to have a big move if the sector is going to move big time.

  • http://www.mylifemytrade.com MyLifeMyTrade

    OMFG GS up 4 bucks.

  • Keirsten

    I've got an even better one than that if I can find the image around here. LOL

    Check this one out Stealth:
    http://media.photobucket.com/image/redneck%20pc

  • http://www.mylifemytrade.com MyLifeMyTrade

    BIDU almost in green.. my calls are up 35%

  • http://www.genxantihero.blogspot.com LostIllini

    I also enjoy a beautiful rounded bottom. To quote Noble Laureate Sir Mix Alot “I don't want none if it ain't got bunz”

  • http://www.mylifemytrade.com MyLifeMyTrade

    If fed delivers something good for the market, we will have a massive massive short squeeze.. I know of so many people who went crazy short assuming that 880 was a given…

  • stealthadvisor

    lol…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Disclosure: I am playing small – calls in AAPL, BIDU, TSL, FCX

  • http://www.mylifemytrade.com MyLifeMyTrade

    I enjoy looking at them 😉

  • Keirsten

    LOL, I don't have a bubble tush- I think the Scandinavian gene pool missed out on it for some reason. Probably because they were always freezing their butts off living there?

  • http://www.hotoptionbabe.com annamall

    Long Apple @ 133.50 VCS

  • http://www.genxantihero.blogspot.com LostIllini

    Red beans and rice did miss her

  • stealthadvisor

    jesus christ girl, can't you wear your hair in a bun and scowl or something…I'm trying to get things done here…

  • Kirklandguy

    Despite being incredibly busy and unable to do any of my normal market research the last few days – having a fantastic day today on oil and other commods, on the heels of catching most of yesterday's drop. Currency moves are nuts today, although EUR died right at the 1.41 channel top area which is where I added to what is now a pretty decent-sized EUR/USD short position.

    Hope everyone's having a great trading day!

  • Duuuuuude

    I will have to ask my parents….they are in Norway this week.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Those looking to play Ag – IPI is the fastest mover of them all

  • http://www.mylifemytrade.com MyLifeMyTrade

    Are you having fun tape gazing.. or are you having fun making money or are you having fun despite losing money?

  • https://evilspeculator.com molecool

    Can you leeches at least spread the love a little? I have a feeling I'm spinning inside a hamster wheel here..

  • https://evilspeculator.com molecool

    How did you get a picture of my server?

  • Keirsten

    If they come home looking lighter in the trunk, you'll have our answer. LOL

  • https://evilspeculator.com molecool

    What's the C4 for?

  • https://evilspeculator.com molecool

    I know – she's terribly distracting – believe me…

  • chumprop

    Yeah, looks like I jumped the gun there, luckily we came back down and I was able to get out with small loss.

  • stealthadvisor

    sheesh, glad she's not on my twitter feed…

  • Keirsten

    TRA can also be a rollercoaster ride. One must strap themselves down while trading it sometimes.

  • https://evilspeculator.com molecool

    I was playing the futures this morning but am sitting on the sidelines now. Have hedged any burn on Dec puts already, so I'm good for the day. Waiting for more downside – or more upside – whatever will happen. This is not where you trade unless you are a piranha daytrader.

  • Keirsten

    What's a C4? Surely you jest that I would know these things. ;-P

  • Turps

    Yeah, just went for a run, feeling a lot less stressed about everything now

  • BigHouse(Aka Mr Vix)

    Go to bed lol

  • http://thebhbgroup.com TheBHBgroup

    can I ask what strikes in dec you are holding or looking at?

  • http://www.mylifemytrade.com MyLifeMyTrade

    MLMT's “opportunistic bastard plays of the day” have been long AAPL, long TSL, long BIDU, long CME.. I took the first 3 and left the last one on the table…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Stop running.. once the hamster stops running the wheel also stops – LOL

  • http://www.mylifemytrade.com MyLifeMyTrade

    You must be nuts to play futures.. such a tight range.. with 1 or 2 point move either way for most part…

  • https://evilspeculator.com molecool

    69, 70, 72.

  • http://thebhbgroup.com TheBHBgroup

    thanks Mole…u r a good man…. spreading some love for you….LOL

  • BigIslandLife

    spx has a nice triangle for the day 894 lower 896 higher lines which way will it break is the key for next day or so

  • Leon

    I don't post very often as I'm not that experienced of a trader, but I would consider today's action so far to be considerably more bearish than bullish because:

    1. IWM is meaningfully lagging
    2. $spx can't break above it's 50 DMA
    3. this is all the bulls can muster up for turnaround Tuesday?

  • isaiah64v4

    Keirsten [“Queen of Sway”]

    Between now and Friday, when the market is expected to jump up [Fujisan SPY road map] for this so called window dressing, I plan to scale into DTO. Do you agree a roll over of the market in July will have DTO shooting upwards, because of the flight to the USD?

    http://www.youtube.com/watch?v=dG8giVJKQPI

  • cedieke
  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Not alone on that one. Choppy day.

  • Keirsten

    That works for me Isaiah- did you see my charts for you last night?

    Cute song too!

  • isaiah64v4

    No I didn't…. I'll look for it now. Thanks!

  • KidDisco

    Pre-fed, late day rally please.

  • MaxPainMan

    long /ES @ 889.75 (tight stop)

  • Count_de_Monee

    OK, couldn't sit on my hands any longer. I went short 1 contract the euro at 1.41 exactly

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    This paint doesn't seem to be drying. Chop chop chop.

  • isaiah64v4

    Thanks! Glad you said something. I found the charts. What is the indicator just below $WTIC?

    http://tinyurl.com/kw7nlv

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Should retrace back to 1.40. That might be bearish for stocks but correlation limited today.

  • http://www.hotoptionbabe.com annamall

    LMOL that was funny! 😀

  • http://www.hotoptionbabe.com annamall

    what can I say I am a happy girl! 😀

  • http://www.hotoptionbabe.com annamall

    ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ 😀

  • OJuice

    i resisted that urge, but, only just barely.

  • Keirsten

    That's the Wilder's DMI aka ADX. It's a goody. 😉

  • fuw

    Oh, drop then already… I'm bored.

    Financials were holding the market up in the morning but are showing weakness now.

  • http://www.ryanbarr.com Covered (kzhat)

    My favorite! I've been sniping points all day

  • faafa

    Dr. Steenbarger is co-hosting a free seminar in Chicago on 7/17, register here:
    http://blog.marketdelta.com/?p=494

  • isaiah64v4

    OK! We're rock'n…. never used DMI before…looks interesting. Thanks again for everything.

    😉

  • BigHouse(Aka Mr Vix)

    damm market…still going sideways…zzzzz

  • http://oahutrading.blogspot.com/ steveo77

    http://screencast.com/t/xkmIunBz

    My favorite — triangles, rally into the close, pop some stops along the way….yeehaw!

  • Fujisan

    This tape reminds me of Apr OPX. Monday after OPX, SPX dropped more than 30 points, the following Tue, it went lower, turned around, and finished higher. I'm out of my shorts entirely. I might have left some profits to the downside, but I don't want to be screwed up with short squeeze tomorrow. Possibly looking into longs soon.

  • MaxPainMan

    out at 891 (quick scalp)

  • http://www.cafes.net poisonfrog

    I fear that too, ribbit.

  • Count_de_Monee

    yeah, the correlation seems gone today.

  • stealthadvisor

    😉

  • http://oahutrading.blogspot.com/ steveo77

    One channel to rule them all— and a bounce fits in here too.

    http://oahutrading.blogspot.com/2009/06/and-one

  • BigHouse(Aka Mr Vix)

    They should close trading 30min early when the market is not doing anything..

  • http://alphahorn.blogspot.com/ alphahorn

    this is feeling more and more like wave iv, with a wave v down still to come

  • https://evilspeculator.com molecool

    Whatever it is – it's the Swedish Chef chop special

  • Keirsten

    I'm a little suspicious of the lack of a follow through sell off this morning Fuji, and this slow melt up goin' on. I'm hedged to the hilt at this point and will wait for ORCL earnings AH with interest.

  • http://www.hotoptionbabe.com annamall

    Hi Fuji=san, not a bad idea. The tape has allot of gyrations coming tomorrow for sure! 🙂

  • http://www.hotoptionbabe.com annamall

    ditto sistah, I am short ORCL stock

  • Fujisan

    Thanks, K. Yeah, ORCL could move the market tomorrow, whatever the results would be.

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

    msft closing(?) 2nd day under 23.34 tdst

    P.S. – That is one lovely close and… /DX is up to no good SPKI tomorrow, will take a better look later, good night

  • http://alphahorn.blogspot.com/ alphahorn

    possible count, wave iv triangle

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

  • http://oahutrading.blogspot.com/ steveo77

    http://screencast.com/t/dTFLghph8W4

    Maybe this triangle bust higher, odd shaped flag though

  • Fujisan

    That's right. I could always jump right back in whichever the market decides to go.

  • BigHouse(Aka Mr Vix)

    market looks to be pumping up lol

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    How high could iv go?

  • kinihepu

    Here's the chart I'm following for now. Holding my puts overnight.

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

  • Douala

    What do you folks think?

    http://tinyurl.com/m52lc8

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    I'm with you and alphahorn. This looks bearish IMO. Wave 5 down still to come after this choppy waste of time.

  • fuw

    I like it, but I'm biased downward right now waiting for final washout.

    Now to hell with this. Staying short and getting a beer.

  • http://www.hotoptionbabe.com annamall

    Wow look at that big sell of ES right @ the close! woo hoo so far ORCL down

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Looks like it just left the triangle heading the other way though.

  • Douala

    When I drew it hadn't dropped. But it is still within the triangle [barely]. We'll see at tomorrow's open I guess.

  • https://evilspeculator.com 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„¸

  • Count_de_Monee

    Well, couldn't help myself again. Shorted SPX at 897.20 and scalped some NQ.
    I'm thinking of holding my SPX and euro shorts overnight. The failure to close above 900 and the failed ramp up in the last 1/2 hour two days in a row has got to be scaring the bulls.

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    We'll see tomorrow. I'm still thinking we will go down though.

  • http://readingtowin.blogspot.com/ Boris

    doji doji doji
    what do u want me to do? punch the doji in the face? lol

  • http://dreadwinaard.livejournal.com/profile dreadwin

    Looks like ORCL is spiking AH, however 🙁

  • http://www.hotoptionbabe.com annamall

    yes, damn it! LOL but the conference call will be the tail 🙂

  • http://www.mylifemytrade.com MyLifeMyTrade

    They have this notion in the game of cricket.. If it seems that there will be no outcome, on final day, they can call the game off an hour before close.

  • http://www.mylifemytrade.com MyLifeMyTrade

    With all the bears and a lot of the bulls looking at 880 (for different reasons obviously), it is not going to take much to create a 30 point SPX short squeeze tomorrow, making Fed minutes as the excuse.. I am treading very light.. mostly cash.. I will look to fade the big move that Fed minutes create.