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Tuesday Game Plan
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Tuesday Game Plan

by The MoleJune 22, 2009

Alright, we’ve got another FOMC kabuki dance tomorrow and Wednesday – the ‘highlight’ being the much dreaded meeting notes announcement on Wednesday afternoon. So, it’s fair to suggest that the tape is going to be a pain in the ass – don’t expect a nice clean trending day like today – you will be greatly disappointed.

I’m not going to quote a wave count for you guys tonight as various scenarios exist – for instance it’s possible that this third wave is extending further downwards (i.e. blue scenario) – or that the current motive is of smaller degree than anticipated. I talked about the latter last week – remember, I kept saying that I wasn’t sure whether or not we’re painting a Minuette or Minute motive wave here. Based on today’s rapid descend it’s very much possible that we traversed in a Minuette degree wave since the Friday high and that would mean a lot more downside.

However, for tomorrow I see a floor around the 881 mark – there’s a lot of support there from about a month ago. I see three possible scenarios:

Orange – we bust higher at the open and push towards 907. I really don’t think that would be the end of this C wave – not after today’s 90% down day.

Light Orange – we drop a little at the open – lose momentum and then probably drive everyone crazy all day, after which we bust higher in the late afternoon. This is just some mental masturbation here – we could do the opposite and I’m merely trying to imagine how I would play the game as a market maker.

Blue – we gap down or push down at the open – the floor should be around 881, as mentioned above.

So, the name of the game is to figure out where to hedge assuming you are short and don’t want to take hit on your long term position during the expected fourth wave consolidation – no matter which wave degree it’ll turn out to be.

Seems the game plan is fairly simple – barring any nasty surprises on both sides of the spectrum of course. The good news is that I might have more data after tomorrow or Wednesday to project a possible target for this wave down. Again, although we technically completed a 5 I do not believe that this will turn out to be the extend of this C leg. I could be wrong but for now my money remains on an extended drop.

Cheers,

Mole


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

    thanks Mole…nice chart and update….I am still long the 30yr and short the 5 yr as I mentioned here a few days ago. I am also holding my batch of Dec 66 spy puts and will look to add Dec 72's on a retracement of this down move this week or maybe next week during qrt end paint taping…..cheers!

  • http://elliottmarketwaves.blogspot.com/ Filipe Miguel

    Excellent chart. I believe at short term SPX will bottom at 880-870. Then will see what happens. In my blog i showed different counts but for now i prefer the bear and ultra bear case. See more at: http://elliottmarketwaves.blogspot.com/

  • Osso

    While everybody is watching the Golden Cross of SPX (50 dma crossing from below the 200 dma)….the leading indicator, Dow, is still way behind of achieving the GC, and the 50 dma is slowly turning its point-direction to some horizontality….meaning it might not cross the 200 dma.
    Dow theory is still on a sell signal, and needs an 11 % up move in transports to cancel the signal, whenever the $TRAN closes above 3404.04….
    Let the mkt show its strength….hehehe….

  • Osso

    Emerging Mkts. made a bottom in October/November….as Goldstocks, and other Commodities.
    They topped in June……an exact 50% time span when comparing period of Primary A or 1……and the primary B or 2 top….for these sectors.
    A 20% retracement in Russia…is a tell……

  • Osso

    $CRX had a perfect 5 Waves move up, and topped, with precision, at the 69 week MA.

  • KidDisco

    I'm still waiting for 930 🙁

  • Keirsten

    Not to drive the crossing MA topic into the ground, but here's a look at a Weekly Chart on $USD and the approaching golden cross- longer time frame- interesting contrast to the daily chart.

    http://tinyurl.com/l5mspl

  • prescient11

    I'm voting for the bounce tomorrow, but I held overnight some longs, so I'm biased. lol…

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

    SPX daily
    http://screencast.com/t/9jdvUGzclBV
    don't you dare to dislike those pretty colors!

  • rhae

    SPX was a wr7 day… I will watch to see if /when the range breaks and let the direction lead the way… Might be nothing to do but re-set my stops again… BOREING! didn't even bother hanging around today…

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

    Well, with this ROC Dow30 will not be there till later next year

  • Bartholomy

    What a day … everyone having fun as me $++ ?
    Tight your stop gentlemans, and lock good profit.
    I also beleive the ride isn't over. We may see our 881 level again.

  • KidDisco

    i'm fucked

  • Osso

    this might come to other 3 x..Direxion etfs…

    http://www.reuters.com/article/pressRelease/idU

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

    Here are the levels I'm watching on SPX, TRAN and COMPQ — all of them are do-or-die. Bulls simply cannot allow a close below or they are totally screwed.
    http://tinyurl.com/ps7hdx

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

    On a serious note:
    When I am not sure if trade will or will not work – I just exit the trade, then I sit back for 10 minutes, think (it is way better process when I am on cash)
    and then I place the same trade…or totally opposite – but only if I know “why”.
    PSX might go to 925+ if Fujisan's theory will work … or it might not..
    one thing I know for certain
    “Stay with the trade while you have good reason – abandon when something changes”

  • KidDisco

    seriously, i'm fucked.

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

    On a second thought – I agree with you

  • Osso

    $165B in Treasury auctions this week. maybe a reason for the mkt. pullback.

  • Offtimer

    Burned again by XOM june70Puts. 840 puts short from hitting strike by .43. Learned should have been out on Wed before expiration. It was a great run from $399 to $12,000 and down to 0. XOM gapped down Monday to .80 and closed @ 68.80 or 1.20 below the strike or $100,000. Woulda, coulda, and shoulda (obey and learn). Amazing how the specialist and MMs were in cohoots on this one again.

  • prescient11

    hahaha

  • lilme

    Osso, I was watching the 50 d ma on EEB and EEM and they seemed to bounce off it. I bought around 3 pm and then sold quickly as the up did not last the last hour.

    Why do you think the RSX Russis is a tell?

  • http://www.mylifemytrade.com MyLifeMyTrade

    There is a lot of talk about Golden Cross – here is a writeup I did few days back on Golden Cross – worth a read if you are a believer or a dis-believer

    http://www.mylifemytrade.com/2009/06/the-golden

  • http://www.mylifemytrade.com MyLifeMyTrade

    The talk of deflation is back in the air…

    EUR/USD is flat and oil is down 1 dollar and gold is down 5 dollars..

  • Keirsten

    For Isaiah The oil trade: $WTIC daily

    http://tinyurl.com/natc79

    ERY trade: only used as a daytrading vehicle as this is just as koo-koo as FAZ/FAS and the other.

    http://tinyurl.com/lwdwxo

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

    THIS is one bold statement… 7 points away – no guts no glory

  • prescient11

    That pisses me off. I was counting on the inflation retards for a bump tomorrow. Let's hope the idiots take the day!!!

  • http://www.mylifemytrade.com MyLifeMyTrade

    I was looking for the same.. lots of news coming out tomorrow. It might also impact where this market goes..

    If it were just the gold that was down, I would have thought that the nightly stop sweep is in progress.. but the oil is down big too AND that too without EUR/USD down OR for that matter the indices being down.. tells me something else is up… Gold has a mind of its own… never figured what moves it.. The only time I know how to play gold is when it moves in inverse correlation with the dollar

  • molecool

    Yeah it was mentioned a lot on ZeroHedge this afternoon – thanks for the post. Very timely.

    1+

  • Keirsten
  • amgrant

    What's up peeps…sorry for being so absent today. Was just a busy day that's all. I'll be back tomorrow.

    My update tonight took me damn long (though it doesn't look like much). VERY COOL symmetry…again. Target is 872 on this move.

    Falling Behind The Tape: http://www.ambgtrading.com/

  • Keirsten

    Always good to keep in mind that the longer time frames have more weight than the next level down (weekly v. daily etc.) Whenever I look at a chart, I look at as many time frames as possible to get the big picture. I am not Miss Cleo and can't say where the market goes day to day, but until I see the MAs in bullish order I can't believe the call for a new bull market, but that's just me. If you dial back to 2003 you could have grabbed a nice run up without that qualifier, but even if you had waited for that added insurance you still banked some incredible coin heading into 2007.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Thank you so much for such flattering feedback in the previous thread.. means a lot to me… I want to be a full time trader some day… I am ways away from that today… largely because of my 6-figure trading fiasco late last year and early this year.

    But my wife says “it doesn't matter where you are.. what matters is where you are headed.. and as long as you are headed in the right direction, that is all that matters”.. I repeat that to myself.. and say that it will take time to dig myself out of this hole.. but with patience and discipline, I will get there…

    Thanks for the ICE chart btw… somehow it managed to find its way out of my watchlist.. It is one of my favorite scalps… nice predictable moves..

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

    some quick trading ideas
    short
    VRTX, SNY, MCK, UTHR, CNW
    long
    OSIR low val, GHDX low val, OSIP, TSO, HOC (16), YRCW (1.60)

    Also – TSL – if holds 22.20 might go up in spite of falling oil (will oil be falling? quite possible – to 31?)

  • http://www.mylifemytrade.com MyLifeMyTrade

    By bullish order you mean 10 above the 20 above the 50 above the 200 – right ?

    As for weekly versus daily – boy o boy – did I pay heavy price for that back in march.. a week into the rally, the daily was showing massively overbought and weekly was looking ominously bullish.. I bought into the daily and kept trying to short… that was a painful lesson… I remember it to this date.. Keeping that in mind here as the weekly stochs are just giving sell signal… the daily might give a buy.. but that is only a small counter-trend rally… weekly will prevail eventually.. This also tells me that if weekly is opposed to daily and if I choose to play the daily, then play it small.

  • http://www.pacfreehotwater.com steveo77

    Another gratitious bunch of charts, three time frames of the same thing /ES my favorite, except when it isn't.

    I think these turned out nice, but I will second Moles caution on FOMC wackiness….the bulls have lost their cheese and will scrambly madly in hope that it comes back…unlike SSR's who will just go find some more cheese elsewhere.

    Comments appreciated, caution urged.

    http://oahutrading.blogspot.com/2009/06/dont-do

  • http://www.mylifemytrade.com MyLifeMyTrade

    TSL is on my radar too.. Also SPWRA has had a nice pullback right after being upgraded by an ANALyst to $40.

  • thelefteyeguy

    great work SSChicken!

  • Keirsten

    YW. -it was overdue MLMT. You're wife is right. Tenacity is a fine quality in the pursuit of anything in this life.

    I like to scalp with ICE too. 😉

  • ennuigo

    Looking for some advice from anyone who cares to respond. I am looking to buy long-dated S&P puts eventually but wonder what this board's thoughts are on how far out to go. Anyone playing with these for P3?

    Thanks all

  • sirgiyan

    Guys, I wonder why 1,3 and 6 month T-bills were down today?
    I've covered my shorts, if we go up – we may simply skyrocket towards 930 in no time.
    Be careful there 🙂

  • Keirsten

    Bingo on the MAs. Also, I just received a neat little coaching tip by email earlier, and included was a mention that the majority of traders intraday try to fight the trend until they give up either in late AM or afternoon. Good little nuggets to keep in mind.

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

    fcx 38 tgt?
    ice 105.60, 102.85, 101.37 to watch for some bouncy support

    Some weird SPX charts tonight – I am not convinced this is a beginning of immediate fall, I think SPX opens tom 870sh and then up to 919 by EOW+ (just a speculation indeed – as I said – some weird contradicting charts)

    Take a look at MA – 150-155 nice swing long (V held up admirably today in down market until the very last moment)

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

    that top green line on your chart is precisely TDST Support as of 5/28

  • Keirsten

    Roger that- let me take a look too. I see a LOT of tight cascading support on a lot of charts I looked at tonight too. I'll keep a closer eye on the escapees (volume wise.) We could see a lot of reshuffling from the fund managers until the EOM too, so your theory could be very valid going into EOW. Going to look at your other mentions now….

  • http://www.mylifemytrade.com MyLifeMyTrade

    What is TDST ? I had no freaking clue that I was putting on something so sophisticated on that chart.

    TDST – that sounds like a scary acronym – LOL

    ________________________________

  • http://forkoholic.spaces.live.com/ Forkoholic

    I'll be selling couple of my old dusty technical analysis books.
    if anyone is interested send me a pm.
    http://forkoholic.spaces.live.com/blog/cns!233C

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

    Tom(T) DeMark(D) Trend Setup (ST) line
    wait until I start talking “TDFlop, TDCamouflage, TDAbsoluteRetracements, TDTrentFactor, TDRiskLevel” – “TDlookascargo”

  • http://www.mylifemytrade.com MyLifeMyTrade

    Aha.. you are the one who prays to just one god.. DeMark guy..

    I am curious to know what is TDLooksAsCargo 🙂

  • zenith191

    EURJPY took a dive after the NY stock market close. This does not bode well for equities tommorrow if the relationship between these two continues to hold.

  • PeterK80

    This is my first attempt at posting a chart… This one is for FAS

    http://screencast.com/t/Wg3wsJH9

  • rhae

    Oh sure, I think a re-action bump is possible for the SPX… I usually look to the 60m for guidence of my lines. But today they are to thin to be reliable. So, I had to drop down to the 30m chart. I do not think a bounce will be easy…Dead Kitty? maybe?
    http://screencast.com/t/XYWmGEcu

  • molecool

    Who are you again?

    j/k – sorry, couldn't resist 😉

  • amgrant

    LOL you bastard.

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

    “Trading Places”? Joke in the restaurant?

  • dullmind

    I love the colors, but what is the significance of the yellow dot? Regardless keep up the charts.
    By they way, is it just me, or does it SPX look like it has formed an Island reversal?

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

    worden telechart?

  • PeterK80

    I certainly wouldnt mind a bounce to reload on shorts… today was fun 🙂 Wish I let my profits run a little longer especially on my oil shorts… might try trailing stops next time.

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

    interesting observation, I had to do the same
    for waves I look at 60, but today I had to use 15 min to make any sense

    What is that – QT?

  • PeterK80

    Its actually strategydesk through Ameritrade… but I dont love it for a number of functions it is lacking. It seems like most people use TOS charting programs?

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

    “Follow the yellow dots road” 🙂 kind of target area.
    Tough to say about Island rev – SPX is all over the map last 6 weeks (ad I am not that good with traditional patterns – I don't think they work the odds I like.

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

    I knew I saw that …ehh… that… ehhh ah-ha! – software somewhere!
    Sorry – what a piece of… torture least to say, scans crash, system hangs, language lame …
    Since you have AMTD – give NinjaTrader a try – it is free as long as u r not trading off it and u can feed it with AMTD realtime.

  • dullmind

    Great analysis amgrant, I have begun to suspect that we have already begun P3, and that is why
    I ran with out stops on Friday so I could be SURE to be bear positioned start of Monday. Having said
    that, I need to be prepared to bail should we NOT be in P3 yet. Made a lot of coin today, hope to
    keep most of it. 872 on your charts, same bottom on Mole's, I know where I need to plan to dump
    my SDS and TZA tomorrow.

  • PeterK80

    Ha!… at least I know its not my computer. I think I have just grown used to it. You're right… it sucks.
    Thx for the tip.

  • http://investorshub.advfn.com/boards/board.aspx?board_id=12013 UPB

    the u.s. gov't came and planted some green shoots in my yard this week. they used bullshit for fertilizer. never seen anything grow so quick before.

  • http://investorshub.advfn.com/boards/board.aspx?board_id=12013 UPB

    the dollar is getting juiced from both mcguire and sosa tonight.

  • http://www.mylifemytrade.com MyLifeMyTrade

    I am interested in the first book, but Amazon has it for $56 to $60… You are asking $140.. Am I missing something?

  • PRSGuitars

    Can't give more specific commentary, but I do know Mole posted something to this effect (looking at longer term puts, no details, though, I'm afraid) the past few Sundays.

    I know he was using July 89s most recently (I took 90s, slightly more conservative, from 920 to 890 – win!) but said he'd closed a few (at least) as of today seeing as we crashed rather quickly. He also mentioned that he will hold his Decembers (presumably 80s, 75s, or so?) until he's positive this is NOT Primary wave 3 (ie, what you're trying to hold for the duration of).

    If I were you, I'd use the TOS desktop Analyze tab to consider the requirements (capital-wise and commission-wise) as well as the most profitable puts with the best targets. I'd consider that your commitment of capital is also something to consider — are these lottery tickets? are they a hedge against a larger portfolio? are they a serious swing trade? are you trying to nail the bottom or just cover yourself well into P3?

    I would also consider strategizing, WAY down the line, how best to lock in profits and commit to making theta your servant instead of letting it burn you as positioning gives way to theta burn.

    Best of luck, and sorry I couldn't be of more specific help. Forgive me if this is all common knowledge or common sense.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Get ready for SPX 915

  • PRSGuitars

    What's your view — just that EUR/USD took off from 1.3825, refusing to test the semi-neckline at 1.38 or the real neckline at 1.375 or so, and therefore we're in for what Arak on other boards is calling for — i.e, a ramp in towards the FOMC release on Wednesday afternoon?

    I'm more of the mentality that we'll be contained under 900 for tomorrow, however, we ought to dip towards 880 in regular hours only to stabilize and reverse toward our targets (I don't think 900 will hold us for long, esp. going into FOMC Wed.). It also fits that we could last another day or so pumping the EUR up towards the descending trendline from the 6/1 peak . . . then we drop (or at least fizzle for a bit while the natural selling competes with end-of-month window fuckery).

    Just a few thoughts. Would you elaborate, please?

  • http://www.rounderstrader.blogspot.com Rounders_trader

    Very nice work Evil.
    SPX – Update Daily and Hourly
    Spx close below 935 = 893.04(-28.19)
    Something new today near of target very short term.
    Below 908 I expect [880,893] very short term.
    Below 935 I expect [790,820] medium term.
    Remember two possibles scenarios:
    Dont`t break range [880,893] and we have a pullback again between [935-921].
    Break range [880,893] and we will see soon 850.

    If spx close hourly above 908 I have to reduce some short.
    Tomorrow resistance Hourly [908,904]. Macd with new sell signal.
    Read more…
    http://followmarketrend.blogspot.com/2009/06/sp

  • springheel_jack

    Mole bought Dec puts, 69 & 71 I think as long-dated plays in case this downswing makes new lows. To be sold as & when it is clear we won't. I think that's far enough out & I bought some.

  • http://www.rounderstrader.blogspot.com Rounders_trader

    Do you have books about Technical analysis?
    weeeeeeeeeee

  • springheel_jack

    This could be P3. Also, based on a count someone posted yesterday which looked very interesting, this could just be the last downleg of P1. Both scenarios would see new lows.

    Still seems far-fetched from here, but we surviving bears have learned more caution recently.

  • http://www.pacfreehotwater.com steveo77

    Fujisan,

    Ohayo.

    Someone else was asking for entry level options advice.

    Here is real life one. Last Friday I sold 10 July 65 calls on SHLD.
    Stock move down to 64–pretty stodgy move but some profits there. I would like to lock in profit, but leave myself open to more decline via delta and theta burn, however i think with increaseing volatility, that may make it more expensive for me to buy these back.

    Any simple ideas.

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

    Good morning guys,

    Here's my target for today. and my chart to show what I am expecting.

    http://eminitrends.blogspot.com/2009/06/market-

  • http://es seawolves

    upb did you know in n.dakota are some of the largest buildings in the country, most people don't know, guess what's stored in it, right fertilizer, not ANY kind u.s.d.a. good ole american made BULLSHIT fertilizer, let's you and me go long on this whats the symbol upb ” dow 4873 “

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

    You've been forked…

  • Callie

    Sold EURUSD 1.4005.

  • annamall

    Hi TW and of course everyone else
    Gosh I just saw your post about your job, I am sorry to hear it, but you know you are smart enough (and probably cute enough :-)) to do great on your own, not only great but better, so this might be a blessing in disguise.
    I concur with you and mole both on the 880 region, I do think we may test that today sometime, but as the Mole-ster said with this stupid FOMC meeting, we will have allot of chop chop and more chop!
    🙂

  • annamall

    David, that was funny heh heh heh!

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

    Hi girlfriend,

    Thanks for your support. Yes 880 on SPX is possible. I also updated my target on ES.

    Top target at 905 and bottom around 877-875.00

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

    Oh if you want to the real T.Waffle you can on my facebook profile. LOL

  • annamall

    send that to my email again 😉

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

    just use my email address to search on Facebook.

  • annamall

    K 😉

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

    Let me know so I can accept it LOL

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

    whenever I see Russian wearing a tie and no sense of humor – I am getting REAL funny…just wait…
    Daaam …wy avatars are so gorgeous …just like phone sex

  • Fujisan

    Hi, Steve,

    You have short July 65 on SHLD, correct? If that is the case, I would buy July 70 call to make it a 65/70 call credit spread. This way, you would have a positive theta and negative delta, and you could still take advantage of downside move and yet you could make money on theta.

    Hope this helps.

  • KidDisco

    why?

  • ennuigo

    Thanks

  • ennuigo

    Thank you

  • http://gemstowear.etsy.com Jan

    Shorts I'm watching (my fav's)
    BXP $44.20 Descending wedge….next support level $33.67
    MA closed below 200MA yesteray…next upprt $150
    BHP broken channel…..next stop $48.61
    FSLR in process of filling 4/29 gap

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

    Good morning everyone.

    As some of you know I started a blog, one of the purposes of it is to discuss how I have recently discovered the beauty of combining traditional indicators such as the RSI, MACD, and the STOCHs with EW. It has made all the difference in my trading (even last week when most were frustrated by the chopfest on thurs/fri, I had profitable days using this new discipline). Today I discuss what a wonderful tool the RSI can be in both counting waves and scalping both long and short trades. See what you think

    http://alphahorn.blogspot.com/

  • http://www.mylifemytrade.com MyLifeMyTrade

    Oversold esp the materials and commodities + every one is uber-bearish…

    FOMC coming up – regardless of what happens in the meeting, we almost always ramp up.

  • http://www.mylifemytrade.com MyLifeMyTrade

    AAPL down a buck when everything else is in green.. looks like yesterday's AH action was meaningful after-all ..

  • KidDisco

    the last time i remember everybody being uber-bearish, the market
    crashed.

  • LostIllini

    MLMT, are you still hanging on to those PALM Calls?

  • http://www.mylifemytrade.com MyLifeMyTrade

    EUR/USD – if it doesnt reverse soon, then it might be headed to 1.41500

  • Osso

    I would like to know the reason why there is a legend “Comment removed” under ANNAMALL name…????? tks.

  • amgrant

    Prediction: LAD (Lame Ass Day)

  • http://www.mylifemytrade.com MyLifeMyTrade

    No … that’s not true.. everyone was uber-bearish late Feb when everyone was loading up on FAZ at 80 bucks… AND calling for blood on the street… SPX 500 and what not…

    We have come down 65 SPX points in a week.. in times of low VIX…. the ride down will be bumpy… indices seldom go down in a straight line.. Even last fall, now it seems easy… but it would have taken some mental mettle to hold onto the shorts.. especially during the dump in Oct.

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

    Was my post removed?????? If so, I guess I'll be posting on my blog or elsewhere

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

    you would see “comment removed”, may be disqus just did not post it?

  • ropey

    BA not having the best of days…

  • ennuigo

    Where can I check out the TOS desktop?

  • amgrant

    If anything, I do have a target around ES 885 today.

  • Blind_Squirrel

    Anna:

    These progressively hotter avatar images just have to stop!!!!!!

    LOL

  • molecool

    Huge divergences between the NQ and the ES – the former is dropping like a rock while the latter is clinging to today's open.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Yes i am

  • http://www.mylifemytrade.com MyLifeMyTrade

    Covered AAPL Vertical Put spread from yesterday..

  • http://www.mylifemytrade.com MyLifeMyTrade

    NQ is dropping because of AAPL – down 4 bucks

  • EDC

    look for the dollars bears to be disappointed in response to the FOMC tomorrow. they can't do anything.
    doing nothing is the best course of action at this time.

    good luck all.

  • amgrant

    Call me crazy but AAPL I think is the next CSCO. Way too much hype around it.

  • http://www.mylifemytrade.com MyLifeMyTrade

    If I was more ballsy, i would go swing long on BIDU…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Does anyone know what is up with AAPL

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

    sold to close 1/2 bidu puts

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken
  • http://www.mylifemytrade.com MyLifeMyTrade

    Look at FCX go 🙂

  • bist

    It looks like FXE is in a downward channel starting on June 2nd. June 2nd and June 11 set the upper trend line. This morning it looks like FXE is bumping it's head against the upper trend line. IMO FXE has to break out above 140.3 for the market to significantly follow upwards. This is not a bad setup for bulls going into the FOMC meeting…

  • http://www.mylifemytrade.com MyLifeMyTrade

    if AAPL makes a come back, NQ will make a big run – watch out..

  • standard_and_poor

    Morning brothers and sisters, Jimi is waiting for a pullback to add a few shorts- nothing crazy man.

    Jimi says watch out for castles made of sand.
    http://www.youtube.com/watch?v=YF4-r2MpRMs

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

    i saw it, it was there

  • rhae

    maybe… what do they want to kill? the stock market or the equity market? Do nothing, smartest but the Fed seems to be lacking in the smart department. Don't think they want to kill off bonds completely. ( Those are just I.O.U.s). Where is Greenspan when you need some Mush Mouth?

  • LostIllini

    Their Auto Erotic Strangulation App had some liability issues…..

  • Keirsten

    Yep- watching it play with support @ 133.50

  • EDC

    true that, they can either continue to pull liquidity and force the safe haven trade. the problem will investors flee to the long end.
    or they can announce more major buying of the long end, forcing out the natural market participants (as they sell into the fed buying) and eventually have no control over the long end of the curve.
    they now know this, the thesis will either go down as a failure or a success. time will tell.

  • amgrant

    Took short 893

  • amgrant

    What you're going to find going forward is the market selling off on good news – complete opposite of a bull market.

  • Keirsten

    Watching extremely tight BBs on 15 min SPY here- should burst one direction or the other

  • standard_and_poor

    Jimi says hi “wild thing”.

  • MadDogLV

    Anyone have an opinion on this… Looks very tempting — just wan't to make sure this doesn't turn out to be like a smoking hot hooker with aids…

    BUY +1 BUTTERFLY /6EU9 1/125000 JUL1 09 1.38/1.37/1.33 PUT @-.0005 LMT

  • Iguanadon

    Muted response to the housing numbers… still gonna make it up to the 905 range on the S&P?

  • standard_and_poor

    Jimi will now play for you and in honor of your new avatar:
    http://www.youtube.com/watch?v=g_g04BQ7VEI

  • annamall

    agreed, I just said that to someone privately amgrant

  • Keirsten

    I saw your earlier post Alpha- you discussed using RSI with EW, right? If it was removed though it should say comment removed in italics. I had a problem with DISQUS earlier this morning myself- maybe something whacky going on there?

  • annamall

    cause I am a very bad girl! LMOL J/K

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

    Gotta run to airport, you guys please keep this thing in a holding pattern until I get back

  • amgrant

    After (coutn them) 6 or 7 tries at the 894 level, it failed….huge supply there.

  • annamall

    thank you BS, You know you are very sweet! BTW have you ever seen the waterskiing squirrel?? hysterical!

    ok as far as trading I think we have seen our bounce and will test the 880 region today

  • annamall

    Hi Jim-I 🙂

  • CandleStickEmUpper

    nice new pic

  • annamall

    My theme song how did you know Jimi??? LMOL Nice thank you

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

    it was declared short by DDT and they decided to save what they can before DDT will pronounce them dead on $124 spot

  • amgrant

    GORGEOUS FAIL.

  • rhae

    SPX yesterday was a WR7 day, the low of the day was 893.04 I will be watching that number closely.
    currently SPX 30m my closest line is 895.51 but it is thin, and below still have all that thin blue ice.

  • annamall

    Thank you Candle! 🙂

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

    I just set alert @126 (not today of course)

    132+ to watch for support

  • annamall

    agreed sistah and I say we test 880 area today! 🙂

  • annamall

    see you later SSC! will do!

  • annamall

    btw I added a load of AA short stock this morning

  • amgrant

    Is there such a thing as a bad picture of you? Geez lol

  • BalaB

    No new lows for AAPL (sitting at S2)…..The NQ Bid volume is getting some legs from JP Morgan

    There was just a fight in the ES pit…

  • Iguanadon

    Snoooooze…. Somebody kick the jukebox to get it unstuck. One way or the other, just go somewhere.

  • http://www.mylifemytrade.com MyLifeMyTrade

    anyone looking to play CME?

  • anotherone

    I'm sure not. There's only good, better and best. 🙂

  • rhae

    who crappled on Apple? My take, even tho new phones a big hit, several other computer companies have been performing better than APPL over the last few weeks encluding DELL.

    I think APPL is just running out of steam as traders look for better value elsewhere.

  • Leon

    was it a physical fight, like with punches thrown?

  • Tom_27

    I hope so, anna 🙂

  • BalaB

    apparently

  • annamall

    that must be great listening to all that testosterone Bala! 🙂

  • annamall

    Me too Tom!

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

    that was it

  • ckeltner

    All I know is that A/H mess last night you commented on was totally bogus you novice! 🙂

  • 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://alphahorn.blogspot.com/ alphahorn

    Keep an eye on the $BKX, looking very weak and might be beginning wave iii of 5

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

  • fuw

    TRIN clearly trending up now. Maybe we can get to 880 today.

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

    sic transit gloria mundi

  • rhae

    RIMM DELL MSFT DELL green … AAPL red
    if they can hold or not in this market is debateable,,, just a follow up from earlier comment

  • BalaB

    snicker……

    i actually know a few of the guys both doing the announcing and trading in the pits…..
    a hysterical bunch…..

  • wamo

    I didn't know Gloria was sick!

    (Sorry, I couldn't resist a “History of the World, Part I” quote.)

  • standard_and_poor

    Jimi may cut loose some August in the money puts on any spike down of 1% or more.

    Rats should consider it too especially if they hold july at money options.
    Will have opportunity to reload with futures or etf's not options. IMHO

  • rhae

    was she sick on Monday? I don't understand Latin very well or what ever it is..

  • pricey

    I heard someone had a heart attack

  • KidDisco

    915 today or over the next couple of days?

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

    🙂
    I was always wondering why Brooks did not make part II, pity that is

  • annamall

    B, is it the Chicago pits? (even more meat on those guys ;-))

  • http://www.mylifemytrade.com MyLifeMyTrade

    I would think by tomorrow – we chop our way up there.. Then a lot depends on what the Feds say …

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

    You've been forked…

  • Callie

    Sold EURUSD 1.4005.

  • http://www.hotoptionbabe.com annamall

    Hi TW and of course everyone else
    Gosh I just saw your post about your job, I am sorry to hear it, but you know you are smart enough (and probably cute enough :-)) to do great on your own, not only great but better, so this might be a blessing in disguise.
    I concur with you and mole both on the 880 region, I do think we may test that today sometime, but as the Mole-ster said with this stupid FOMC meeting, we will have allot of chop chop and more chop!
    🙂

  • http://www.hotoptionbabe.com annamall

    David, that was funny heh heh heh!

  • http://www.tradingsign.com/ T. Waffle

    Hi girlfriend,

    Thanks for your support. Yes 880 on SPX is possible. I also updated my target on ES.

    Top target at 905 and bottom around 877-875.00

  • http://www.tradingsign.com/ T. Waffle

    Oh if you want to the real T.Waffle you can on my facebook profile. LOL

  • http://www.hotoptionbabe.com annamall

    send that to my email again 😉

  • http://www.tradingsign.com/ T. Waffle

    just use my email address to search on Facebook.

  • http://www.hotoptionbabe.com annamall

    K 😉

  • http://www.tradingsign.com/ T. Waffle

    Let me know so I can accept it LOL

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

    whenever I see Russian wearing a tie and no sense of humor – I am getting REAL funny…just wait…
    Daaam …wy avatars are so gorgeous …just like phone sex

  • Fujisan

    Hi, Steve,

    You have short July 65 on SHLD, correct? If that is the case, I would buy July 70 call to make it a 65/70 call credit spread. This way, you would have a positive theta and negative delta, and you could still take advantage of downside move and yet you could make money on theta.

    Hope this helps.

  • KidDisco

    why?

  • ennuigo

    Thanks

  • ennuigo

    Thank you

  • http://gemstowear.etsy.com Jan

    Shorts I'm watching (my fav's)
    BXP $44.20 Descending wedge….next support level $33.67
    MA closed below 200MA yesteray…next upprt $150
    BHP broken channel…..next stop $48.61
    FSLR in process of filling 4/29 gap

  • http://www.mylifemytrade.com MyLifeMyTrade

    Oversold esp the materials and commodities + every one is uber-bearish…

    FOMC coming up – regardless of what happens in the meeting, we almost always ramp up.

  • http://www.mylifemytrade.com MyLifeMyTrade

    AAPL down a buck when everything else is in green.. looks like yesterday's AH action was meaningful after-all ..

  • KidDisco

    the last time i remember everybody being uber-bearish, the market
    crashed.

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

    MLMT, are you still hanging on to those PALM Calls?

  • http://www.mylifemytrade.com MyLifeMyTrade

    EUR/USD – if it doesnt reverse soon, then it might be headed to 1.41500

  • Osso

    I would like to know the reason why there is a legend “Comment removed” under ANNAMALL name…????? tks.

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

    Prediction: LAD (Lame Ass Day)

  • http://www.mylifemytrade.com MyLifeMyTrade

    No … that’s not true.. everyone was uber-bearish late Feb when everyone was loading up on FAZ at 80 bucks… AND calling for blood on the street… SPX 500 and what not…

    We have come down 65 SPX points in a week.. in times of low VIX…. the ride down will be bumpy… indices seldom go down in a straight line.. Even last fall, now it seems easy… but it would have taken some mental mettle to hold onto the shorts.. especially during the dump in Oct.

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

    Was my post removed?????? If so, I guess I'll be posting on my blog or elsewhere

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

    you would see “comment removed”, may be disqus just did not post it?

  • ropey

    BA not having the best of days…

  • ennuigo

    Where can I check out the TOS desktop?

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

    If anything, I do have a target around ES 885 today which suggests very tight range trading unfortunately.

  • Blind_Squirrel

    Anna:

    These progressively hotter avatar images just have to stop!!!!!!

    LOL

  • https://evilspeculator.com molecool

    Huge divergences between the NQ and the ES – the former is dropping like a rock while the latter is clinging to today's open.

  • http://www.mylifemytrade.com MyLifeMyTrade

    Yes i am

  • http://www.mylifemytrade.com MyLifeMyTrade

    Covered AAPL Vertical Put spread from yesterday..

  • http://www.mylifemytrade.com MyLifeMyTrade

    NQ is dropping because of AAPL – down 4 bucks

  • EDC

    look for the dollars bears to be disappointed in response to the FOMC tomorrow. they can't do anything.
    doing nothing is the best course of action at this time.

    good luck all.

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

    Call me crazy but AAPL I think is the next CSCO. Way too much hype around it.

  • http://www.mylifemytrade.com MyLifeMyTrade

    If I was more ballsy, i would go swing long on BIDU…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Does anyone know what is up with AAPL

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

    sold to close 1/2 bidu puts

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken
  • http://www.mylifemytrade.com MyLifeMyTrade

    Look at FCX go 🙂

    With dollar tanking big time, if SPX takes out 900, then this thing will make a run towards the 50 dollar mark today.. I will be scaling out of my calls for every dollar that it rises up.

  • http://spychart.net spycharter

    It looks like FXE is in a downward channel starting on June 2nd. June 2nd and June 11 set the upper trend line. This morning it looks like FXE is bumping it's head against the upper trend line. IMO FXE has to break out above 140.3 for the market to significantly follow upwards. This is not a bad setup for bulls going into the FOMC meeting…

  • http://www.mylifemytrade.com MyLifeMyTrade

    if AAPL makes a come back, NQ will make a big run – watch out..

  • standard_and_poor

    Morning brothers and sisters, Jimi is waiting for a pullback to add a few shorts- nothing crazy man.

    Jimi says watch out for castles made of sand.
    http://www.youtube.com/watch?v=YF4-r2MpRMs

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

    i saw it, it was there

  • rhae

    maybe… what do they want to kill? the stock market or the equity market? Do nothing, smartest but the Fed seems to be lacking in the smart department. Don't think they want to kill off bonds completely. ( Those are just I.O.U.s). Where is Greenspan when you need some Mush Mouth?

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

    Their Auto Erotic Strangulation App had some liability issues…..

  • Keirsten

    Yep- watching it play with support @ 133.50

  • EDC

    true that, they can either continue to pull liquidity and force the safe haven trade. the problem will investors flee to the long end.
    or they can announce more major buying of the long end, forcing out the natural market participants (as they sell into the fed buying) and eventually have no control over the long end of the curve.
    they now know this, the thesis will either go down as a failure or a success. time will tell.

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

    Took short 893

    Edit out 890

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

    What you're going to find going forward is the market selling off on good news – complete opposite of a bull market.

  • Keirsten

    Watching extremely tight BBs on 15 min SPY here- should burst one direction or the other

  • standard_and_poor

    Jimi says hi “wild thing”.

  • MadDogLV

    Anyone have an opinion on this… Looks very tempting — just wan't to make sure this doesn't turn out to be like a smoking hot hooker with aids…

    BUY +1 BUTTERFLY /6EU9 1/125000 JUL1 09 1.38/1.37/1.365 PUT @-.0006 LMT

  • Iguanadon

    Muted response to the housing numbers… still gonna make it up to the 905 range on the S&P?

  • standard_and_poor

    Jimi will now play for you and in honor of your new avatar:
    http://www.youtube.com/watch?v=g_g04BQ7VEI

  • http://www.hotoptionbabe.com annamall

    agreed, I just said that to someone privately amgrant

  • Keirsten

    I saw your earlier post Alpha- you discussed using RSI with EW, right? If it was removed though it should say comment removed in italics. I had a problem with DISQUS earlier this morning myself- maybe something whacky going on there?

  • http://www.hotoptionbabe.com annamall

    cause I am a very bad girl! LMOL J/K

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

    Gotta run to airport, you guys please keep this thing in a holding pattern until I get back

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

    After (count them) 6 or 7 tries at the 894 level, it failed….huge supply there.

    Slowly making our way to ES 872 IMO.

  • http://www.hotoptionbabe.com annamall

    thank you BS, You know you are very sweet! BTW have you ever seen the waterskiing squirrel?? hysterical!

    ok as far as trading I think we have seen our bounce and will test the 880 region today

  • http://www.hotoptionbabe.com annamall

    Hi Jim-I 🙂

  • CandleStickEmUpper

    nice new pic

  • http://www.hotoptionbabe.com annamall

    My theme song how did you know Jimi??? LMOL Nice thank you

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

    it was declared short by DDT and they decided to save what they can before DDT will pronounce them dead on $124 spot

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

    GORGEOUS FAIL.

  • rhae

    SPX yesterday was a WR7 day, the low of the day was 893.04 I will be watching that number closely.
    currently SPX 30m my closest line is 895.51 but it is thin, and below still have all that thin blue ice.

  • http://www.hotoptionbabe.com annamall

    Thank you Candle! 🙂

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

    I just set alert @126 (not today of course)

    132+ to watch for support

    P.S> 134.89 res

  • http://www.hotoptionbabe.com annamall

    agreed sistah and I say we test 880 area today! 🙂

  • http://www.hotoptionbabe.com annamall

    see you later SSC! will do!

  • http://www.hotoptionbabe.com annamall

    btw I added a load of AA short stock this morning

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

    Is there such a thing as a bad picture of you? Geez lol

  • Guest

    No new lows for AAPL (sitting at S2)…..The NQ Bid volume is getting some legs from JP Morgan

    There was just a fight in the ES pit…

  • Iguanadon

    Snoooooze…. Somebody kick the jukebox to get it unstuck. One way or the other, just go somewhere.

  • http://www.mylifemytrade.com MyLifeMyTrade

    anyone looking to play CME?

  • anotherone

    I'm sure not. There's only good, better and best. 🙂

  • rhae

    who crappled on Apple? My take, even tho new phones a big hit, several other computer companies have been performing better than APPL over the last few weeks encluding DELL.

    I think APPL is just running out of steam as traders look for better value elsewhere.

  • Leon

    was it a physical fight, like with punches thrown?

  • Tom_27

    I hope so, anna 🙂

  • http://implicittrading.blogspot.com/ BalaB

    apparently

  • http://www.hotoptionbabe.com annamall

    that must be great listening to all that testosterone Bala! 🙂

  • http://www.hotoptionbabe.com annamall

    Me too Tom!

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

    that was it

  • ckeltner

    All I know is that A/H mess last night you commented on was totally bogus you novice! 🙂

  • 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„¸

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

    Keep an eye on the $BKX, looking very weak and might be beginning wave iii of 5

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

  • fuw

    TRIN clearly trending up now. Maybe we can get to 880 today.

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

    sic transit gloria mundi

  • rhae

    RIMM DELL MSFT DELL green … AAPL red
    if they can hold or not in this market is debateable,,, just a follow up from earlier comment

  • Guest

    snicker……

    i actually know a few of the guys both doing the announcing and trading in the pits…..
    a hysterical bunch…..

  • wamo

    I didn't know Gloria was sick!

    (Sorry, I couldn't resist a “History of the World, Part I” quote.)

  • standard_and_poor

    Jimi may cut loose some August in the money puts on any spike down of 1% or more.

    Rats should consider it too especially if they hold july at money options.
    Will have opportunity to reload with futures or etf's not options. IMHO

  • rhae

    was she sick on Monday? I don't understand Latin very well or what ever it is..

  • pricey

    I heard someone had a heart attack

  • KidDisco

    915 today or over the next couple of days?

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

    🙂
    I was always wondering why Brooks did not make part II, pity that is

  • http://www.hotoptionbabe.com annamall

    B, is it the Chicago pits? (even more meat on those guys ;-))

  • http://www.mylifemytrade.com MyLifeMyTrade

    I would think by tomorrow – we chop our way up there.. Then a lot depends on what the Feds say …