Archive | June, 2010

Daily Reflection: 06.29

29 Jun

Pump the breaks, looks like the market gave us the fake out. From a technical perspective signs were pointing to a bounce, however today’s price action put things back in check. Suddenly that 995 S&P Target doesn’t seem so far away. A few weeks back we talked about getting short at 1127; our target is the $995. We also talked about the importance of hedging. When the market is up, you must think about downside risk, and when the market is down, you must think about upside risk.

Daily Reflection: 06.28

29 Jun

For what appears to be a choppy chart at the end of the day, intraday trading has been quite technical. Took profits on GLD this morning however, we still thing it will be moving higher. Once again we will pick up calls near the lows of the trend line. The Put/Call ratio is showing a move to the upside is near. The move down has begun to slow and round out. We are expecting to close the week positive across the top line figures.

Wk25: Market Recap

28 Jun

We saw a stream of selling this past week; however volume did not jump up by that much. The chart is semi-broken and choppy looking. We will continue to go with what is working, buying pullbacks in strong up trending names like SNDK, NFLX, and GLD, hedging with the QQQQs, SPY, or DIA.

Wk26: Market Forecast

28 Jun

In the week ahead look for these news announcements to act as potential market movers
The pattern we see forming is a Double Bottom Pullback. Keep in mind that the opposition to any pattern is a violent move ie: if a bullish pattern fails, a violent move to the downside tends to prevail because all the people that were getting long are forced to exit rapidly via market orders. Later this week volume will start to lighten up and next week we will not be trading as volume will be extremely thin.

Wk26: Watchlist

28 Jun

Continue to buy pullbacks in GLD and like NFLX and SNDK as longs if they break their highs from Friday.

Daily Reflection: 06.24

25 Jun

Continued weakness… If you have not hedged your longs, do it. This could get real ugly real fast. We are anticipating a break of 2010 lows.

Daily Reflection: 06.23

23 Jun

Teetering on the edge of a violent move. A break above today’s high or low should signal which way that move will take place.

Daily Reflection: 06.22

23 Jun

Heavy selling and a Trin close above 2.0 on both the NYSE and NASDAQ. If we cannot close higher tomorrow we are in for new lows on the year, but as always there are two sides to every trade…

Bulls see: Pullback before making new highs (look at Feb 25, same setup).

Bears see: Head and Shoulders, looking to make new lows on the year.

Tomorrow is the monthly Fed meeting announcement. We are expecting them to leave rates unchanged until the November elections.