Reflection

Daily Reflection: 06.08

A short hiatus, but we’re back. Looking at a chart of the SPY, we produced a nice little double bottom with stronger volume. To keep it short and sweet, we are looking for a bounce up to 1075 on the S&P500 and then a decline down to our original target $1005. LVS and UAUA are setting up as nice longs this week. Next week is options expiry so we are looking to July for options. LVS 21 call, and UAUA 19 call.

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Daily Reflectino: 06.02

It looks as though the markets are thinking higher. Don’t be fooled, even if we do get a short rally we are not clear to retest April highs until we break $1150. Lots of news tomorrow should spark things up a bit and make for some great intraday trading.

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Daily Reflection: 06.01

Not a pretty NASDAQ chart for bulls. With daily swing targets below us, an inverted hammer on the QQQQ’s and continuing fears of the Oil Spill, Greece and Spain, and not to mention our own US debt we could see a massive decline this week breaking lows. A break outside of this inverted hammer on the QQQQ’s should give us some short term direction. New shorts setting up for tomorrow: AMED, M, SLW, UNP

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Daily Reflection: 05.27

Let’s not load the boat long just yet. Grabbing a few shorts as we inch higher is a smart play as we continue to see lighter volume on the rallies. Tomorrow we should see some decent trading in the morning then a very slow afternoon session as trader’s head out early for a 3-day weekend.

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Daily Reflection: 05.25

Have we hit a bottom? Today’s price action sure seems like it. We opened the day at -140:1 breadth and closed at 1:1 grinding higher all day. The market is heavily extended to the downside and has held support at the 2010 lows. When we see a daily hammer candle pattern (on the SPX) as large we’ve seen today, it is common for us to gap higher the following day. If this does occur, we will be looking to add…

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Daily Reflection: 05.20

First the scare, then the tear. Last Thursday’s price action was essentially mimicked today only with less violence. Below is an excel spreadsheet I use to record the market internals. The important columns to note are the Trin and the NYSE % change. The light orange dot represents a bearish Trin close on the day, the following day we had a bullish Trin close, but a bearish market. This is an extreme warning signal. When we see Trin readings above…

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