Market looks weak today, particularly the financials. All kinds of doom to go around, but the most important thing to me is the bearish candle from today on the /ES. To me, this candle suggests a consolidation into tomorrow, perhaps even a revisit to the May lows before we can rally again. Let’s see what unfolds, but for now I’m positioning around that revisit to the May lows, I have 1 or 2 small positions on to speculate now but I’m going to hold off on executing a lot of orders until tomorrow morning.
/NQ 2500 and /ES 1295 are particularly interesting levels for me to jump in.
This image is particularly fitting for today.
The daily chart of the Nasdaq looks ugly! Jon, the daily chart of the Nasdaq looks ugly. Ugly as in bearish.
P.S. this is a hint for you to find premium and let the market come to you, not to trade directionally just yet.
I am expecting a bit of a bear rally here. The market is pretty oversold, a bit of a rally would be healty for a permabear’s diet here. Let’s see what unfolds. Huge price action today! Lots and lots of option premium to be sold here.
Brazil looks nice!
We’re ready in Advance. And hopefully taking advantage of a gap fill!
These will all be swing trades to the upside for me. Small positions. I’ve still got my eye for new short plays. I still think there could be a rather significant move to the downside in the pipe, but for now, I am mildy bullish.
Just follow the light of the great Mufasa.
Pretty epic conversation took place just after the opening bell this morning.
Chad: I’m going to buy this stock.
Me: Me too!
Marissa: What! You are buying it solely because he is?
Me: That’s right.
Marissa: If a friend jumps off a bridge…would
Me: yeah, but I don’t want him jumping into a pot of gold by himself.
Marissa: haha. Whatever.
Chad: Co-signed, sealed, delivered. It’s mine!
Me: It’s about to be Ducktales in this bitch!
Marissa: OK Scrooge!
Chad: A wooo oOOo
(Chad is my boss, CEO, and father of 3)
Getting a late start on this one due to my other other job. Anywhoo, market is poised for a strong start to this following its worst week so far in 2012…thus far. It’s still an interesting market here, I’m not convinced buyers are back on the court just yet. That being said, I will be adjusting my stops and reducing some of my short inventory today to protect profits.
This is a great time to be looking out for both new short and long entries… Trade AS IT happens. Preparation and consistency is key here.
Happy trading folks.
Look at that, an up day in an up trending market, imagine that! Let see what happens when we get back to the 30 day SMA. Until then, lets let the scalpers have their fun until someone pushes the drama button.
Big sell off yesterday, woke up to the futures recovering significant losses yesterday. Remember old support becomes new resistance. Be careful trading, this is getting nasty. Nasty like Sarah Jessica Parker.
Have a look:
See that nasty horse like resemblance? It’s ugly, it’s nasty, and it will buck you if you are not careful. Ugh. What a face!