Yup, about to shout that TCK, X all year low.

Bounced back a bit now. Above 10K, and holding strong. Can't tell what gonna happen mid-day.

lost $500 today.. stop out..

like a smoke..

Closing update:
Dow 10193.39 +125.38 +1.25%
Nasdaq 2229.04 +25.03 +1.14%
S&P 500 1087.69 +16.10 +1.50%


Green across the board!!

Four weeks of bear... and finally last day of OPEX, the bulls came back in, right when Dow dipped under 10K at open and S&P500 at 1055.

Shorts covered, dip buyers came in, more buyers came in later at close and we're now near the 1090 at close.
Not too bad. Got a few grand after two weeks of hard work playing bears and pulling bulls horns. My other trades are still in red on paper. Have to average down and trying to close up the gap as much as possible. Got a bit more TCK, X, SSO, XPP and some JUNE AAPL 250 calls during the open. We may still dip back here next week but I think further dips are probably shallow and I'm ready to ride the long side now (at least temporarily now till we reach the next resistance line - looking at SPX 1150 as top here).

This post has been edited by danmooncake: May 22 2010, 06:33 AM

here is a lesson to learn, the DOW index showed a narrower triangular movement, which indicates fighting between bear and bull which may lead to revert of direction. Sort of technical analysis. I miss the stop point because of greedy..

BUT... if you look at the DOW, i think the chart is purposely made by "momo" who bet wining in OPEX. That momo aim is to push the DOW to 10100 to win OPEX day. but that momo wants to save some bullet during the middle session.

SO IN CONCLUSION, next week should be another big dip... BASED ON MY OBSERVATION...

you can give more comments..

WELL... i am still bear, but I will watch sidelines.. see who wins first..

Yes, elpalbee, you are right.

Dibbieyss, you see... I always tell people that the bounce back should happen anytime soon before another big dip.. then myself go and short it..

can give advice to people, but cannot resist the attempt to enter short..

Ok, this is what we can do: wait for monday market to open, then watch 2 hours.. if dip.. we can join the bear...

Epal - you've good hunch there!

Yes, I'm aiming for that SP1100 as the 1st resistance level.. there's going to a wave of bulls riding on the back of this market if both Asia and Euro feel good on Monday. That would carry towards the opening on Monday evening, perhaps even pop big (+30 points). That wall may trap a lot of bulls buying into Monday pop.

Depending on how it goes... if you thinking of shorting again (to make back the money you lost), aim high and hit it right at the top of that ceiling.

Short exiting is a little more difficult to play than going long. You gotta to watch those 60 mins and 15 mins waves on your charts. Zoom it out, watch those fast MACD and once it is about the change, dump it and exit.
I did that last night the moment the market opens, futures bleak, but once I spotted SP couldn't get lower than 1055 and hold a bit and trace back above, I got only a few seconds to exit.

Let's try again next week.

This post has been edited by danmooncake: May 22 2010, 09:19 AM

I only know DMI, but MACD should be better for intraday..

small profit for the week.. will watch carefully before entering again.

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Added on May 22, 2010, 10:04 amwaiting for another bull/bear ride soon...

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Added on May 22, 2010, 11:57 amDMC, do you recommend any real time charting tool?

This post has been edited by epalbee3: May 22 2010, 11:57 AM

I do feel that the market is FAKE. So, Monday will be good for early morning trade, aka the carry over of FEEL GOOD friday (DMC - u hijacked my words )

Anyway, already Q for LVS @ 19.00 (did day trade last Fri, LONG 300 @ 20.20, exit at 21.00)

I wonder if Monday will rally another 100, come down back into negative territory by mid day? Dmc, at what point would u enter your shorts at? S&P 1100? How about aapl calls? I got some last fri for July, wonder if I should get out by Monday or just ride it all the way till wwdc?

I think by Monday am, if Asia/Euro feels good and green all the way.. then DJ/SP Futures will also be green. I'm hoping for more green shoots and perhaps if we can pop up and trade through 1100, then there'll be a "oh shit.. this doesn't look right", I'm hit it a bit here. But, if we gap up big and futures way over 1100 and opening looks extremely strong, I may not short anymore - I wait till closing and see what happens.

Hopefully, there won't be too many mad bulls come charging from behind otherwise the momentum could take this higher and I'll get stop out on my shorts if already started.

These are some resistance level here: 1100, 1150, 1170.

Those AAPL calls will worth quite a bit if SP goes back up to 1170 but you can still scalp pretty good if we get a 15 to 20 points pop on S&P on Monday.

Well, just keep your eye on those real time charts.

Epal: For real time charts, your broker should have them.

This post has been edited by danmooncake: May 23 2010, 09:05 AM

I uses OptionXpress to view Level II quotes..

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Added on May 23, 2010, 12:09 pmPreparing to sideways.. until direction is clear..

This post has been edited by epalbee3: May 23 2010, 12:09 PM

Good evening guys,

Looks like premarket is coming off the lows.. the bulls may turn this into a green day. Let see if we can hit that 1100 target tonight.

Just look at S, super strong since 3.75. Beat most of the S&P movers.

trailing stop for TZA.. moving onwards..

no time to see.. so let trailing decides for me..

Yes, indeed. Strong bull flag. A pullback to $4 would definitely warrant a buy.

Closing update:
Dow 10059.92 -133.47 -1.31%
Nasdaq 2213.55 -15.49 -0.69%
S&P 500 1073.65 -14.04 -1.29%

Man.. the bulls can't hold it anymore. Sell into the close here. I was hoping for SP to go to 1100 to reshort but it can't even go above 1090.

Sold off AAPL 250 June calls.. gained 70% from last Friday. Also, sold some XPP for small gain here.
Will buy again if we touch SP1040/1045 in the next few days.

Another the wonderful week of bear has just begun.

This post has been edited by danmooncake: May 25 2010, 04:29 AM

Let the MAULING begin!

Sold my AAPL calls too! Sold a little early though! Oh well, a gain is a gain still good!

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Added on May 25, 2010, 2:36 pmI think direction is quite clear today, looks to be southward bound!

This post has been edited by Erroralot: May 25 2010, 02:36 PM

yeah, super clear. Dow futures -223pts and counting. Welcome to bear land.

S&P futures are down to 1045, somehow holding pretty well. If futures gaps down WAYYYYYYYYYYYY lower than that, I think we're gonna bear mode quite hardcore tonight !

Remember, S&P 1045 is the Feb floor. If we close lower than this today, next target could be below 1000.
I'll cover my shorts today and go a bit long now (with tight stop).

Being SHORT is the new LONG here.