Same here... hedging and riding 'em down.

Closing update:
Dow 9870.30 -268.22 -2.65%
Nasdaq 2135.18 -85.47 -3.85%
S&P500 1041.24 -33.33 -3.10%

C drops to as low as 3.3 and then it stops trading due to circuit breaker. Then resumes back to 3.8 or so.
It was crazy day. All bad news came in at once.. US Consumer Confidence, Europe and China.

SPX broke below 1040 intraday to as low as 1035 but managed to closed back above 1041. This is very fragile.
If SPX closes below 1040, then we will likely see 950 soon.

I'm in TZA, TYP and VXX premarket. All 3 soars like crazy. I'm cashing out half now.

Still in red in some of long stocks which I'm adding more to long position to average down.
I believe we should get small bounce from tonight hard sell down and plan for exit strategy by Friday before the long weekend. Got to move to defensive position now.

This post has been edited by danmooncake: Jun 30 2010, 04:36 AM

of course tomorrow there will be half chance to rise and half chance to drop.

but beware of the last minutes buy at 4pm(US Time).. I think tomorrow the market will test the previous low at 9750. If it succeeds, it will further go to 9500, then going to 9k.

The reaction from China market today will affect DOW tonight. If China did not give a bounce, DOW can continue the drop until Friday. The selling fear is already there.

Update: Hang Seng futures drop like 550 points..

As you know, I am looking into 9k..

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Added on June 30, 2010, 11:15 pmit is sideway now..

This post has been edited by epalbee3: Jul 1 2010, 12:00 AM

Closing update:
Dow 9774.02 -96.28 -0.98%
Nasdaq 2109.24 -25.94 -1.21%
S&P500 1030.71 -10.53 -1.01%

That's it! Key technicals broken. Bears won!
We're going to see a severe down draft here.
Let's continue to ride this thing down!

This post has been edited by danmooncake: Jul 1 2010, 04:55 AM

it is always rally and dip.. but dip more..
don't expect one straight drop.. see the small rally on and off..

Now sitting on the 9775 support line but look very shaky.
If it break that support we can go riding on a big splash

I think tonight should be another big dip.

The reason is Asia market is still red like 1%.
More over, the last night 3pm DOW sell off means that momo is releasing at this point.. Moreover, employment result wil be out soon..

Today DOW market may be +50 points or -250 points.
Bear will still win..

DMC, if the market is going to 9k, we need two more bad news..

What do you think?

I think we will need more than two bad news... I don't think we will go to 9K in a straight line. It will be staggered, some relief rally forming lower highs and lower lows on the chart.

Tonight we got Jobless Initial Claims - predicted to be bad.. Pending home sales .. most likely weak and car sales.

Big Friday - the big one- Employment. If higher than 9.8% - there will be big drop in the market.
There is a small chance that if there is a upside surprise, the market may rally back up. That's ok,
this will allow the bears to re-short at better price.

It will be 3 day weekend for US (Next Monday - US Independence Day), most people do not want to hold stocks in long weekend and may sell to cash in too.

So. Playing shorts here will likely win until the trend changes.

deleted

This post has been edited by SKY 1809: Jul 1 2010, 02:41 PM

The most important thing is China manufacturing sector is cooling down and European banks may not be able to pay back debt..

Then US employment rate drops..

We have the chance to see below 9.5k within this week..

By Friday - possible 9.5k if only we get another -250 points drop today and tomorrow. If not, next week, will also be another chance. Bear rules for now!

(8:30pm Initial claims - came in worst than expected, 472k vs. 458k.)


US govt finally completely finished their 1st batch of C shares sale
==

Shares of Citigroup © are up 4 cents, or 1%, at $3.80, after the U.S. Treasury announced it sold off 1.1 billion shares of stock in the company as part of its unwinding of the stake it picked up in the bailout of Citi.

Treasury paid an average of $4.03 per share, which is slightly less than the $4.13 per share it got back in late May (by my calculation), netting the Treasury $10.5 billion in gross proceeds. Morgan Stanley (MS) is the agent for these sales.

Treasury said the sale left it with 5.1 billion shares of Citi shares and that it planned to continue selling once the blackout ends around Citi’s quarterly earnings, which is expected take place on July 16.

Interestingly, despite a 5% decline in Citi stock the month or so since the company made its first sale, Treasury has still managed to get the $4 per share, on average, that some observers have opined was essential for Treasury to be willing to sell into the market

This post has been edited by danmooncake: Jul 1 2010, 09:30 PM

DMC,

Heads and shoulders kidda confirmed right in US?

Yes for SPX. No for Dow.


This post has been edited by danmooncake: Jul 1 2010, 10:05 PM

Actually today can be a 100 point dip.. all criterias for the dip are there already. But DOW still within -20 to -30 range..

I would think that it will drop to -100 soon.

since the technical already broken and they said it is bear market now.. so these few sessions can confirm the bear market..

if so, the dip will be at 7000 points..
wait and see how..

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Added on July 1, 2010, 10:03 pmwow... the DOW is now -70 while I am typing..

This post has been edited by epalbee3: Jul 1 2010, 10:03 PM

Update 10pm
Existing home sales in May came in worst than expected, a huge drop: -31% vs. -12% expected.
ISM drops to 56.2 vs. 59 prior.

Oil now drops below $74.

More power to the bears!

I think we may have chance to see 9.5k today..

then 9.3k tomorrow..

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Added on July 1, 2010, 10:22 pmC dropped to 3.69

This post has been edited by epalbee3: Jul 1 2010, 10:22 PM

Wow, what a market. Purchased another block of C, small quantity though. 500 units.

Market roaring back to support 9700. Wait for Friday news. I'm expecting another 50-70 pts drop before we're back to 10,000.

Selling will accelerate when we past -100.
Prices will become even cheaper by two weeks.

Being short IS the new LONG here.

I won't buy dips yet until we get past unemployment this Friday and see where it goes.
Now, the monthly trend is down and quarter trend is flatten.

If earnings can't get this back up..2nd dip is very likely.



This post has been edited by danmooncake: Jul 1 2010, 10:31 PM

hmmm..dollar down gold down stocks down oil down..sh*t be global son...
world is melting down $$

I see 9k as the next support point..

S&P now is at Oct 09 support neck line. Dow is much better but doesn't look good. Nasdaq being ripped apart.
If funds sell tech to raise cash, that's means trouble (AAPL is being ripped apart now, below $250 ).