PPT says we need another week of down. Not enough yet.
They'll come and become heroes later.. perhaps late Friday evening or early next week.

Update 10pm
Bought another batch of TCK @ 34, STEC dropped to 12.50, Q to buy @ 12.65 got hit.

This post has been edited by danmooncake: May 5 2010, 10:20 PM

Wow... we barely touch SPX 1150.. those PPT computers already kicked in to buy back some of the market.
Man.. they're fast.

This post has been edited by danmooncake: May 5 2010, 10:24 PM

I was wrong.. I hoping they're going come in much later perhaps this Friday but they already waiting at the door.

Almost started to add more short.
Now finally have exit FXP @ 44.50 via the trailing stop.

Let see if bulls care to take us back above 11K by this Friday.

Update:
In TNA 59.50

This post has been edited by danmooncake: May 5 2010, 11:42 PM

Well, Nobody knows.. but you got to plan ahead. I was expecting we go down to see SPX 1150.. barely visible only, the PPT already kicked in their BUY button already. Lucky me, I got buy order for TCK @ 34 and STEC @ 12.65 already planned and was about to start short on some to hedge down.

Oh well, let see how it goes.. we may have to sell into the rally this Friday. I plan to unload my overloaded
batch of TCK once we reach 39/40 for safety reason.

Good luck!

I think it will go to US50 within a year or so.. but I plan to hold some of the overspilled batch for short term only.
The metals and mining stocks seems to have found a bottom and moving ahead of everybody else.
I'm also seeing bounce in FCX too (big brother of TCK).

Same goes for X. Bottom at 51. Picked up more at 53.

As for poor BP.. the bulls doesn't want it to tank to 45. Very strong support below 50.
But, this oil spill mess is not getting better yet. We shall see.

Update:
Oh dang..Got stop out from X @ 54.50 - small profit only. I'll try this again later.

Update: 2:30am
Oh crap again.. got kicked out from TNA @ 59.25.. small loss.

Looks like bears aren't giving up.

This post has been edited by danmooncake: May 6 2010, 02:31 AM

Closing update
Dow 10868.12 -58.65 -0.54%
Nasdaq 2402.29 -21.96 -0.91%
S&P 500 1165.87 -7.73 -0.66%

Wow! We came off the lows...

At opening, the S&P has dropped over 5% (@1158, just 8 points away from support)
and Dow lost 4.5% from the highs on April 26th. Then suddenly, PPT kicked in their BUY algorithms.

Tonight, we shall see if PPT teaser will work or not in order to pull back the bulls.

This post has been edited by danmooncake: May 6 2010, 06:57 AM

Not every bull is convince yet. The bulls and bears have good fight today and I say.. the bears won a bit here but at least we didn't drop another -3 digits down.

The streets over at Greece are having terrible blood fest. CNN news keep showing it, Wall Street watching and feeling very nervous. The part about another possible downgrade coming for one of the debt-laden country and the rumor that Euro currency going to crash isn't helping.

Other than that.. everything in the good old USA is great! Uncle Ben and PPT ensure prosperity for them.

This post has been edited by danmooncake: May 6 2010, 09:24 AM

Oh boy.... futures all red again. Euro went down another pip, greece still in turmoil getting worse, financial regulation in process - more unknown, Oil moves down to $78, Dollar moves up - 14 months high against Euro. Looks like storm isn't over yet.. Eventho jobless claims came in less but retail store Target missed est.

What else can we ask for?

Perhaps we shall see and perhaps close below SPX 1150 or Dow 10700. That would meet my target for a 5%+ retracement from the top. Time to get ready to fire another batch of buys for longs.

---

Added on May 6, 2010, 9:12 pmGreat.. it hit 52 weeks low.

Actually, I want LVS more than ING. Waiting for LVS to touch 21.50 or below. LVS has been pretty strong lately.
A quick check across the gambling sector last week.. looks like people are going back to the casinos and resorts. This sector is indeed recovering.

This post has been edited by danmooncake: May 6 2010, 09:17 PM

SPX = 1150... here we come!

No.. I'm not crazy.. I'm buying some at this level.

Well, I got my target at SPX 1150.. I think it will hold.

Bought some ING @ 7.50, ERX @ 38, TNA 55.5 (2nd attempt after being kicked out yesterday), and finally CSCO @26 (add to long position).

Looking forward for BP, but heck,.. I think it has seen its low at 50.. this baby doesn't want to go down.

I'll leave some dough on the table in case we got more bad news tomorrow after the data being released.

Oh damn. got kicked out from TNA again.. definitely not good. Also stopped out from ERX.
SPX just dived below 1150. Gonna try again at the next level.

I'm waiting... damn.. the walls have been breached.. my auto shorts went in. Bears are on lose.
Panic selling here.

SPX 1074.. holy moly... those auto computers just went to PANIC SELL mode..



This post has been edited by danmooncake: May 7 2010, 02:48 AM

This is Huge Huge Mega Sale...
Go grab it NOW!!

It already did.. those algo went so fast.. it hit the panic mode and oversold by mistake.
Q to buy during this volatile days. This is a huge bargain!

Damn...it. I think they just halted trading.

Update: Ok, they resume back. .Oh man, that dive -20% to +20% is incredible
What a WILD WILD volatility swing..

This post has been edited by danmooncake: May 7 2010, 03:12 AM

Closing update
Dow 10520.32 -347.80 -3.20%
Nasdaq 2319.64 -82.65 -3.44%
S&P 500 1128.15 -37.72 -3.24%

What an incredible day! This is like last year panic selling during March '09 dive.

Here's a recap from the frontline.. got major cuts today.

SPX bounced off 1150 and but couldn't hold it and slowly descent -5 points, -10 pts,
It didn't crash down yet until the DOW drops to 10700 and then suddently the trap door opens.
At this point, I think all those auto-algo kicked in the SELL button and all stops were taken out.

After my failed TNA entry and SPX gave up support @ 1150 and my queue buy for for SDS (Shorting S&P500) kicked in.
It bumps up 10% in less than 2 mins... now drops back to 5%.

ERX went down to $29.., TCK to $32, ING to $6.78. even C went to $3.90.., even CSCO to $23.23

At one point, all my streaming quotes all frozen.. alert from my broker platform volatility rules in effect.
Dow almost lost 1000 points here and SPX lost about 100 points.

That's when we got to SP 1065, the max loss algo kicked in again and reverse BUY kicked in. This is perhaps when they detected overselling done here by those high speed computers or some kind of malfunction must have happened.. (or maybe PPT person asleep at job and just woken up here ).

If you guys take a look at your fav. stocks.. almost all got a V shape recovery in less than 5 mins.

I've only managed to catch only TCK @ 33 and ERX @ 32 on the reversal.

Folks, I'm not sure this is over yet but like last year, but prepare of a violent upswing after this panic selling.

Take a look your fav stocks and see the lows of the day.. then calculate the percentage drops versus the SPX or DOW to set your appropriate buy queue (if you're long) or short sell queue (if you're short). Both ways can win..

Good luck to all!

This post has been edited by danmooncake: May 7 2010, 05:21 AM

Ok, there is a serious glitch today.. just saw the news from CNBC.

Some idiots must have fat finger an entry and caused the domino effect.

No freaking way under normal circumstances we drop 1000 points or near 10% for the Dow.

Look at AAPL. It dropped to $199.25.. How can this be?
PG drops to 39.37.. almost half.. This is a MAJOR buy!

This post has been edited by danmooncake: May 7 2010, 05:11 AM

I think only certain ones will be cancelled... esp. those with wide spread in price.

Anyway, I just checked my buy queue for LVS and it got executed @ $20.
Hopefully, this one time glitch is a gift..

I wonder if there is lucky SOB who got AAPL @ $200 or PG @ $40

Also, I don't think I like the news about C with huge exposure to European banks...
therefore, trim some of your holdings here if you're not already in red.



This post has been edited by danmooncake: May 7 2010, 06:44 AM

Here's the scoop:

Reuters NOW-Nasdaq to cancel trades 05/06 06:29 PM
NEW YORK (Reuters) - Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. greater or less than 60 percent away from the consolidated last print in that security at 2:40 p.m or immediately prior.
Nasdaq said the stocks affected and break points will be disseminated soon.

Source: http://uk.reuters.com/article/idUKTRE6456U720100506

60% away... oh well, lucky SOB who bought AAPL @ 200 still can get it.

You may yet get your chance. Before the technical glitch.. the market is already very very bearish.
Tonight.. if we don't get a good unemployment number, it is going to be very UGLY. We could see a 500 points drop.
Below 10K could be a reality.

Therefore,.. wait and be patient here.

This post has been edited by danmooncake: May 7 2010, 07:30 AM