Don't care about Soros.. he's a long term investor. We're momentum here.
Dow will be still red but it will tapered off - not as worse as yesterday.

I'm holding my shorts till this mid trading day and will likely to cash out for the weekend.
I'm looking for a bounce around SP 1045 (Feb low) and go long on some positions.

Guys - if you've some cash.. now is the time to get some, Dow IS below 10K.

This post has been edited by danmooncake: May 21 2010, 09:21 PM

I'm seeing material stocks like FCX, X, TCK, hitting their lows and bouncing already.

The bulls are standing by.. watch it.
If the bears can't force it to go below 1050..the bulls will gain ground.

If we go green, I'll cover my shorts.

This post has been edited by danmooncake: May 21 2010, 09:44 PM

I'm out of shorts.. waiting at sidelines. Not buying this yet.

A bit of snapback here. Market internals showing 60/40 advance/declines.

Bargain hunters already came in. Remember, it is OPEX day.
Options traders are fighting this out.

Just watching at sidelines for now.

This post has been edited by danmooncake: May 21 2010, 10:08 PM

Actually I think momentum bears are slower now..the bulls are holding now @ 1070 same like yesterday close.
I thought bears be able to push 20 more points more to 1050 but gave up at 1055.

I've covered since 1060.. now waiting to see how far the bulls can push before another bear push.

Finance and mining stocks are leading this bounce up today.

Update:
Closed out my remaining decimated AAPL 250 calls. Today lost $1795, last week profited $5175.
Total profits: $3380 for two weeks.

Enough for now.

I think once we're close to bottom..getting ready pile in for the ride up.

This post has been edited by danmooncake: May 21 2010, 10:55 PM

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

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 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

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.

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

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.

I was thinking of getting some TNA for bounce play..

Shorting TZA meaning going LONG.

I've covered my shorts. I think SP 1040 should hold.

I'm in TNA 39.30..trailing $1. Looking to exit SP 1060 and I'll go short again.

Actually, S is the one looking good in a horrible market like this. Thanks for bringing this up yesterday!
It won't go down. What's driving this?

What's the news for S? I can't find anything that can substantially make it withstand this storm today but yet up 2.5%

No wonder. GS pumping again.

Anyway, SP 1060 is here. I took profit for TNA (out $42). Profit $800.

Waiting to see if we can a bit higher before going short.

Z: By the way, are you still playing STEC? Around 11s now seems reasonably cheap.

This post has been edited by danmooncake: May 26 2010, 12:21 AM

Riding short, SDS @ 36.70 now. Look for SP below 1050 to exit.

Update: 2am
Got out from SDS at 37.. not working well as I thought.
Got back in TNA, $42.25

Closing update:
Dow 10043.75 -22.82 -0.23% (Hit low: 9774)
Nasdaq 2210.95 -2.60 -0.12%
S&P 500 1074.03 +0.38 +0.04% (hit low: 1040)

What a recovery!..269 points for the Dow and 34 points from the lows in the early trading.
Once we got that SP 1040 floor, we bounced up, hit 1060, went down to 1050 and bounced up again, and broke through 1060 resistance and closed nicely @ 1073.

Have to get out from SDS and rush back to TNA for this play because SP won't go down anymore tonight.
Let see if the bulls are able to take us back to SP1090~SP1100 from here for another short attempt (much better at that level).

Z: I was waiting for a good entry for S but can't get it. I think it is too high now.

This post has been edited by danmooncake: May 26 2010, 04:37 AM

Goldman needs to upgrade C.
And C can upgrade Goldman later.

Anyway, if you all take a look at C chart. It didn't do too bad these past 3 days when the market has dropped 5%.

This post has been edited by danmooncake: May 26 2010, 10:48 AM

We're going move north guys... all aboard!

Still riding TNA from yesterday. Just jumped in ERX premarket: 28.8.
Going to ride 3x to see how high we can go.

Oil oversold..added more UCO @ 8.90, let see if it can head back to $75 or higher later.

---

Added on May 26, 2010, 8:54 pm

Upgrade for C:
Citigroup: The financial stock is upgraded to Outperform from Perform at Oppenheimer as its large Latin America and Asian businesses leave it well positioned in coming years.

C just popped 4.5% premarket.. heading back to $4 soon.

This post has been edited by danmooncake: May 26 2010, 09:01 PM

My AAPL June 250 (in the money now) calls just soared 40%.

Update 11:50pm:
SP hit ceiling 1090. I'm out TNA 47. Waiting for dip to rebuy.

Update 2:20am:
Took profit for AAPL June 250 calls... 30% profit.. but got stop out on ERX.

Closing update: 4:05am
Dow 9974.45 -69.30 -0.69%
Nasdaq 2195.88 -15.07 -0.68%
S&P 500 1067.92 -6.11 -0.57%

The market giveth.. and taketh away.

The bulls ran away at closed and the Dow finally closed below 10K. Very glad took profits early before the big puke.
The volume is terrible today.. absolutely very few buyers.

Thursday and Friday evening probably not going to be pretty 'coz few people may want to put money in market for
the long weekend holiday.

This post has been edited by danmooncake: May 27 2010, 04:26 AM