Yes, everything is 10% or more cheaper than two weeks ago.. buy some (if you have the money).

Whether it will get any cheaper or more expensive is anybody guess.

But, the rate of getting cheaper is much slower now since the bears have ransacked and eaten quite a lot already.
The bulls should return shortly but they have to make sure the bears have dissipated first.

I'm going back into TNA to ride up a bit later. Still holding UCO.. waiting for Oil to $80. Probably a much longer time frame play for Oil. Usually summer driving season in US and the northern hemisphere will drive up usage and that's when Oil will surge up into late September.

Jumping back into to get more AAPL 250 Jul calls for another quick trade. This has been pretty profitable lately.

Update:
For those thinking of going long again for much longer term, you may wait till we clear above the 1090. If the bulls can't break through, it will fall back to 1040 to 1050 in the next day or so.

Update 10:33pm
Nice! SP500 crossed over 1090. If it can closed here, we'll get a bull flag.

Closing update:
Dow 10258.99 284.54 +2.85%
Nasdaq 2277.68 +81.80 +3.73%
S&P 500 1103.06 +35.11 +3.29%

Wow! Even better, both indexes touch the 200MA..
The rumor from China selling Euro proven to be false caused the futures to jump high premarket.
During trading day, few sellers were present all the way to close, the bulls managed to push this to touch 200MA.

Since we rallied on low volume, it is likely we may bounce off this 200MA ceiling the next trading session, perhaps use some profits taking off the table before the long weekend.

Therefore, I've decided to cash some out AAPL 250 calls for 30% profit first.

---

Added on May 28, 2010, 10:33 pmAAPL stocks soared again due to iPAD sales in Europe!

This post has been edited by danmooncake: May 28 2010, 10:33 PM

Last night closing:
Dow 10136.93 -122.36 -1.19%
Nasdaq 2257.04 -20.64 -0.91%
S&P 500 1089.41 -13.65 -1.24%

I was off last night. Looks the market gave back almost half of the gains. Kind of expecting this, traders wouldn't want to leave the money over the long weekend. Lucky for me, already sold back some calls before the last day of trading.

Next week would be interesting. Both Asia and Europe will have two trading sessions in advance before NYSE. Hopefully, they won't tank 'coz I have gone long.

It's going to be pretty choppy week but I'll buy the dip.

It's close enough but since they've failed to cap that leak, I think BP PE will be revised based on potential loss of earnings and lawsuits. So far, they've burnt already near US 1bil in cleaning up and trying to stop that leak - still no success. It is estimated three to four times worse than Exxon Valdez. All their earnings will be wiped out and turned into loss for the next decade.

I'm just projecting intermediate case. It took Exxon 15-20 years to settle all the lawsuits.
Worst case isn't here yet.

I just saw the live pictures of the Oil spill over Gulf on its darkened marshes. If BP will take another two months to drill another relief well, that whole toxic area is going to be twice the size of Malaysia. BP will be sued till bankruptcy not including potential banned from United States.

Closing update
Dow 10024.02 -112.61 -1.11%
Nasdaq 2222.33 -34.71 -1.54%
S&P 500 1070.71 -18.70 -1.72%

Market made a U turn and sell into close. My longs got kicked out as we dived below SP 1080.

Stupid BP dragging down all the Oil and Material stocks.

Next trading session isn't going to be pretty if we don't hold off the bottom
that we had last week - SP 1040. Will try again at that level.


This post has been edited by danmooncake: Jun 2 2010, 06:43 AM

The volatility now is high esp. on intraday. Both sides are losing because of lack of direction and volume.
Open green turns red (kills bulls), open red turns green (kills bears). It is computers versus computers now. Yes, the best course of action now is to stay at sidelines for now for those who can't day trade.

We got a bounce back up tonight. Give me a close near 1090, the bulls will have conviction.

Looks like the Oil and Energy are slowly crawling back up.. but BP still under water from
yesterday punishment (big gap between 38 and 43).

Closing update
Dow 10249.54 +225.52 +2.25%
Nasdaq 2281.07 +58.74 +2.64%
S&P 500 1098.38 +27.67 +2.58%

The market give it back.. and a bit more.

What a teaser, huh?

---

Added on June 3, 2010, 9:22 pmGood evening all,

Tonight, May ADP (private sector) numbers came in below expectation (55k vs. 65k) but the April numbers revised upwards (65k vs. 32k) big time. Tomorrow, the big number for unemployment will come out.

Watch SP, if can close above 1105, this will be good for the bulls.

This post has been edited by danmooncake: Jun 3 2010, 09:23 PM

Closing update:
Dow 10255.28 +5.74 +0.06%
Nasdaq 2303.03 +21.96 +0.96%
S&P 500 1102.83 +4.45 +0.41%

As expected, last chance for shorts cover today before the big number to be released tonight.
I hope it is not a bull trap.. I'm bullish now and I want to see it all the way to SP 1170 or at least 1150 first.

At this level, I think the floor at SP 1044 (Feb low) should hold.

---

Added on June 4, 2010, 8:34 pmFriday 8:30pm

US job numbers = 9.7% better than expected BUT the private sector has smaller gains..
Market going down at first reaction.

This post has been edited by danmooncake: Jun 4 2010, 08:34 PM

I think it is possible to see Dow dips below 10K. The futures look bleak, SP will open 1080 or below.

US jobs 9.7% is better than last month (9.9%) but as we all know, US cares more about private sector jobs than govt jobs.
US census added 411K jobs out of total 431k for non-farm. Private sector only added about
41k last month. In a few months, all of these census jobs will be gone.

Yes but it is the ratio of govt versus private sector payroll that is more important here.

The market expects to see a much larger growth for private sector jobs. The problem here is private sector
jobs aren't increasing or they're increasing very slowly.

Take a look at HP, they announced on Monday that they will lay off 9000 employees to reduce cost and restructure.

Not the first time..It will cross here several times.

Just BUY below 10K, sell above 10K. Good opportunity to scalp a bit.

Update: 3:00am
Panic selling came in.. Euro below 1.20 mark, Dow -3 digits, SP -38 points.. all minus 3 digits.

Oh boy.. just as the market turns south, they're downgrading both MS and GS.

Closing update:
Dow 9931.22 -324.06 -3.16%
Nasdaq 2219.17 -83.86 -3.64%
S&P 500 1064.88 -37.95 -3.44%

Wow! This is another bad week for bulls. The SP tries to go back up to 200MA 3 times
but failed. This is the 6th weeks of downturn.

On the news front, not only US got worse than expected jobs improvement, Hungary PM suddenly come out and tell the world it
is in 'grave' state.

Euro went below $1.20 to the US Dollar (4 year lows).

Next week is not going to be pretty. Get ready to test the low at 1040 again and if this doesn't hold, be prepare for November 09 low price. I do expect at least one or two snapback rally. But, things aren't looking good if deflation comes into play.

This post has been edited by danmooncake: Jun 5 2010, 06:30 AM

Be very cautious next week. It has reached triple top (SP 1100) and we are likely to move lower.

We won't get any more possible good news until for another month till July (either good earnings or uptick
in unemployment) in US.

In Asia, China is hell bent on slowing their economy in times like this.

There's a lot of chatter among traders about Dow 9000 to 9500 here or SP 900 to 950 now within the next two-three months unless we see more good news from Europe. It is all about Europe now.

I'll ready to short into any kind of rally here. Let's get on your bear hat and put it on. Next stop SP 1040

Folks, the longer term trend now is DOWN.
Being SHORT is the new LONG.

Closing update:
Dow 9816.49 -115.48 -1.16%
Nasdaq 2173.90 -45.27 -2.04%
S&P 500 1050.47 -14.41 -1.35%

There you go... as expected. Market went up a bit and fall right back down.
Little or no bulls to be seen anywhere.. just bears roaming around.

I'll stay short probably until mid trading day tonight or perhaps premarket (looking for a small bounce at SP 1040) and if that's fails, I just let the shorts ride down.

This post has been edited by danmooncake: Jun 8 2010, 04:49 AM

Across all broad market, all stocks have very ugly bearish signs.. daily, weekly and monthly charts.

Right now, it is short the rally or go with bear share until the trend change.

Last friday, US jobs number didn't help. Also, looks like nothing came out from G20 meeting during the weekend that can help Europe to get out from this mess in the short term.

Until SPX can clear the 200MA and 50MA, it is a going pull back down again.
Seems like this correction has broke the uptrend for the past 15 months.

I'm hoping for AAPL price to go below $250 first before getting some July calls. Hedge funds aren't liquidity AAPL yet, which is their strong performer.

Wait till a couple of hours into the opening, you may get your chance.

momo is not to the upside.. momo is building to the downside.

Bears want to see the next leg down. Let's go there.

Yes, getting tighter.. it is going to bounce up or big drop to the down side soon.

Got me some AAPL calls @ 248 with tight stop to play.

Ma'am, I'm afraid they're bears.. not tiger. Grizzly, Polars and Pandas.. they're huge, ferocious and hungry.

I'm got kicked out of AAPL calls. Got scratched by bears.. damn it..

Update 2:50am
Out of shorts again.. Waiting at sidelines, watching AAPL again.

Update 3:30am
Buyers came back in.. SP blasting to 1060.. rebought back some AAPL calls @~245

Closing update:
Dow 9939.98 +123.49 +1.26%
Nasdaq 2170.57 -3.33 -0.15%
S&P 500 1062.00 +11.53 +1.10%

Nasdaq still red but this mini rally at close is a good sign. The lows hold and we're heading back up..

This post has been edited by danmooncake: Jun 9 2010, 06:12 AM