Watch for near closing. I think bulls will give up this spot.

see? leaking in progress. BP shares sinking now. Argh. Too fast, thinking SHORT @ 38.00

You're spot on.. That sudden pop to last week high near $40 was perfect for short I missed that but only managed to make an entry at 37.50 during pull back.

Anyway, this cap is in pretty risky situation if they already detected seepage on the ocean floor.
If the seabed is breached later due to the pressure, all hell could break loose here.
They need to drill that relief well and suck up all the oil as soon as possible.

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Added on July 20, 2010, 5:29 amClosing update:
Dow 10154.43 +56.53 +0.56%
Nasdaq 2198.23 +19.18 +0.88%
S&P500 1071.25 +6.37 +0.60%

The bulls managed to get 56 points back tonight. But, all these may not last till tomorrow.

IBM reported poor earnings after hours and tomorrow, I think we'll see blood bath.
The economic data from the Home Builder confidence level isn't that rosy either.

This post has been edited by danmooncake: Jul 20 2010, 05:35 AM

IBM revenue dropped.. so there will be red tomorrow..

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Added on July 20, 2010, 7:23 amIBM dropped $5.39 after market.

Multiply by 7.5 we get 40 points retreat..

so tomorrow will continue to drop..

This post has been edited by epalbee3: Jul 20 2010, 07:23 AM

Yeah... let's continue to ride the bears..

I just glanced through the bearish news report on Homebuilders in US.
Here it is:
http://finance.yahoo.com/news/Homebuilders...8&asset=&ccode=

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Added on July 20, 2010, 8:49 pmWhoa! Goldman boy got whacked big time with 2nd q earnings fell 83% to $453 million.


This post has been edited by danmooncake: Jul 20 2010, 08:49 PM

Battle of Bear vs Bull @ 10,000. So far still holding ...
Q C x 700 @ 3.88

ok.. we will see below 10k today.. aim for below 9.5k then wait for signal..

there is a signal in every trade...

Dunno about Dow..but if S&P500 can't hold 1055-1060 level.. bam.. then it is 1040 is next.

We may see some late day buying in anticipation of AAPL earnings tomorrow.
AAPL better come thru otherwise it will be more powers to the bears!

I was scammed by this MOMO. Now C heading higher, crossed 4$.

AAPL earning is good for this quarter only. Iphong 4 sales now getting slower due to design rush + flaw. Read up babeh!

I don't know about C.. but long term trend should be lower as financial revenue is expected to suffer by next quarter.

Now see when the momo wants to push down..

enjoy watching the price..

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Added on July 20, 2010, 11:05 pmStock seems like dun want to drop.. is it another trap or rebounce? it depends on time at this level..

This post has been edited by epalbee3: Jul 20 2010, 11:05 PM

MOMO indeed wants to drive prices back up. Commodities (Oil/Minerals/Metals) are fighting the trend today due Dollar tanking - thanks for China for spiking this overnight. Financials and Tech are still losing the battle. The longer trend is still down for now.

I expect AAPL earnings to come thru well ahead of expectation tonight and tomorrow maybe we can see AAPL pop above $250. Then, I sell into this rally.

C - This baby wants to go up!

This post has been edited by danmooncake: Jul 20 2010, 11:41 PM

boring market.. what to do now?

Perhaps nothing tonight. Wait for AAPL to deliver the goods.. then short. I think we got 2-3 more days of down cycle before it moves back up if oversold condition comes in later. Today, momo tries to take this back to the 20MA to even the playing field. They try to shake money from bears but I don't think we will close in green tonight but I think SPX 1060 should hold.

casino stocks still on upside ma... hopefully will up and up again. haha

ok lar.. very boring.. sleep first..

Damn.. gotta to cover some shorts now and take some profits off the table (VXX, TZA & SPXU).
Getting too risky here.

The bulls are waking up with that stupid jobless extension bill. Have to wait for AAPL earnings first and try to short again at much higher level later.

Closing update:
Dow 10229.96 +75.53 +0.74%
Nasdaq 2222.49 +21.18 +1.10%
S&P500 1083.48 +12.23 +1.14%

I must admit tonight reverse course is totally unexpected. I was hoping for close below yesterday level but we got pushed up after that crazy jobs bills and overnight commodities buying rally from China even with all the bad economic news and less than stellar earnings from GS and IBM.

This post has been edited by danmooncake: Jul 21 2010, 07:04 AM

200 point swing today. Nice

Crazy huh? This 180% degree turn completely took me off guard...

But, anyway, AAPL earnings came through! Net income soars 78%!!

This post has been edited by danmooncake: Jul 21 2010, 04:48 AM

momo unexpectedly wanted to push the price up..

despite BP, IBM and Housing.

you must not use margin at this time..

let's see what will happen tonight.. now bull and bear have equal chance..

DMC, we should know this when the OIL price is so green and momo maintained price at one level to load in more long..

Stay hibernating.. and wait..

Actually, bears have more chance and better level to short because the resistance lines at 50 MA and 200MA still above the current price. I'm not expecting we go above this unless we got super good economic data here in the coming two weeks.

I'll attempt another short at 1090 tomorrow.