PSYS is a short candidate. Weekly chart shows that it was rejected from resistance at around $30. And on the hourly chart, it broke down from the hourly lower trend line.
Tuesday, December 30, 2008
Monday, December 29, 2008
IWM exhausted its mini rally and turning back down
USO completed 3 months down trend?
Wednesday, December 24, 2008
Down trend channel formed in IWM
Monday, December 22, 2008
Friday, December 19, 2008
OIH continue to drop as crude price decline
Market down today and next week
Shorts ideas - Gold miners
Saturday, December 13, 2008
XLF could be back testing broken uptrend line
XLF could back test its broken uptrend line early next week when the Auto bailout is officially announced. I expect the market to move down once this back test is completed. The Auto bailout news using TARP Fund is in fact bad news for the financials since this means some of the finance companies will miss some of the pie...
GOLD stock is showing sign of topping and is a shorts candidate.
OIH is a shorts candidate but wait for price to move to $77.50 region.
JPM is another shorts candidate. Monitor for better entry price at around $32.50 region.
GOLD stock is showing sign of topping and is a shorts candidate.
OIH is a shorts candidate but wait for price to move to $77.50 region.
JPM is another shorts candidate. Monitor for better entry price at around $32.50 region.
Friday, December 12, 2008
Long ENER while EUR/US continue to climb
EUR/US shows continue strength
Thursday, December 11, 2008
EUR/US dollar break out
US dollar has officially turned down today and this is bullish for commodities. As you have noticed, USO and OIH all already zoomed up a lot.
ENER looks like it is follwing the energy tails to zoom up. It's the first day going up after 3 down days and already more than 10% up. It could gap up tomorrow.
ENER looks like it is follwing the energy tails to zoom up. It's the first day going up after 3 down days and already more than 10% up. It could gap up tomorrow.
Some long ideas
Once again the market ignored bad news. Future refused to move down. So here are two long ideas.
AMLN broke down trend line and moving up. My target is $20.
ALMN spiked more than 25% by now. However, there should be more to the upside as there are few holders of this stock around $11 and $17.5, i.e no much resistance ahead.
USO score huge volume yesterday and today it gaped up. Commodity is swinging back up again.
AMLN broke down trend line and moving up. My target is $20.
ALMN spiked more than 25% by now. However, there should be more to the upside as there are few holders of this stock around $11 and $17.5, i.e no much resistance ahead.
USO score huge volume yesterday and today it gaped up. Commodity is swinging back up again.
Removing the noise, we 're going up
Taking a look at SPX weekly chart, there is an overhead of low resistance ahead(light blue area) and I expect market will catch a lot of bears by surprise when we enter the main holiday seasons. Year end rally always play out as most people will forget the bad news, bid up stocks' prices for everyone out there is expecting this rally. I've positioned myself to be long and would want to remind myself to remove the noise out there as some blogs out there are painting a very bearish picture for the market. Especially the Pros that owned a blog. They are right but they are simply ahead by a couple of weeks.
Wednesday, December 10, 2008
Market will pull back as it wait for Auto bailout news
I'm expecting the market to continue pull back. It should bounce a day or so after when the Auto bailout news is announced. I've shorted BAC yesterday and will cover once the gap is filled which should be same time as auto bailout news.
After that, I'm prepare to go long again. Why? Well, I've noticed that asia markets seen to be leading the US market this period and most went up today despite US market went down yesterday. I expect the holiday bull will continue till new year.
After that, I'm prepare to go long again. Why? Well, I've noticed that asia markets seen to be leading the US market this period and most went up today despite US market went down yesterday. I expect the holiday bull will continue till new year.
Tuesday, December 9, 2008
Market U-turn
Major shorts squeeze next?
Future indicating break out of upper channel and this could means shorts covering likely in later part of the day. December has always been good for the bulls. I suspect this is due to that most Pros are on holiday and they are not shorting the market as this symptom is evident on the induces..i.e all went up with bad news. Only retails traders are participating the market this time. Recall the Olympic in August? Stock market all over the world retrace during the period as Pros went for holiday.
Zoom in on the break out..
I'm still Long AAPL Call. Will close this trade when NQ reaches 1300.
Zoom in on the break out..
I'm still Long AAPL Call. Will close this trade when NQ reaches 1300.
Sign of bullishness in NQ
Nasdaq future is showing some sign of bullishness and could lead the market higher. If daily candlestick stays above 26 EMA, the rally will continue. Notice this time 26 EMA did not reject the price unlike on 5 Nov 08(circled in blue). SMH is also green even when there is bad news in the Tech sector. I'm long AAPL Call.
Critical juncture
We are at critical juncture for SPX as it is testing the upper channel of its 3 months down trend. If price is able to cross this trend line followed with confirmation in the daily chart, this bear market rally would likely continue. Notice the 50MA is also close by. Therefore, it's either a short or long depending on price action here.
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