Friday, October 31, 2008
A short term low has been achieved in the QQQQ but i hate to rain on the bulls parade but i am not buying this scenario. This is just too easy and my instincts are telling me to DAY TRADE it long and sleep with one eye open because it can all disappear in a blink of an eye. We are currently testing the 20 day moving average, first test in two months. First tests of the 20 day MA are usually successful. So i am expecting at least a rejection from here. I imagine it will be buyable pullback and i also imagine that the bulls have enough staying power to last them thru December(nov and dec is historically very bullish). This is a test i am watching with great interest: If the bulls cannot muster up serious upside in the next two months then BOY-O-BOY, watch out below, cause something nasty is lurking.... that's my two cents and until the CHARTS prove me wrong, i am stickin to it. For now: the bulls have it.
Posted by Stewie at 10:14 PM
Thursday, October 30, 2008
I cannot believe how quickly people forget that we are down 50% off the highs. Everyone is getting SOOOOO damn bullish so quickly, i am actually scared for them. Everybody thinks it's party time. I got news for ya: the market will always disappoint the hopeful. play it safe..... you will thank me later.....
Posted by Stewie at 10:37 PM
Wednesday, October 29, 2008
How much of yesterday's low volume short squeeze/rally was in anticipation of today's 50 basis point rate cut is ALREADY baked? Unless you have been hiding under a rock in the sahara desert, then you know the FED will be cutting by 50 bps today. I smell a sell the news scenario.
Plus, CNBC is doing that same song and dance again, calling a bottom! hmmmmmmmmmmm
Posted by Stewie at 8:09 AM
Tuesday, October 28, 2008
Gave back more than half of monthly gains on that stupid ONH in EEV. Lost $23,000!! Biggest loss in quite a while. OUCH!! Still up $22,000 on the month but that's freakin LAME! Oh well, closing out the month now while i still have some respectable gains.
good luck guys!
good luck guys!
Posted by Stewie at 6:46 AM
Monday, October 27, 2008
playing out just as hoped. we got that morning choppy weak attempt at a rally(which was pretty pathetic to be honest) and helped solidify these patterns on the inverse funds and now look set to rally. barring any overnight FED intervention, i am expecting these charts to move a lot higher over from here.
Posted by Stewie at 4:12 PM
The same theme continues....strong vicious high volume selloffs followed by choppy, weak, limp, low volume drifts higher(these CANNOT be called rallies, not in my book at least) . These kinds of days are almost impossible for me to trade, if anything i tend to lose money trying to figure it out. I'll take my 4K loss and walk away.....
Posted by Stewie at 10:44 AM
Sunday, October 26, 2008
Posted by Stewie at 11:11 AM
Friday, October 24, 2008
well, it looked like the bulls had the balls to do it but they chickened out. CNBC kept talking about how it was a relief that we didn't see the dramatic selloff that the futures were pointing to. This is exactly the same reason why the bulls never showed up!!! There was no climactic selloff intra day. we gapped lower and pretty much grinded sideways to mildly up the whole day. This is exactly what the bears wanna see and bulls, well, you are likely to see more of the same, poor choppy rallies that turn into huge losses by day's or week's end. The charts change SOOO fast that you need to be very quick in this wild tape. I did two trades today and fell asleep as i was up ALL night long watching the futures locked at limit down and frozen at DOW -548. Looking thru the charts after hours, looks more downside likely coming, NOT UP!!! What i will be watching next week? A day where the DOW will be down over 1000 pts and then a strong reversal higher. We shall see, but as of now, i will stick to what has been working, putting on 1-2 trades per day shortly after the open and walking away.....
Posted by Stewie at 3:15 PM
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