Greeting Friends,
The markets posted large losses on Friday’s half day session thanks to debt concerns overseas. A huge gap down to start the day did find support as we spent the rest of the day fading back up. Friday's bar did close back above the 20 day MA (1090) on the SPX which could spark a bounce back to start this week off. Unless we pullback below the 50-day (1073) I am looking for higher prices for the short term. 1120 is our next target so be on the lookout for that.
Have a safe trading
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Monday, November 30, 2009
Thursday, November 5, 2009
My Trade 5 Nov 09
Greeting Friends,
I entered SPY Put 107 Nov at 2.73, look to sell at 3.7
And I'm lloking to take profit SPG at 4 or better.
Have a safe trade.
I entered SPY Put 107 Nov at 2.73, look to sell at 3.7
And I'm lloking to take profit SPG at 4 or better.
Have a safe trade.
Wednesday, November 4, 2009
SPG Trade
Greeting Friends,
I enter SPG Put 70 Nov at 2.9
A speculation call cause tonight will be the FOMC Meeting.
Have a safe trade and take your own consideration for this trade
I enter SPG Put 70 Nov at 2.9
A speculation call cause tonight will be the FOMC Meeting.
Have a safe trade and take your own consideration for this trade
Monday, November 2, 2009
Market Review & Potential Trade
Greeting Friends,
So much for Thursday’s reversal bar. Friday saw a complete rejection of Thursday’s gains as the markets sold off from start to finish. The move broke Wednesday’s critical pivot low along with several areas of support including the lower trendline of the ascending wedge on the SPX chart. This appears to be confirmation I was looking for a change in market direction and short term market top now appears to be in. We are looking for 38% of the March low to October high move which takes us down to at least the 937 area. I also think the 50% retracement area which coincides with the summer pivot low will act as a magnet (880) but also should provide strong support for a bounce. My bias, nevertheless, is shifting to bearish for the first time since July. However, Monday could provide some support for at least a doji day. I am not looking for the market to pick up downside speed until later in the week so let’s take it easy on the shorts for now.
My potential trade, I'm gonna try to enter SPY Put or SDS Call if the market gapped up tonight.
So much for Thursday’s reversal bar. Friday saw a complete rejection of Thursday’s gains as the markets sold off from start to finish. The move broke Wednesday’s critical pivot low along with several areas of support including the lower trendline of the ascending wedge on the SPX chart. This appears to be confirmation I was looking for a change in market direction and short term market top now appears to be in. We are looking for 38% of the March low to October high move which takes us down to at least the 937 area. I also think the 50% retracement area which coincides with the summer pivot low will act as a magnet (880) but also should provide strong support for a bounce. My bias, nevertheless, is shifting to bearish for the first time since July. However, Monday could provide some support for at least a doji day. I am not looking for the market to pick up downside speed until later in the week so let’s take it easy on the shorts for now.
My potential trade, I'm gonna try to enter SPY Put or SDS Call if the market gapped up tonight.
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