Us bears are a little lonesome tonight. Maybe that's a good sign right there. 🙂
Puts are ultra cheap. I mean, AAPL 250s for $1.85? C'mon. Also a good sign.
Yahoo Market Overview says (a little prematurely, IMO) 1170 is dead, forget about it, let's fix our eyes on 1173. OK, then, everybody has a little time to put together their inventory; damn, where'd the floor go? Well, either that or we'll trounce 1173 and that will demoralize what ursas remain. Only Goldman knows for sure.
Unfortunately, I think we will go up again tomorrow, and backtest that 1180 spx (118.00-118.50 spy) previous support level. Bummer I know, but unless so really bad news comes out over night, light volume still rules the upside.
Hi Red, great comments, usually though we run up into OPEX, also the G8 G20 and with the World Cup I just think the market will pose a happy go lucky attitude and wont spook the markets…. Not sure if you agree but to think spy hits 110 and or 105 is a bold call. I hope your right, I think you will be IF most folks are long. If most folks still have their major holdings in cash, money market etc… them will run up because the big money will trade among themselves and the media will promote how the market is going up. Im trying to find a report that talks to how much cash is on the sidelines… Sym Xii looks bulish as well to atleast the 50DMA … Plus earnings are all pretty good from all market sectors.
Just my spin on things. Im 40% long approx, bought in Japan/HongKong at its lows and kept my OILs…. breaking even……
Us bears are a little lonesome tonight. Maybe that's a good sign right there. 🙂
Puts are ultra cheap. I mean, AAPL 250s for $1.85? C'mon. Also a good sign.
Yahoo Market Overview says (a little prematurely, IMO) 1170 is dead, forget about it, let's fix our eyes on 1173. OK, then, everybody has a little time to put together their inventory; damn, where'd the floor go? Well, either that or we'll trounce 1173 and that will demoralize what ursas remain. Only Goldman knows for sure.
Unfortunately, I think we will go up again tomorrow, and backtest that 1180 spx (118.00-118.50 spy) previous support level. Bummer I know, but unless so really bad news comes out over night, light volume still rules the upside.
Ugh, count me in the bear camp Red…smash up day! Not far from scratch thankfully..tomorrow is another day!
Quiet… I don't want Ms. Market to really know I what I'm thinking…
You have turned to the dark side.
I do see more upside tomorrow. I see 118.00-118.50 spy as the next level up. I expect it too be hit tomorrow.
I think that they will take it up to 1180 (118.00 spy) tomorrow… assuming no “shock news” is released overnight.
Hi Red, great comments, usually though we run up into OPEX, also the G8 G20 and with the World Cup I just think the market will pose a happy go lucky attitude and wont spook the markets…. Not sure if you agree but to think spy hits 110 and or 105 is a bold call. I hope your right, I think you will be IF most folks are long. If most folks still have their major holdings in cash, money market etc… them will run up because the big money will trade among themselves and the media will promote how the market is going up. Im trying to find a report that talks to how much cash is on the sidelines… Sym Xii looks bulish as well to atleast the 50DMA … Plus earnings are all pretty good from all market sectors.
Just my spin on things. Im 40% long approx, bought in Japan/HongKong at its lows and kept my OILs…. breaking even……
Anyhow, hope all is well
Joe
All good points. Thanks. Your lecture went well with a good scotch.
And in addition the 50 sma was barely touched, the volume was anemic most of the day, and if we do turn i picked up some great positions.
The Daily view from Americanbulls
TNA had been a Confirmed Buy, was up today, and now is a Hold. The buy price was $55.69 & the close today was $61.92, up 11.1% since the buy.
TZA had been a Confirmed Sell, was down today, and now is a Wait.
Of the stocks & ETFs I follow, these are to hold on to:
IWM (1x $RUT)
UWM (2x $RUT)
TNA (3x $RUT)
IYR(1x RE)
URE(2x RE)
DRN(3x RE)
UUP(US Dollar)
GLD (gold)
UGL (2x Gold)
ERX(3x energy)
AMZN
DRI
DIA
SPY
QQQQ
QLD (2x QQQQ)
SCO (-2x Oil)
DTO (-3x oil)
EPV (-2x Europe)
DZZ (-2x Gold)
The list to avoid:
UCO(2x Oil)
GOOG
EWG(Germany)
EWQ(France)
EWU(England)
EWX(emerging mkts)
RWM (-1x $RUT)
TWM (-2x $RUT)
TZA (-3x $RUT)
SRS (-2x RE)
DRV (-3x RE)
ERY (-3x energy)
SKF (-2x Financials)
FAZ (-3x Financials)
SPXU (-3x $SPX)
QID (-2x QQQQ)
DXD (-2x DOW30)
The following are possible buys tomorrow:
USO(oil)
GS
The following are possible sells tomorrow :
AAPL
Action for TNA or TZA for tomorrow: none