Day Trading – The Bullz And Bearz
Profitable Trading In Any Market – Stocks Options FOREX
World Bank Expects 3% Contraction, Dollar Rallies, Oil Falls
June 22nd, 2009
Great weekend but it’s back to the charts. I actually attended my very first (and probably the only one in my lifetime) 100th birthday party this weekend in NJ for my great aunt. It was amazing to spend time with her and talk about how much things have changed in the last 100 years. You can only imagine the wonderful words of wisdom she gave me about life!
I also went out to dinner and drinks with some old friends from Wall Street. Many of them still are working for the big banks – the one’s that are left of course – and doing very well. But I found it very interesting how many of them said that there has been really NO ACTIVITY over the last 2-3 months. This is not good. If companies aren’t trying to raise capital and actively seek new investment opportunities then it really means they are more concerned about staying ALIVE than anything else. Again, this is not a bright spot right now.
Now, onto the start of the trading week. Pre-market futures were down pretty good this morning – about 15 points on th S&P – following some comments from the World Bank. Basically they are expecting about a 2.9% correction which sent the Dollar higher while Oil prices fell. Naturally member and I are still short Oil so it’s going to be another great day. As I mentioned in the trading video over the weekend, the bears have a lot of muck and sludge to get through before reaching 880 anytime soon. Of course I’ve very confident that it’s got to make it down there before we get a meaningful rally higher. Here is what we should be watching out for today. 905 will be the first level or support then 895 after that.
Option Expiration – Closing Out All Options Positions At Profit
June 19th, 2009
Another wonderful and exciting option expiration is upon us again. Most people actually hate these days, I find them extremely profitable. As Option Writers members know, we are closing out ALL of our positions at a wonderful profit today. Once again we hit our profit targets while creating a stable stream of income each month. It just goes to show you – we made a lot of money while the market moved sideways this month!
Looks like we are going to get a gap higher this morning. Honestly, these early morning gaps are likely filled the same day, so don’t jump in and buy long at the open because you are going to get better prices later. Now, clearly I am not suggesting that you even go LONG, but I have to face the reality that some people don’t listen to me – though they really should. As of this writing, the /ES is trading right at my resistance level of 920. As long as we don’t CLOSE above 935 in any significant way, the retracement will be successful and more downside will come next week. Here are the levels to watch today.
Once Again, My Resistance Level Was Right On The Money
June 18th, 2009
Honestly, it sometimes feels like I’ve been too right with these daily targets for the S&P, but when they are so clearly defined as they are now, I cannot help but continue to point out how helpful and useful they are. I mentioned this morning and last night that if we saw a rally today it would move quickly to 920 then stop at resistance. From the chart below you can see once again that’s exactly what happened today. We opened up hard-ish then the bullz got slammed by that 920 resistance level…amazing how technical analysis works huh?
Here is a little gem I ran across looking at today’s top gainers on the NYSE. The candle pattern is a pretty big bullish engulfing pattern which volume to support the move. I would expect a move to the next resistance line in black before it needs to make a breakout.
Continuing Jobless Claims Drop – Let’s Think Ahead
June 18th, 2009
Morning all! Futures got a nice little bump this morning after the continuing jobless claims dropped. And by little bump I mean only about a 6 point move…huge right haha. Now, we still have a lot of resistance to get through if we are going to break this new downtrend. See last night’s TRADING VIDEOfor details and the levels. The main level right now is around 920 and then the major one above that at 930. Honestly, 920 might not be hard to break, but 930 will literally be a bear! If we get back up there in a hurry, you can bet that’ll be a great area to re-enter some shorts.
The EUR/USD has been very interesting lately and is starting to form a MAJOR wedge pattern. Again…this pattern is GINORMOUS and will have lasting effects after a breakout. Clearly OIL, GOLD, and Equities depend on the movement of this pair right now. 1.35 is the a good area of likely support right now.
25% Gain In 4 Short Days
June 17th, 2009
Members and I are closing out most of our Long position in ERY. I had mentioned numerous times that Oil was topping, and we decided to profit from Oil’s fall by going Long ERY which is an ultra short Oil ETF. The trade is in Green below. Over a 25% return in just 4 short day!
Successful Retracement? Let’s See If It Holds
June 16th, 2009
Interesting movements again this morning. Let’s hope that Monday’s move wasn’t the only REAL move this week. But, the quick rally we saw could be the successful retracement I mentioned earlier this morning. As usual, technical analysis provided us a great target for us to use in our trading today. Here is what things look like right now…
Technical Breakout Trading – We The Retracement At A Minimum
June 16th, 2009
Following some better than expected housing data, the futures this morning were trading higher. Clearly yesterday was a very clean and swift break out of the sideways action we had been seeing over the past three weeks or so. Energy tanked which was great for our energy shorts (minus the one bright spot that member know about in the energy sector). But, now that we have had such a huge sell off – only comparative to recent activity or course – we really need to stay below 930 or so on the S&P to keep this minor rally today in check. Technical analysis tells us that it’s completely normal and natural for securities to retrace moves and re-test prior resistance and support. Therefore, this may be nothing more than another opportunity for those of you who already missed going short to once again add some positions. The level in GREEN is the one we need to watch very closely.
Is This The Big Break We Were Looking For?
June 15th, 2009
Afternoon. What a great day. FINALLY some real market movement this week. ALL of Member’s Short trades are down today and our 3 LONGS are up over 5% each! Couldn’t ask for a better showing. Here is the main catalyst, the break of the 925 level on the S&P. As long as we hold this through the CLOSE we will be in great shape bearz!
Dollar, Treasuries Rise After Last Week’s Rough Ride
June 15th, 2009
Overnight the dollar and treasuries have been on the rise. Both really have been beaten down pretty bad of the last couple of weeks to some major support levels. So, naturally this looks like a technical bounce if anything. I don’t have a position in either, but the dollar could help drive Oil prices lower which would help some of Member’s positions. Looking at the TLT below which tracks treasuries, you can see that it’s been really beaten down for practically all of 2009. But recently (in green) it’s had some very strong days and on very high volume too. Could this be the next bottom for treasuries? Or at least short term? I think so.
The pre-market futures were down about 1% this morning. It’s already been a busy morning in the market, but we still need to break the 925 level in green on on the S&P 500 chart below before things really get going for the bearz. Watch this level today like a hawk everyone!
Day Trading – Easier When The Stocks Move More
June 12th, 2009
What a horribly boring week. I think I speak for everyone when I say that I hope next week gives us SOME movement. Anyways, we still had some great trades this week – UN included. As a reminder, tomorrow is the LAST CHANCE to sign up for the FREE TRAIL to the Option Writers Report. We have made annualized returns of 35% thus far while creating consistent monthly income. Believe me, it’s worth your investment in time to learn how to use this strategy.
Just One Of Our Shorts Gapping Down At The Open
June 12th, 2009
Here is one of members’ shorts UN that opened with a big gap to the downside. Not a bad little move to start off the day. Looks like we still need to break 925 on the S&P though before this bear train gets movin’.
Breakout Or Fakeout – Bullz Need To Hold These Gains
June 11th, 2009
Well, the markets have technically made a very clean breakout above the 950 resistance line. The key will be holding this gain throughout the close today. Members and I have added more short positions at these great prices. I’d be just flat out stupid to go long here…at least in some areas (wink-wink members for our 1 lone long position that’s up over 7%). Back later on with a new trading video for you all.
Technical Analysis – Who Said It Didn’t Work?
June 11th, 2009
And there are actually people out there who say that technical analysis doesn’t work…then how can they explain this chart. This mornings early rally was stopped dead in it’s tracks right at the resistance line. Point blank people, you should be using technical analysis and charting these days.
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Today's Live Market Quotes & Charts
| NASDAQ | 2236.20 | ||||
| S&P 500 | 1104.18 | ||||
| ^TNX | 2.76 | ||||
| ^XAU | 183.49 | ||||
| ^XOI | 983.66 | ||||
| DUG | 61.70 | ||||
| GLD | 121.56 | ||||
| FAZ | 13.72 | ||||
| CMD | 14.40 | ||||
| DOG | 49.99 | ||||
| TLT | 102.79 | ||||
| IWM | 63.52 | ||||
| ERY | 49.30 | ||||
| BGU | 47.59 | ||||
| UDN | 25.82 |
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