Sunday, November 2, 2008

Internal initiation ?

I think this is a small internal initiation that will be followed by shallow price correction which should eventually lead to new swing highs in prices.

1893 comments by xTrenders :

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johnboy - Moderator said...

Thanks for the update, Atilla.

I'm hoping for a gap down open, 'cos it looks like it would be a nice long entry.

Totally agree with your longer term picture. This is a bear market bounce that will end in tears, unfortunately.

Many thanks again for your excellent insights.

Atilla M. Demiray said...

S&P is right up against a trend line that killed the sucker on Friday... (around 980) I would not buy anything before it is taken out...

On the other hand, if we gap down, we will likely rally to punch thorough that trend line to penetrate. I think we may fail there.

tamas said...

Atilla,

Do you have an opinion on when this bear market will bottom?

Greg said...

What if we gap up? Will this indicate a rapid deep sell off ?

dougs charts said...

The election could be a huge wild card. If republicans can't hold 41 seats in the senate this market will crumble.....

DMA said...

Nice Atilla

I am still bearish so i am waiting for you to realese the bears :D

Don't hold them captive too long

johnboy - Moderator said...

Blogger Atilla M. Demiray said...

S&P is right up against a trend line that killed the sucker on Friday... (around 980) I would not buy anything before it is taken out...

On the other hand, if we gap down, we will likely rally to punch thorough that trend line to penetrate. I think we may fail there.

----

Thanks for the heads-up. Sounds fair enough to me.

I would be tempted to go long on a gap down anyway, if only to scalp a few points as the market tries to close the gap. Opening-gap-closing plays have worked pretty darn well recently.

I probably just jinxed it, tho ;-)

Carl said...
This comment has been removed by the author.
Carl said...

Atilla,

based on the charts you presented to us,i noted Summation index want to push up,while Mc Clellan Oscil want to go down.Who will be the winner?Iknow you will say :let te market show the way,but still i am curious about your opinion.And about CRX, IS THERE AN etf or a stock that will do?

Ko Ko said...

dougs charts said:
The election could be a huge wild card. If republicans can't hold 41 seats in the senate this market will crumble.....
------------------------------------
This market has already crumbled and will crumble more BECAUSE of the 8 years of unchecked Republican Rule in the Senate, the House and the Executive Branch. Don't you forget who caused this crap and who is currently still raping the Taxpayer with the largest deficit spending and Cronied Politics in American history.

Gluon said...

I've been following this blog for a couple of weeks and I just want to thank Sol and Atilla for having this website. You guys are very generous to share your insights on the market and your reasoning for trades.

I'm not one for being a blind follower, but when I'm in agreement with your views of the market, it gives me more confidence to make my trades or take a larger position than I otherwise would have. And knowing the rationale for your trading decisions is a great learning experience.

I expect an exciting week. Good luck trading everyone!

ROLLER said...

and if we punch through 980 over-night? It would be an easy short imo.

ko ko ... I see you are a democrat ... right, and Osama will be that much better!

jamesk said...

Something tells me we get an initial move up--either a gap or an early morning move--that gets sold off. As mentioned Thurs. night, I'd like to see that be a small correction to 900, which would lead to a stronger advance. There are a couple of reasons for the suspected head fake and sell-off. The first, and most obvious, is that we've come a long way off the bottom. On the other hand, that fact pattern didn't hold much water on the way down. The other, and I think more important reason, is that we left last week with a lot of newly found bullish optimism. There feels to be a lot of bottom callers and a lot of people calling for us to hit that overhead gap.

This is just a feel call. I'm not playing it in a big way. The other obvious reason is that we did close at resistance on many of the indexes. We'll have to see if we can manage to punch through it. If we do, I'm not going to trust the initial move.

dougs charts said...

Ko Ko
don't get me wrong, I am not for repulicans or democrats. Our country has gone down hill and both of them are responsible.
I was only pointing out how I thought the market would react..

tamas said...

Roller,

Seriously... you went that low? Are you from Alabama?

ROLLER said...

tamas ... sorry, what do u mean "went that low"?

ARAK said...

Roller,

He meant your comment "Osama = Obama"

ROLLER said...

Low? ... you ain't seen nothing yet! Wait 'till the democrats win, they will weaken U.S.A. even further. The liberal media has polluted/corrupted many minds. The democratic platform is absurdly wrong at this juncture of US history.

ARAK said...

Wow, look at the yen rocket. Sounds intervention city to me

ConfederacyofDunces said...

Atilla, Sol,

long time reader, first time poster
thanks for hosting this blog, much appreciated

look forward to your continued commentary, congratulations on an impressive quarter

dougcharts, based on research i have seen on pres elections the market rallied the past 2 times a democrat beat a republican incumbent, 1976 and 1992

secondly the markets rallied huge on both clinton victories, and rose in the short term on Carter then dropped a few weeks later

PS - I have no view party wise

dougs charts said...

Confed
thanks for comments.
I was refering to senate ability to block bills,not presidential party winners.
I also have no party preference.
cheers

buylo said...

ES YM NQ up about 1% this eve with Far East markets looking up also, but its a long night, so, we'll see

Indus said...

It all depends on how we open and close tomorrow and end of this week.

If you look at the daily chart, 985 is where the short term trendline breakout on S&P.

In the monthly chart, the first resistance is at 1000 and then around 1065.

In the weekly chart, if the index closes above 990 (should stay above 990 at the close of the week), it is a breakout from pattern, which should not happen.

So we may get a fake rally tomorrow towards 1000, and then sell of for the week. Or we will get the sell off at the inital resistance of 985 without testing 1000.

Technically, it should touch 820 by the end of this month.

Ko Ko said...

Regardless of what happens this election cycle we will sell off afterwards. It is just too setup nicely not too. I would be completely shocked if MM's didn't use the uncertainty of the election to spark a pullback. So if we stay up Monday, or Tuesday, then definite tankage Wednesday! That's my take.

And Doug. The 60 vote majority is not a big issue anymore as the Republicans passed a law that allows them to still get most all bills passed while circumventing filibusters. Not many know this, but 60 is not near as important as it used to be.

GlobalOfficePhone said...

Atilla M. Demiray said...

S&P is right up against a trend line that killed the sucker on Friday... (around 980) I would not buy anything before it is taken out...

On the other hand, if we gap down, we will likely rally to punch thorough that trend line to penetrate. I think we may fail there.
Sunday, November 2, 2008 7:34:00 PM EST

Atilla:
Can you please clarify how you are drawing your trendline showing 980?
When I look at the charts, I see a trendline that was broken through at 925.

Thanks so much>

ROLLER said...

Hey johnboy? ... do you know the hours when the ASX is open for trading? (regular hours)

thx

Rhett said...

This market is like Femme Fatale

-Rhett

ARAK said...

Roller,

Look at the roaring 20s and the roaring 2000s and what republicans enabled both times. Demorats might not be the best, but better than republican kleptocrats anyday

ROLLER said...

arak ... you couldn't have said it any better! the republicans allow us to make money in the markets. All the dems wanna do is take it away!

Imo, what it comes down to is, who can spend your hard earn money better/efficiently, you or the guv'ment?

If it's you, then you'll be better of with the reps.

Let's put politikkin' aside and get on w/ trading

johnboy - Moderator said...

ROLLER,

Aussie markets are open 10am - 4pm for regular trading. Thats Eastern Standard Time (Sydney time).

Cheers

johnboy - Moderator said...

All,


There's a million and one other sites where you can start political dialogue and flame wars.

Let's keep the nice balance of trading info and witticisms on this site. It's a nice balance that we've all come to know and love and political arguments will just bring it all down a level.

Mr. Lockwood said...

hi

Mr. Lockwood said...

test

Junior said...

Hello,

Wonderful blog guys. Very imformative. I've sold my long on friday because of the bear flag it
has created last two days with a
target of 895. Thanks for any
comments.

Warren

ConfederacyofDunces said...

doug charts
thanks for the clarification, cheers

I agree with you, I would not want to see one party with unfetered authority

my avatar conveys my views on politicians :)

Stammering Hank said...

Great blog Attila & gang

I hope to trade the swing with you guys in the coming weeks. Ready to pounce on any gap up or down that wants to reverse.

Salvador said...
This comment has been removed by the author.
Atilla M. Demiray said...

tamas said...

Atilla,

Do you have an opinion on when this bear market will bottom?

Sunday, November 2, 2008 7:41:00 PM EST

-------------

Nope

Atilla M. Demiray said...

Greg said...

What if we gap up? Will this indicate a rapid deep sell off ?

Sunday, November 2, 2008 7:44:00 PM EST
----------------------

Could be

Atilla M. Demiray said...

Carl said...

Atilla,

based on the charts you presented to us,i noted Summation index want to push up,while Mc Clellan Oscil want to go down.Who will be the winner?Iknow you will say :let te market show the way,but still i am curious about your opinion.And about CRX, IS THERE AN etf or a stock that will do?

Sunday, November 2, 2008 8:14:00 PM EST
------------

Summation of course... McSums will keep going higher while MCOs and price corrects

DMA said...

Might be a slow day until we get election results.


what do you think Atilla for today if you look at the curent price.

Trader Joe said...

I'm thinking maybe come off to 960 area and then let the gravitational pull of nervous shorts slowely leak the market higher with an upward sloping corrective flat and then one last launch higher next week after the election.

Indus said...

Team,

How is the customer service of TOS?

I tried calling them many times and many at times it goes into the voice message. Horrible CS!

indusequities said...
This comment has been removed by the author.
Drew said...

Try emailing TOS. I have found that is the best way to contact them.

in the mountains said...

Regarding TOS, you can also do a live customer support chat. The response there is immediate.

indusequities said...

Thank you. Let me try either chat or email them.

Rhett said...

NVDA is trying to fill it's Oct 6. gap.

Once the bottom of the gap is superceeded the rest is easy (i think).
-R

coption said...

seems market want to test 985 again...

Salvador said...
This comment has been removed by the author.
Atilla M. Demiray said...

long NQ @ 1343

Shawn said...

Atilla,

"long NQ @ 1343" for a VST play? or IT expecting break up of SPX 985? Thanks!

Atilla M. Demiray said...

Expecting a gigantic topping tail towards SPX 1000

andriy said...

attila, whats your goal for nq?

DMA said...

would you short 1000 spx ?

thanks atilla

Atilla M. Demiray said...

DMA said...
would you short 1000 spx ?

thanks atilla

Monday, November 3, 2008 10:03:00 AM EST
------------

I dont know, I need to see how it acts there

Bunty Sarda said...

Atilla: sorry...what is NQ? Are you long S & P or Short? I do not find any symbol for NQ

KC said...

Atilla said ...

Expecting a gigantic topping tail towards SPX 1000

What is a topping tail?

Thanks

KC

andriy said...

nq = nasdaq-100 emini future contract

I have it under symbol nqz8, that is dec 08 contract

quads4444 said...

Interesting stat on .gov debt.

It took the US...206 years...(from 1776 to 1982) to rack up its first trillion in debt.

It took four months (July to OCT 2008)to rack up its most recent trillion.

Atilla M. Demiray said...

NQ is nasdaq100 emini

1343 corresponds to QQQQ 32.9 or QLD 35

in the mountains said...

quads4444 said...

Interesting stat on .gov debt.

It took the US...206 years...(from 1776 to 1982) to rack up its first trillion in debt.

It took four months (July to OCT 2008)to rack up its most recent trillion.
---------------------

that's because the country is currently being run by a conservative administration.

ARAK said...

Atilla,

NQ large or small position?

Is SPX 1000 = NQ 1400?

Thanks

Atilla M. Demiray said...

day trade position meaning I can only take 10-20 handle drawdown while expecting to make about 30-50

Perry said...

quads4444 said...

Interesting stat on .gov debt.

It took the US...206 years...(from 1776 to 1982) to rack up its first trillion in debt.

It took four months (July to OCT 2008)to rack up its most recent trillion.
---------------------

that's because the country is currently being run by a conservative administration.
---------------------

No, it's because we allowed government in the form of the quasi governmental agencies, Fannie and Freddie, to assume risk while leaving the profits private - all in the name of helping poor people of course. As though that was going to end well.

indusequities said...

No trade here.. I don't want to be another Angus here (going against Ati) ..

But I would like to go short.. will wait from 985 - 1000 range.

Not worth the risk reward going long at this level.

indusequities said...

Or below 950

Atilla M. Demiray said...

I missed Angus where he is

tamas said...

Didn't you eat him?

Atilla M. Demiray said...

watch 10:35

DMA said...

yeah man where is Angus.
He was shorting the crash,

Angus c'mon man

DMA said...

Atilla why 10:35

Atilla M. Demiray said...

tamas said...
Didn't you eat him?

Monday, November 3, 2008 10:34:00 AM EST
----------

Just a small piece from the neck

Atilla M. Demiray said...

DMA said...
Atilla why 10:35

Monday, November 3, 2008 10:35:00 AM EST
----------

open up your 1 minute chart, focus on 10:35... see what happens

Atilla M. Demiray said...

its comiiiiinnnnn

buylo said...

wow - what happened? some whale jumped in long?

xvidivx said...

Rally is coming

katzo7 said...

Where is Doc?
With angus?

xvidivx said...

I recommend using some software to monitor the comment update, I am using website-watcher.

No need refresh manually

indusequities said...

Posted in the old thread

indusequities said...
Ati, please check the 30 mins chart too

Monday, November 3, 2008 10:38:00 AM EST

coption said...

for now, we are stuck in the wedge

Perry said...

I recommend using some software to monitor the comment update, I am using website-watcher.

No need refresh manually

--------------------------

I notice a slight delay in google reader picking up comments over what you would get with hitting refresh over on the website?

Is this normal for all readers?
Thx

indusequities said...

Agree Coption. Next hour will confirm, if ther is a rally

Atilla M. Demiray said...

scorch is coming in the face of extreme overbot McClellan

steamroller started up..... out of my waaayyyyyy...........

coption said...

i follow atilla, believe it will be higher

Salvador said...

perry if you use opera you can enable auto refresh with right click on mouse...

If Firefox use the auto refresh addon

xvidivx said...

Perry said...

I notice a slight delay in google reader picking up comments over what you would get with hitting refresh over on the website?

Is this normal for all readers?
Thx
---------------------

Website watcher is a software for checking website changes(not depend on rss reader), It could refresh many bookmarks or URL automatically.

Atilla M. Demiray said...

just added a bunch of more NQs @ 1340

indusequities said...

Agree Atilla is always right. But if we go by chart, the best entry on QQQQ would be 33.25 in the next hour.

That would be the buy on the pullback from the hourly chart breakout.

GWBush said...

Atilla,

Doesn't the hourly looks toppy to you?

Beyond said...

Hey Atilla, thanks for the NQ, QQQ, QLD translation, I was flipping through charts trying to match them. =)

Atilla M. Demiray said...

GWBush said...
Atilla,

Doesn't the hourly looks toppy to you?

Monday, November 3, 2008 10:54:00 AM EST

----------

That is bullish flag... the reason it took so long is the fact that market is heavy due to climacticly helthy internals

indusequities said...

Attila,

Just trying to learn here. Don't you think one should wait for the breakout from flag and buy on the pullback.

Just trying to learn here

Salvador said...

just got on the train as well..

LearningWizard said...

Atilla, when using intraday charts to keep up with the action, what is a good timeframe? 5 min?

iv said...

I think this is an excellent blog that I have been following and has some interesting observations today---

http://vixandmore.blogspot.com/

what do you think Atilla?

coption said...

this is torture. atilla, what are we waiting for here?

Salvador said...

learningwizard,

I use 1 min and 5 min... then have larger time frames (15 min and 30 min)

Drew said...

Ford reports at 12. Can't be good news. Should be expected though.

Penn said...

Atilla, when you liquidate your /NQ's, will you be posting the trade on Twitter?

Atilla M. Demiray said...

Penn said...
Atilla, when you liquidate your /NQ's, will you be posting the trade on Twitter?

Monday, November 3, 2008 11:11:00 AM EST

-----------

Yes they update it simultaneously... does it work?

Drew said...

Sorry for my ignorance, but what is Twitter?

tamas said...

Atilla,

http://www.stocktwits.com/ is part of twitter where you can post your trades real-time in a trading community.

Check it out!

waiting2pounce said...

Why are people pestering Atilla and frankly all the blog readers with dopey questions that they could easily Google?

xvidivx said...

waiting2pounce said...

Why are people pestering Atilla and frankly all the blog readers with dopey questions that they could easily Google?
---------------------

I angree with u , For example about NQ only search NQ future, U can get the result what is NQ,

coption said...

atilla, any read on the sideways? thx

student4life said...

Atilla,

Sol said you thought MS would go to zero. Do you still think so? Thanks.

Atilla M. Demiray said...

coption said...
atilla, any read on the sideways? thx

Monday, November 3, 2008 11:33:00 AM EST

---------

coiling for an explotion

Atilla M. Demiray said...

student4life said...
Atilla,

Sol said you thought MS would go to zero. Do you still think so? Thanks.

Monday, November 3, 2008 11:46:00 AM EST

----------------

Converge to zero... like a few bucks

indusequities said...

Hourly chart is not looking good on QQQQ. I see a sell off coming..

I won't regret if I miss this up run :). Will look for a short entry..

Tony said...

Atilla,
may be i missed it, but do you still hold the SPX short position that you intiated on Thursday last week?

indusequities said...

Any flag that coils to this narrow level will have no strength.

indusequities said...

But Atilla may be right so not taking a chance here.. He is a seasoned trader..

DMA said...

indusequites

how come you expect short ?

i am bearish but price action does not show shorting.

imo

wind said...

Tony said...

Atilla,
may be i missed it, but do you still hold the SPX short position that you intiated on Thursday last week?

He covered for a profit.

Sahmtrader - Moderator said...

Indus....man you should have held back on saying that, just a tad longer.

buylo said...

indus, why you sending negative vibes - trade what you see, we will follow what Atilla does, if you don't mind

sNAMu - Moderator said...

Tony said...

Atilla,
may be i missed it, but do you still hold the SPX short position that you intiated on Thursday last week?

Monday, November 3, 2008 11:52:00 AM EST

-----------------------------------

Atilla covered the position on Friday morning at around SPX 950 with a slight gain, IIRC.

Salvador said...

i dont like that candle on Nasdaq in 5 min chart... could you guys have some imput on this ?

indusequities said...

DMA said...
indusequites

how come you expect short ?

i am bearish but price action does not show shorting.


I'm not shorting either. A short entry is not confirmed till it breaks below the support 32.

But I don't go long till QQQQ cross above 33.30

DMA said...

i would love to see short signals..
but i don't

and i'm not going long in this market or at this level

i still expect Atilla to relese the bears.

He holds them captive until he decides that it's time to short :D

Atilla M. Demiray said...

we need angus or prechter to take off... where are you anguuuuusssss

xvidivx said...

VIX is falling sharply

indusequities said...

DMA said...
i would love to see short signals..
but i don't

and i'm not going long in this market or at this level

i still expect Atilla to relese the bears.

He holds them captive until he decides that it's time to short :D



----------------

You don't see a short opportunity at 34.50? Thats the top for this week..

I'm not giving negative feedback to the croud.. Just telling what I see. If thats counter productive, I could stop posting.

sorry.

Atilla M. Demiray said...

indusequities ...
-------------

It is perfectly ok with me... any sort of trading ideas, regardless bull or bear

Atilla M. Demiray said...

34.5 ? quite possible

buylo said...

indus - obviously Atilla sees something entirely different, get in tune! you must be reading something wrong

Jonny said...

As a public service, for those without Googling skills to match my own (it wasn't as simple as you might think):

"A topping tail is a candlestick pattern which some people believe marks the end up an upward move. After several consecutive candles with large green bodies, the stock tries to make another large green candle. But the price pulls back before the end of the last candle, leaving a large wick or tail at the top of the candle."

from: http://www.trade-ideas.com/Glossary/Topping_Tail.html

Note: I have zero affiliation with the site above, and do not recommend anything it might try to sell you. Just found it through my search for the "topping tail" definition.

indusequities said...

Thank you Ati! Hammer me when I go wrong.. that will help me to learn better..

Joul said...

Atilla,
Do you see any steam-loosing action as NQ unable to take out 1345 several attempts?

xvidivx said...

I think we will turn down after Oil rally

Atilla M. Demiray said...

indusequities said...
Thank you Ati! Hammer me when I go wrong.. that will help me to learn better..

Monday, November 3, 2008 12:15:00 PM EST
---------

no one has the right to hammer others.... including me

if people learn how to handle being wrong, there wont be a market today. i love being wrong when it doesnt cost me too much and teaches me something

coption said...

this is really, really, really slow...

Atilla M. Demiray said...

market is compressing for a range expantion which will come in the direction of short term trend

LearningWizard said...

The topping tail sounds like the hanging man in Steve Nison's book.

Ferd the Moon Cat said...

no one ever got smarter by being right every time.

buylo said...

ok indus, sorry, not trying to hammer you, just want this market to start moving up

Atilla M. Demiray said...

Shooting Star

ROLLER said...

I hope we get that "explosion" ... can't wait to short this beyotch!

ROLLER said...

all I see is a rising wedge on the 10 min chart

indusequities said...

buylo said...
ok indus, sorry, not trying to hammer you, just want this market to start moving up



-----

No worries buylo.. I respect Ati and want to earn some what closer to his trading skills. Since he don't offer any class room session, I'm posting what I see so that he could correct us. This is the best way to learn.

I still do many of my trades based on his calls. This one is risky so I'm not participating on this long call. But otherwise, I pretty much jump into his calls. Not blidly, but evaluate and learn from what he see different than other people.

thedocument said...

The dollar is holding back your rally.

indusequities said...

See the QQQQ is not moving at all.. It will move only if it clears 33.25 - 33.30

Atilla M. Demiray said...

overbought McClellan always produce a nice slingshot on the upside

it is like a final breath before death... and that breath is usually deep and strong,

in other words, this coming rally, if it will, shouldnt be small one

Atilla M. Demiray said...

indusequities said...
See the QQQQ is not moving at all.. It will move only if it clears 33.25 - 33.30

Monday, November 3, 2008 12:33:00 PM EST
-------------

Qs just started gaining relative strength as seen on 30 sec charts.... we are approaching to the breakpoint... all looking good

indusequities said...

Atilla M. Demiray said...
overbought McClellan always produce a nice slingshot on the upside

it is like a final breath before death... and that breath is usually deep and strong,

in other words, this coming rally, if it will, shouldnt be small one



---

Ati,

What you see max for QQQQ ? 35.50 - 36.00, if it clears 34.50?

tamas said...

Atilla, do you think ES will catch up with the other indexes?

Atilla M. Demiray said...

indusequities said...

Ati,

What you see max for QQQQ ? 35.50 - 36.00, if it clears 34.50?

Monday, November 3, 2008 12:37:00 PM EST
--------

I dont think it can clear 34.5

Atilla M. Demiray said...

ES should stay weak during the upside

ROLLER said...

maybe in the last hour and a half we'll get a nice kick to the balls, only to gap down tomorrow morning

still in the rising wedge ... we'll know in 50 mins where we go ... but they usually resolve to the downside.

Greg said...

What about IWM (RUT)? It has rallied hard all last week...I'm tempted to short.

Lana said...

Thanks for the call of SPX Atilla. I use GS to track how the spy goes and it was looking unusually weak. Was scratching my head on that.

coption said...

lana, i think GS is a special animal these days. I don't think it can use to track sp any more.

Joul said...

Nasdaq is holding the market? Geez, it looks like taken a bottle of viagra.

Lana said...

Thanks coption I will release that notion now. It certainly has been making unusual moves. I always tied that to the feds actions and that certainly is skewed now.

Appreciate your take.

Atilla M. Demiray said...

Joul said...
Nasdaq is holding the market? Geez, it looks like taken a bottle of viagra.

Monday, November 3, 2008 12:48:00 PM EST
---------

you have to ask why?

KC said...

Atillia looks like the tie breaker.

All of my 60 minute and less charts indicate up a little and then gap down tomorrow to the SPY 91-87 area.

That said every daily chart I look at going back to the 1920's indicates nope, going to rally first to the 105-110 area.

I guess never short a dull market is in play.

When in doubt stay out and that is what I am doing until the market breaks one way or another.

KC

ARAK said...

D,

ISEE is going nuts on equities only. Indices are still slightly bearish.

Atilla M. Demiray said...

isee equity 240... is that bullish or bearish for the market given the current conditions

i think it is bullish...

Atilla M. Demiray said...

some of you know what this means...

http://www.youtube.com/watch?v=0LR9Yhd0kE0

coskun is about to visit bears in a while

indusequities said...

If at all a rally is coming, a pullback to 32.40 could be a possibility..

I may buy some that and put a tight stop loss just below 32.25 :)

PCap said...

I see support line from the big red candle that was near the close on OCT 29th up through the lows to about where we are now.

Drew said...

GS in free fall. Could drag the market down with it.

Joe said...

Atilla,
Which do you think comes first - another retest of 840/break to new lows or retest of 1050-1100 zone?

Atilla M. Demiray said...

later one

Haus Frau said...

Drew Said GS in free fall

There were comments on some blogs that GS was one of the counterparties to Porsche last week on VW. This means a loss for GS, no idea if it is true

Haus Frau said...

According to briefing, GS had earnings estimate cut by analysts at LT

coption said...

y the market so still? waiting 4 the black president or black wednesday? lol

Joul said...

Atilla,

I have look through the COT data for Nasdaq-100 and it seems like there both commercial and non-commercial favored long than short.

Was that the main reason nasdaq is outperforming other indices today?

Would appreciate if you can shed some lights on this.

ARAK said...

coption said...

black president or black wednesday

-----------------------

That is hilarious, though it may as well be true.

Mr. Lockwood said...

boool markets r so boring....

thedocument said...

How 'bout this one, Atilla?

http://www.youtube.com/watch?v=5HBN9cpzook

Joul said...

H&S forming on /YM /ES and /TF on 5min chart. Wonder if this will spur further selloff before a pull back and rally we go.

Bob said...

XHB reversed and hitting new lows. Bad sign for a rally?

waiting2pounce said...

Too still; markets feel like they're coiling. Curious how gold and oil are going in opposite directions, significantly so.

coption said...

atilla, any new readings? volume spiked on spy.

r we waiting for the old-fashioned 2pm?

Steve said...

coption said...

atilla, any new readings? volume spiked on spy.

where and when??

Atilla M. Demiray said...

nothing changed, so will the result

coption said...

thx atilla, i saw 3.5million@1:45 on my spy charts

in the mountains said...

moment of truth... Q's touching the lower trendline.

Atilla M. Demiray said...

SPY will be around 100 ..

ROLLER said...

we can't pierce 980 on the ES ... we have broken down out of the rising wedge, both 5 and 10 min chart ... I say we go lower before any attempt is made at 980 again.

Atilla M. Demiray said...

3.5M on SPY

how about 8M just went through

coption said...

5.5mil just cross spy

Salvador said...

atilla, should we expect that still for today ? Or will you keep position open during the night ?

Best,

sal

in the mountains said...

Atilla,

If prices break below the lower trendline that they are now running along, would that be your trigger to exit the trade?

Thanks!

ARAK said...

crap, look at that .. plunged right through the lower trendline like a hot knife thru cotton candy

indusequities said...

reposting


Indus said...
It all depends on how we open and close tomorrow and end of this week.

If you look at the daily chart, 985 is where the short term trendline breakout on S&P.

In the monthly chart, the first resistance is at 1000 and then around 1065.

In the weekly chart, if the index closes above 990 (should stay above 990 at the close of the week), it is a breakout from pattern, which should not happen.

So we may get a fake rally tomorrow towards 1000, and then sell of for the week. Or we will get the sell off at the inital resistance of 985 without testing 1000.

Technically, it should touch 820 by the end of this month.

Austin said...

Looks like a bull flag break out on DUG 5 mins chart. If the pattern succeeds, target $43-$44. Can someone confirm please. Currently price is at R1 @ 39.90

Atilla M. Demiray said...

spy should close above 96.32 at 2:30

that will open the door for a rally into the close

Atilla M. Demiray said...

96.30 not 96.32

ARAK said...

TNX yield going down. -0.6 Usually not good for equities.

indusequities said...

Atilla M. Demiray said...
96.30 not 96.32


----------

96.32 or 96.75?

Atilla M. Demiray said...

it is 96.3




who is your avatar?

Joul said...

Atilla m.demiray to replace Paulson please.

Atilla M. Demiray said...

arak is that straton? cornered cotton and squeezed livermore?

ARAK said...

Atilla,

Whose avatar? If you are asking for mine, it is John D Rockefeller

ARAK said...

I couldn't get a pic of Arthur Cutten. Once I get that I'll replace Rockefeller with Cutten

Atilla M. Demiray said...

oo yeah
rocky that is... thanks bud

indusequities said...

Atilla M. Demiray said...
it is 96.3




who is your avatar?


-------------

Still trying to find one.. May be you should give me one :)

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