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4th Attempt To Take Out 200 DMA
Yesterday we charted the third attempt to break the 200 Day Moving Average, and expected a low-volume repeat computerzied assault on the 200DMA today. Today: low volume, check, SPY hugging 200 DMA, check.... and fizzle. On the other hand, this could be a totally unrelated aberration, driven exclusively by the EUR, which attempted to take out 1.235 earlier and failed. It just so happens that this level translates into the technical resistance level for stocks. Nonetheless, with Brazil about to kick off and volume to hit zero imminently, we are confident the DMA will be taken out resolutely by Commodore 64, on the same toxic vapors that are filling up desalinization plants in Florida and the asset side of the Fed's balance sheet.
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200, bitchez
Option expiration coming later this week. Got to build up a safety cushion to make sure that the shorts are scalded...
And the IPOs underwritten by Goldman. Choc full of bubblicious goodness. Pumpedy doodah. Booyah.
Of all the recent "rallies", I have to say today's is ranking up there as one of THE most ridiculous.
it's only ridiculous now because you're short. here's some insight genius- this is the exact same ridiculousness that made you money going long for the previous 6 months.
No, the other "rallies" at least had improving data to lend some air of authenticity. Also, earnings, although easy comps, also were flashing "improvement".
We don't have that now. Now we get BBY missing by a mile (and let's not forget, they're the beacon of discretionary consumer spending). We also had a couple of warnings out yesterday from another tech citing Europe as a problem.
So today's rally doesn't even have jacked up data to back it up. On the contrary, it sort of sucked.
Isn't a rally characterzied by people acutally buying stocks, mutual funds? In modern terms a rally is nothing more than prop desks playing hot potato with the bids. So yes, this rally is total BS. The more days we have like this, where no one buys yet the market cranks.....the better the chance of an all out no-bid market cratering.
at some point people will realize news doesn't mean shit. It never really has. That's especially true today with the bots controlling everything.
How so? There was good news this morning...
Er... Never mind the rest of the story, that's enough for a Bloomberg headline...
There was good news this morning...
Exclusive: Al Gore Cheats with Larry David's Ex
H/T DRUDGEREPORT.COM
Looking forward to the new season of Curb
Don't hate on the oversold rally.
They really don't want to let it fall. It's already printed the tape. I don't why they even believe they can erase it.
Thar she blows! Cupcake island!
Tyler.....Yahoo Finance headline stated "Market relieved by success of european bond auctions."
The article went on to tout some talking head spewing how safe Europe & their bonds are. He says appetite for euro risk is back with a vengance.
Thats where some of my lunch went through my nose due to laughter.
Spanish bank debt and real estate bubble, 20% unemployment, yum yum yum.
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.
The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.
Read more: http://www.dailymail.co.uk/news/worldnews/article-1286480/EU-chief-warns-democracy-disappear-Greece-Spain-Portugal.html#ixzz0qwrTswX3"To the Moon Alice"! We broke it, raped it, and took pictures. Shorts will be getting covered this afternoon, still holding onto my TNA for now.
Tin Foil Hat .... check
Sell off into the end of the day again...
Seems to be too much euphoria by the computers today for that to happen. Looks like they've opened her up to run back to 1150 area.
Yeah, Commodore 64. That was a machine. Best computer, ever! ;) And Amiga wasnt bad either.
I'm not covering until after the eco data tomorrow morning. I don't give a rat's ass if it breaks me - no way I risk being out of the market for what I feel will be an eye opener in the morning.
which data?
8:30 AM
Housing Starts
8:30 AM
Building Permits
8:30 AM
PPI
8:30 AM
Core PPI
9:15 AM
Capacity Utilization
9:15 AM
Industrial Production
Which is why I'm selling my TNA and buying more TZA 5 min to close :)
Bubble Days are here again.
Not.
When, not if, when this sucker implodes, it's gonna be a MOAB (mother of all breakdowns).
Bad news from Spain could trigger it.
I hope you are not referring to the World Cup game tomorrow.
TD
"On the other hand, this could be a totally unrelated aberration, driven exclusively by the EUR, which attempted to take out 1.235 earlier and failed. It just so happens that this level translates into the technical resistance level for stocks."
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That is the melt-up.
Didn't someone here say that we were all FX traders now?
Ironically, a crude trend formula, that a child could use, the 200dma, got you out of stocks in May '08 at ~13k.
Meanwhile, Jizzface Jim Cramer calls his Oct '08 10k sell call (two months after his July bottom call) one of the two greatest calls of his "career."
Cramer is one the biggest douchebags in douchebag history.
Douchebag History ... Somehow, I missed that course.
It can tell you alot about gold too. All you gotta do is watch the 200 day ma on it. If it get's too steep it sets off a feed me alarm with a few 30 day ma sell offs.
And there it sits. 1111.
No way they allow a repeat of yesterday. SP charges thru. Sets off buy stops and closes at 1120.
There is a "ramp job" every option expiry week which is the third weed of the month. This is a quarterly expiry and the "put sellers" who are in control given that they are primary dealers for the most part, are screwing the put buyers who were hugely in the money not too long ago.
This time they will break the market out above the 200 dma. Short sellers only now need watch the 200 dma failure. 1085ish on the S&P futures would be a sell signal.
It's like there a bunch of munchkins under there...
http://www.youtube.com/watch?v=THbY7EL8k5w
If SPX can't convincing hold the 200 dma today, it's going to be a problem.
until tomorrow
Hey Tyler, are you watching Matt Simmons on Bloomberg TV? Among other things he said he's embarassed by Simmons & Co's upgrade of BP. He still thinks BP will go bust.
Hold onto your balls everyone, we're about to drop real fast.
Point & figure has a upward reversal at 112, but then again I am not sure I know what the f.... I am doing.
1hr is overbought on SPY. sell it now :)
Today's rally smacks of desperation. They've taken the market up on zero volume which is giving longs an excellent point to get out. The winners this years will be the funds that were patient in selling the rallies.
http://www.starmagazine.com/al_gore_laurie_david_affair/news/16986
You cannot blame him. I would rather bang Laurie David anyday than Tipper Gore.
It's been pretty easy for the market pump fuckers this week. With China on holiday until Thursday and consequently zero volume in Japan and HK, this week there's been no overnight drop in ES. Consequently the customary 10-handle ES levitation in the European morning has started from a higher level than normal.
Buy baby, BUY!!!!
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You mean short the dollar right?
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Oh, that's the same thing isn't it?
this is why everybody hates you.
Getting squeezed hard today? Cut your losses fast! LOL!
Nope, actually I am not. In fact I am about to add to my TZA holdings. Thanks HFT for making me happier about shorting this sham.
P.S. Think tomorrow economic numbers will be good? My guess is not, but only time will tell.
not really. I have Jun calls, and July puts. This squeeze was as predictable as your moronic posts. I was just stating a fact- everybody hates you.
Stop, you're hurting my feelings. I take it to heart when a sub-moron throws insults my way.
Why would anyone hate Leo? He provides pictures of hot women. Besides, he offers an opinion - how is that bad?
nonstop evil
I predict that no matter what happens in the last hour someone here will say it was predictable.
I knew you were going to say that...
lol
15:36
#415296
not really. I have Jun calls, and July puts. This squeeze was as predictable as your moronic posts. I was just stating a fact- everybody hates you.
____
And, for the record, I like Leo. I just wouldn't listen to his stock picks.
This "rally" won't die until most people here give up, Tyler included?
Tyler, didn't you say a few dozens of posts ago that if the Nikkei broke 9800 that the market would rise?
It broke it yesterday, and now we rise :)
I actually kept a eye on it and started buying calls when it got back over 9600.
I suck at trading in light volume. I should know to just buy but I can't stop myself from shorting this market!
I thought I was the only one ..... cold comfort really. The minute you give up it will turn around.
My kind of 'luck'...
The real battle is at the /ES 200 dma sitting around 1108.
Keeping my chips. May short if this stupid rally extends further.
And how many attempts on Gold already?
Next move will be simply huge as with Euro moving up it's up and in case Euro and the markets go down, upmove gonna be huge...
Everyone is short at current levels
Everyone is short at current levels
Actually, today's COT report shows slight net longs from the large traders.
Well, I got today wrong and sold my TNA a little too early. Was expecting a late day sell off from the HF's wanting to recoupe some losses. Oh well, better to be safe than sorry.
Gee people can't you see it's the end of Q2 market up.