Wednesday, November 14, 2007

Limits


Looks like the markets are starting on a better footing than I thought watching the YEN market this morning. PPI number changed all of that. So, we will open higher than yersterdays closings, but I still think that due to my YEN outlook we will end up lower than where we started the day. Let us watch carefully.

09:35 ET, with a 62% retrace of JPY hit at 111.75, looks like YEN is done declining and Stocks make the high on the open?
9:40 ET, 51.45 could be it for Q's ( 10c stop)
9:41 Dropping very rapidly, with 51.25 stop it is breakeven for me

N QQQQ 50.57 ( 49.11) - 51.57(53.14)
N QID 38.11(36.52) - 39.58(42.12)
N SPX 1488(1478) - 1492(1501)
9:58 ET, STops down to 51.20
10:11 ET, Stops down to 51.20, not in the mood tolerating any rally here, as is , i/we missed the early open due to operations
10:35 ET, Stops down to 51.18 ( protecting the ABCDE correction)
10:39 ET, With this last drop, stops drop to 51.12 ( ABCDE no more relevant)
10:45 ET, Stops down 51.04
11:08 ET, Bearly survived at 51.04 stops down to 51.00
11:13 ET, collection 1/2 profits around the first low limit 50.57
11:14 ET, Stops on the 1/2 at 50.85
11:18 ET, got 50.59 on the 50.57
11:27 ET, Stops down to 50.82 on 1/2
11:48 ET, OUT with an average of 55c gain
13:27 ET, IF 51.15 is not taken out here, we could be heading lower again
13:42 ET, it hovered around 51.08 for 15 minutes, Yes we may look at it as it was a good opportunity to short with less than 8c risk!
15:13 ET, Well, remember rule number 2 of trading. Never worry about the profits you "could/should have made", there is another bus all the time.
15:42 ET, In a classic , deceptive YEN move 15 Min before market close they shot the YEN upwords!... Manipulation or knowledge... For me it is the later
And the stock market was predicting all of that right afer our 13:27 note of ours!
15:52 ET, Yes I know putting 49.11 in my limits looked crazy, but we just broke into the 49 level...

29 comments:

mlytle said...

Hi Boris,
Today's open has jumped up to the Light Blue line on yesterday's trendline chart, which is at 1492.89..
High so far is at 1492.14..I was thinking it would back off this morning and hit it again later in the week, but it decided to hit it right away..Indicators are way overbought now, so it should fade in here somewhere...

I just sent you the chart as of a few minutes ago...

Regards,
Mark L.

John said...

Boris,
missed the open also, will wait patiently

Mark,
thought about it as I posted last night but still toooo much of a novice.

old john

Mark P said...

Goog morning Boris/all,

I am tracking the bank sector (BKX) as my proxy for the market. This mornings spike probably ended a third wave if a subdividing fifth wave of the rally that started last thursday. It should now probably spend most of today putting in a fourth wave and possibly starting the fifth before close. This will probably cause the markets to close more or less flat on the day.

When it finishes its fifth wave tomorrow, I'm looking to short around spx1507 but I will be watching the BKX chart which should top at 102 +- a few cents.

regards,

Mark P

Mark P said...

Good morning too by the way. (::)

John said...

mark,
thanx
old john

Mark P said...

Yes I'm watching Googgle too, if it wasn't obvious

boris said...

Good Morning Dear Mark P and L. Love you both!
Nice guys.

John, You have a patience of ROCK, I could only wish this to myself. But I am a great teacher of the patience, as you are a greate example (: :)

GOod Trading

John said...

Boris,
thanx- just do not want to make a mistake, you know the saying " another bus"
old john

waldo said...

Mark, the xlf is right up against it's downtrend line and the 20 ema on the daily chart as I see it. just an observation. Waldo.

boris said...

Dear Waldo,
Thanks.

Dear John,
Yes, my grandpa used to say measure 10 times and then cut once. I did not listen to him then, sadly...

Good Trading

lagscrew said...

Thanks to everyone!!

Sold QLD on the open d bought QID

Just sold QID
Made lots of $$$ in an hour

LAG

boris said...

Good Trading Dear Lag,
Congrats!

You are the man.

mlytle said...

All,
The $SPX hit the .39 retrace of the high of 10/11/07 this morning which coincided with one of my Exponential trendlines..I'm suspecting the market has probably hit it's peak already on this rally after only two days up.
The $SPX in particular has significant resistance in the vicinity of where it has made it's intraday top today..I'm thinking that there might be a little bumpy stuff around options expiration, but this rally (price wise) is basically over..

Regards,
Mark L.

John said...

Mark,
thanx, i am not technical at all ( obviously) but saw 1490 hold a few times,.
old john

Sqroot said...

Don't be too shocked when we see 1500.

boris said...

Dear SQROOT,
We all have Texan blood in us. We are never shoked (: :).

What makes you we will see 1500 and when Dear SQROOT?
Good Trading

waldo said...

Boris, I am looking to short xle again, what is your opinion of a top before another decline. Thank you, waldo.

waldo said...

With options expiring friday, they will hold the market where the option sellers make the most money on experation. It will probably be more exciting watching paint dry. waldo.

boris said...

Dear Waldo,
XLE limits today are ( first limits)

73.16 - 75.23

All day the trades is just around the middel 74.14?

Good Trading

John said...

Boris,
thanx, just sitting here watching the yen.
old john

John said...

Looks like it is ready to fall apart
old john

Blaine said...
This comment has been removed by the author.
lagscrew said...

This is great they are giving the puts some hope for Friday

What a scam

Lag

boris said...

Dear Lag,
No, I think Market comes up tomorrow sometime... Probably late. The question is ho much damage from here to there.

Good Trading

lagscrew said...

Yes Boris I agree as I am a little long right now looking to get short

LAG

boris said...

Dear LagScrew,
Good Luck and Good Trading to you

lagscrew said...

Boris--the yo yo effect--keep em dizzy

boris said...

Dear Lag,
If this is not going to confuse average American than what would?

Good Trading

lagscrew said...

Also of note is the five day avg for trin is now I think about 4.14 if I added correctly

4 is a sell--so we are in the ballpark

Locked and will load