Wednesday, October 22, 2008

attraction points

30.8036 30.5636 30.1734 29.6900 qqqq
31.8164 32.0564 32.4452 32.9300

914 907 896 882 $spx
943 950 961 975


913.44 907.19 897.03 884.44 es
939.81 946.06 956.19 968.81


98.670 98.490 98.197 97.835 jpy
99.429 99.609 99.901 100.265

Dear Subscribers, Readers,
Nothing really to add for me here, except, as long as the YEN is not breaking the levels we spoke about, Market is slowly inching higher. Just repeating myself from this morning

13:13 ET, If there any chances for another rally today in stocks, most opportune time is around 14:30ET +-15 minutes

13:56 ET,Heading straigth into the window. in about 15 minutes or so the aforementioned window starts. Be ready. Whatever you do. Good Luck

14:11 ET, We are almost in the window and ES Second ILAP has been met, third is around 897, 10 point lower, Pay attention, Please, Not suggesting anything, just a possibilities.


14:26 ET, must have free trade now. Just keep stops at breakeven ( mental please)

I AM OUT. This may still work,

39 comments:

lagscrew said...

for the GOLD BUGS

Embry was on BNN last night and speculated that it may take a default at the Comex to release the POG from the paper market machinations. He believes it could happen as soon as December, fwiw

lagscrew said...

check out 2d artical and chart on NAHB index

http://www.slopeofhope.com/?gclid=CMqS_f3Tho4CFSgRGgodW0ezEQ

boris said...

Dear Lag, Thanks
Good Trading

lagscrew said...

xlf has broke thru triangle to downside early this am.---others are now close--will they follow ?

lagscrew said...

sold 1/2 shorts and added DIG

ARAK said...

free trade = go long?

boris said...

Dear Arak,
I went long and
Stopped myself out with coffee money. That is all.
Do not want to risk as the trade is not going the way I want

Good Trading

John said...

Boris,

Not even coffee money- enough for a piece of gum. stopped out

thanx

old john

boris said...

Dear John,
Best trade is where lost couple cents or made couple cents

You know it was did not work and on to the next
Good Trading

John said...

Boris,

Never look back as someone/something might catch you:)

old john

John said...

Boris,

Still think it is headed for the next AP- may be wrong but that attraction is obviously there.

old john

lagscrew said...

sold last 1/2 shorts --long dig now

tim9lives said...

Dear Boris,,,I have read many articles about the Comex defaulting,,,due to the disconnect of the paper and the physical market.
The theory is that the Comex only has about 10% of physical,,,so if many traders demand delivery,,,then that will break Comex.

I am more inclined to believe we will see large selling from the GLD- ETF,,,if this happens the COMEX will have as much physical gold they need.
December is a long way off when one talks about the futures market.
The GLD can now be considered the 7th largest holder of gold,,,just behind the Central Banks.
Question is,,,will GLD fall
Take care-Tim

tim9lives said...

Dear Boris,,,what I meant to say is will the GLD have to liquidate it's holdings due to redemptions.

Take care,,Tim

lagscrew said...

stopped out of dig/'[[.';.'.',.

אנטי-סופיטליסט said...

$trin is at 5, is this the last capulation? The 64,000 dollar question. waldo

John said...

Waldo,

780 spx

old john

sharon said...

Take a look on commodities. a lot of companies will need to reduce prices next year.

boris, BC is back to 1983, I hope you are accumulating, soon we can have our yacht for free.

sharon said...

-

אנטי-סופיטליסט said...

I have been buying a little of sso today. Still some dry powder, will buy more when and if we hit that tgt john. Thank you, waldo.

אנטי-סופיטליסט said...

If we hit that number john, that would put the yen in the 93 area. waldo

John said...

Waldo,,

I am probably wrong but there is an AP down there. I will be curious to see the buy pressure, etc. tomorrow morning. I am in all cash, tried the trade today and made enough for a piece of wrigley chewing gum.

old john

boris said...

Deaer Sharon,
BC was sold long time ago,
After making almost 30% in few weeks

I have total 100 shares of BC, so that I can remember what my stock looks like(:-

Good Trading

boris said...

Dear Tim,
Dear Waldo,
Dear John
Dear Lag,
Thank you all for your comments

GOod Trading to you

ARAK said...

I went long the ES and NQ at the end of the day.

boris said...

Dear Sharon,
Dear Subscribers,

Please note, I have nerver, to my recollection, recommended the BC as a stock to accumulate. Just so that people do not get scared here.

I did buy a lot of it at July 16 Low and sold it with very nice profit. Own 100 shares now only, so that I do not forget to watch it.
OK
Good Trading

boris said...

Dear Arak,
This may work for you.
As the Yen seemd to hit the real wasll around 97.30 area.

Good Trading

Vishal said...

Dear Boris, any update on the JPY, looks like we are below the 98.61 point.

Cheers
Vishal

boris said...

Dear Vishal,
Yes, that point broke and stock market went with it.

at 97.30 it seemed to have found a reall hard wall and could not break it in any substantial way.

That is the reference point now. It is clear that trade needs to be done in the direction of the momentum turn and it is now up for YEN.

crosses seem to hit "where it hurts" all the shorts of YEN crosses. In SWISSY/EURO/GBP. For example GBP/YEN cross hit the incredible 100point!!! ABC correction. SWISSY cross has hurt lot of longs hiding below 84.80 and EURO cross as discussed with IVAN this morning did not hold on 126.66 and went for 123.82 ( did not get there yet, but came close at 124.50, where it made a lot of JPY/EURO shorts cry "hurts"

Please look at the big picture and see where that point of 97.30 is.

Yes, it is a practically sitting around the FALAP!

So, what Else can I say.

need to be careful with this currency. I still think it will have hell of an explosion day ( down) when markets finally put the bottom in, so watch the stocks market signals and feelings about bottom there.

Good Trading

D said...

Vishal...

If it's not evident already, the quants are getting blown out playing traditional ranges. Everyone should take the cues to play small sizes as long as these extremes perpetuate...because they can get more extreme. To get a 5 sigma move you have to cross 2, 3, 4, and 5 sigma movements first. Something to think about as we are way off the MAs on everything.

boris said...

Dear D,
Thanks
Good Trading

Vishal said...

D, Thanks for the insight, cheers.

boris said...

Dear Subscribes,
Dear Readers,
I thought Dollar could be destined for 86 max by March,

Well, we are now in October and the DOllar hit 85.90 or some such thing today! HUH...

Now, the range from 86.70 to 87.80 is all full of mines for the Dollar and Dollar shorts as they represint the point from which heavy Dollar shorting may have initiated.

You have been warned.
Then again, it could be the kind of fields that could spell beginning of death for Dollar. Who knows?

Trader Must trade and talker must talk!
Good Trading

sharon said...

Dear Boris

Just kidding, who needs to accumulate yacht shares in a middle of a global recession.

but you right, this in not a good time to make jokes...

Sharon

boris said...

Dear Sharon

Thank you very much

Good Trading

daveo said...

Dear Boris, JPY crushing the Euro......please sleep. Daveo

Vin said...

Good evening, Boris.

I'm back! Can't keep away longer than a day.

JPY is ominous tonight... It keeps flirting with the intraday lows of 97.2 right now, yet the ES is happily green.

Question about Big Pictures, since I've only been looking at them for a week now; are the FALAPs marked on them?

Were those the arrows on the BPs last week?

Thanks.

~vin

boris said...

Dear Dave, EURO/JPY reached exactly where I thought it may go for today and that is 123.60, very close to 123.82( I targeted).

Is this enought hurt to EURO/JPY longs, we shall see. If it is they must be covering like mad, now the quote is 124.18

Good Trading

boris said...

JPy is now above 97.30 again. After devastating all crosses tonight.

Good Trading