N QID 34.66(34.18) - 35.09(35.56)
N QQQQ 54.11(53.50) - 54.47(55.10)
N SPX 1505 ( 1495) - 1513(1521)
10:49 ET, As suggested at the beginning of the trading day, YEN was turning and it has, this has caused the market to "tone down" and that is where we are. Can YEN sustain, I think so, Most of its downturn was coming on spread of CHF/JPY. Now that CHF(SWISSY) may have calm down, that give the JPY chance to more higher ( lower in numbers, of course). We shell see. Watch YEN it is your friend.
11:05 ET, Yen Supported at 114.26, we need it to break that to see further gains in shorts of stock indices. Meanwhile please keep stops real/mental
23 comments:
For what it's worth, institutions have been selling into strength on this last runup. I read a free site that offered that info this morning.
Thanks again Boris, 10 points and counting : ) I'm going to have to start taking more vacation days.
BTW, the Steelers were wearing throwback uniforms last night. The old yellow helmets were there, but the yellow pants were missing.
Thanks for your time, Daveo
Dear Dave,
Thanks for mentioning my beloved STEELERS.
When I Want to be strong, I go back to STEELERS and SEVENTIES and I am a transformed man.
What a wonverful bunch of worriors...
Enjoy Dave
Good Trading
Boris,
Missed the opportunity to short this morning, had wifely duties.
Old John
P/C ratio pretty low here--not good for bulls---also a high # of new lows today.
http://stockcharts.com/h-sc/ui?s=$CPC&p=D&yr=0&mn=6&dy=0&id=p79530133097
Dear John, Another Buss is coming.
GOod Trading
Dear Lag, Thanks for the info
Good Trading
Boris,
I know, just being my patient self.
old john
Dear Boris, is the yen finished for the day ? Daveo
Boris, I meant to say that the market seemded to be ignoring the yen retracing the drop it had earlier. Daveo
Boris,
Bus just came again
old john
Dear Dave,
The YEN has found a range after the open of the market and stayed there after few wiggles in the morning and around 11 when I put the warning that YEN has supported. It ssems to be wating for something, perhaps some economic news coming tomorrow or till FRIDAY. Not sure, but stalled completely last couple hours
Good Trading
Dear John,
GOod Timing, looks like YEN finally has found a way to hit the average lines down. Let us see how persistaent it will be
Good Trading
Boris,
thanx- in a big city sometimes it takes 10 minutes for another bus, sometimes it takes 50 minutes.:)
old john
Boris,
Yen is not cooperating
old john
Dear John, Yes, it wants to go lower for now. Well, You can not fight that. It is a low volatility day and it will end up like that, most likely...
GOod Trading
Boris,
Tomorrow is another day, I am going to keep my short.
thanx
old john
Just a reminder to everyone to always use stops and take small losses if the market immediately moves against you.
Yes, we all believe in the yellow brick road, but it is not guaranteed. Just to put the risk in perspective, I have seen two technical studies which show the S&P at 1620 and 1800 in the next two months.
I can name 1,000 reasons why the U.S. economy is crap and markets are manipulated and should be at much lower levels. BUT, markets stay irrational longer than you can stay solvent.
Be careful.
Dear Blaine,
I second the thoughts.
Absolutely... No doubt. Everybody saw, How I trade. I do not take risks. I take small losses and big gains and that is the way it is and will be.
Same for everyone, please note that if you have short positions, be careful in size and make it managable.
GOod Trading
Great point Blaine. I know from experience (several painful ones) the market will do what it wants and it doesn't matter what it should be doing. Don't get stubborn. I've learned the hard way but there is always another opportunity to get a small loss back. I used to get so mad when a profit turned into a loss. I would say no way it will come back i can't be wrong. Wrong I was but i learned anything can happen, ANYTHING.
Good trading,
Paul
All:
I will learn a valuable lesson tomorrow.
old john
Yes, the market will always do as it pleases.
That being said, I still favor a correction very soon. We got the 7th Hindenburg Omen tonight in 17 trading days. The market is internally fractured and ripe to breakdown. Now, will it happen this week, or have one more go at the highs to flush out the shorts??? I wish I knew.
http://www.highgrowthstock.com/IanBlog/?p=233
General Motors in after hours announced that they were taking a 39 billion write off due to sub prime losses in there GMAC credit arms.
JPY was at 144.45 the last time I looked and I saw one quote at 144.25 about one half hour earlier. Naturally, the futures followed.
old john
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