Stock Market Daily Chat: Jan 30th - Feb 3rd - Page 6

 

 

 

 

 

 

Philo trick is to pick out the useful stuff from the B/S and not get your confidence or beliefs undermined. Keep going and take the profits... working for me for the last few months.

 

LMAO ZH tweeted this link, looks like DeMark is getting into "top calling."

http://www.bloomberg.com/news/2012-01-20/demark-says-s-p-500-may-reach-1-342-by-next-week-before-falling.html

"DeMark Says S&P 500 May Reach 1,342 Next Week Before Falling"

lol they are late and delayed... as always.

I miss volatility.

he actually said a week or 2 ago.. He also mentions a 11% pullback after we top.. so if we did indeed top out 1330 on ES, then he's looking for around 1186 ES
 

 

Be patient, it will return.... 
 

 

SPY showing 4 of last 5 candles as red (based on net change from prior close). 3 of those 4 are higher close than open, and as a result of that and the one green day being a pretty big one, right now we're about .30 lower than the close the day before this candle string started. If there were more volume I'd say it's possible topping, it still may be as volume is at or above 20-30 day averages on SPY (more so on some others)... but it also is showing some resilience on the part of bulls after such a big run. Seems like ES 1308 is a pretty big line in the sand for now, a close below 1304-1305 would be very interesting going into tomorrow.

That article is 10 days old.  DeMark still could be right except for the 1342 figure.
 

EDIT: charulz beat me to it.

 

ENER is at 1.11 with huge bid volume and low supply. Might be a good entry for anyone who want to try it.

Oops, that's what I get for assuming ZH checked the date. Thanks.

from twitter:

 

DeMark: More upside to $SPX 1338-42, maybe intraday high 1375. Sees this top happening next 2 weeks. Will determine downside after top in $$

 

 

would be quite a blow off top if we see an intraday high of 1375 with a close of 1342..

One TA data point sticks out to me today, ES pulled back over last few days and tagged the daily 20 SMA today and bounced pretty well/clean, all things considered. The more time we spend chopping on low volume between 1300-1315, the more likely IMO we go higher on the next move. I tried getting short on the SPY today and was too late, that didn't last long... waited a few minutes for us to get back in the opening range and it cost me a green trade. Ironically, just listening to a recap right now and the guy just said he tried "a cute short and it ended up losing me money." Hmm... I guess the quiet on the boards this afternoon is reflective of the pervasive bearishness here? What a fade of the red internals today, I was ready to buy that bounce, but internals were hideous. Oh well... next time.

i doubt 100% that we are breaking out of the range we are in.. or the highs we just established recently. There is no reason to go beyond the 3 year highs on other indexes.. not all of them are lined up or in correlation..  Other items are at 38 retrace on the way up.. could try 50% but i doubt it and if it does, people will exit pretty dam quick...   This inst a bullish market, its a cyclical bearish.

jmo

It looks like 60 Minutes caused a ripple in the status-quo.  The senate passed a bill that would allow regulators to prosecute congress for insider trading.  I'm actually impressed that this is happening, but it just means that congress will find another way around.  A quick phone call to a close friend who makes the trade would be just as easy as filling the order themselves.

 

http://www.marketwatch.com/story/story?guid=4270f56a-e011-4aef-b81e-155fafd76ea6&link=MW_latest_news

I think TVIX can go down to 16.5 in the next couple of days, so did not buy it yet. The big guys did n't want to drop the hammer while everyone expecting it.

SPY showed up the topping doji and everyone was talking about how the markets are ready to drop based on that doji, lol. So, they faked a down day to get more people enter into short positions before ramping it up EOD. Anyhow, this is end of month and a month in which employers do 401k matching contributions. I think bears would have better luck in Feb.

 

I hope some of you guys bought ENER at 1.11 when I alerted it, Coz, its going to go up soon!!

^

 

I got out of TVIX today at 18.30 and got back in but at a smaller fraction @ 17.60

 

I also bought ENER @ 1.10 from Philosuffer's alert. Hope you're right sir 

my spy puts $530 profit quickly turned into only a $260 profit.

 

DAMNIT!!!!

 

+ i hope CMG misses earnings with the passion. there's no way this thing can go even higher...

i said the same thing about NFLX when it first hit $100, then said the same thing when it hit $120, then $150, then $180, then $200, then $240, then etc etc

 

 

....then Whitney Tilson covered... 

 

Hum...is this a "go bulls go"......?