Stock Market Intraday Chat: Apr 30th - May 4th - Page 19

Quote:

Originally Posted by mpr 

1374 here we come.

So do we continue this massive wedge, and move back higher here or do we continue to break down out of the bottom of the wedge next week?

Even though the price action is fugly, I have to go with what my sight was telling me before we got to this price level. 

And be prepared for higher prices next week. I still don't hold over the weekends though.

Quote:

Originally Posted by mpr 

 

So do we continue this massive wedge, and move back higher here or do we continue to break down out of the bottom of the wedge next week?

The social mood out there is still very bullish, the FB IPO will be a good measure of how people are feeling, as long as investors are still blindly throwing money at anything that moves, the trend is up.

Quote:

Originally Posted by StockJock-e 

I dont see this 1363 holding next week.

 

The last interesting low we had on ES was 1354, Ill be interested in seeing the action around 1345-1350.

That's about where I am looking to... 1352ish.

DAX closed around negative 2% today

Little sell spike here, which sector is causing it?

Banks?

Quote:

Originally Posted by Philosuffer 

I do not like to contradict with Rando, 07 and Rock here but the bounce attempt looks weak. I think we will close very close to 137 on SPY today.

I do think we may see a small bounce on Monday. If I have to take a position, the long side do look favorable at the moment but one should wait till last 20 minutes for the action. I think it has potential to drop more today.

I don't recall ever saying anything today about a bounce.

If there is going to be a bounce, it better come in the next 10min because thats all the time we have left.

Ring the bell, we are done for the week.

SPY closed exactly at 137. Looks like more bearish action to come on Monday. 136 should see a bounce. I am still holding all of UVXY.

Quote:

Originally Posted by Philosuffer 

I do not like to contradict with Rando, 07 and Rock here but the bounce attempt looks weak. I think we will close very close to 137 on SPY today.

I do think we may see a small bounce on Monday. If I have to take a position, the long side do look favorable at the moment but one should wait till last 20 minutes for the action. I think it has potential to drop more today.

Sorry Rock I did not read your comment but Rando's mention of your name in the post below, kind of made me think that you were bullish.

Quote:

Originally Posted by rando 

Rock is that SPY 5 min stopping volume on that low there? Looks very interesting. I had to get long on that, just for a bounce.
ED: should also mention, seeing minds like Herman and O7 getting long there helped push me over the edge... but my analysis was already on the buy button... great reinforcement guys.

Black Jack is no longer worth the professional effort. You can only aspire to make small amounts of money (under $10k), you breach that level consistently a couple of times, they will ban you from playing it.

There were only a handful of casinos with good rules where you can still try to beat the game and when you are beating, they will shuffle the cards in the middle of the game or ban you. So, yes trading is much better than gambling.

Trading winnings are strictly reported even if you win just $1k in the whole one year period but gambling winnings are not as strictly reported even if you win 10k per day. If you win 50k in trading you pay 1/3 of it immediately to sam but if you lose 50k, you can only deduct 3k, and if you never make back that 47 k in the future as profits then you lost that money forever. One of the very unfair business deals I have seen and only possible to make such deals if you are the govt or the mafia

Quote:

Originally Posted by rst 

Philosuffer, isn't your advantage as a trader much greater than as a professional blackjack player, which I've heard some mention as about 2%.

The poor employment report came on a day when investors were already on edge as France and Greece head into elections over the weekend. The outcome of those elections could have a significant impact on the markets because a leadership turnover in Paris could change the way Europe responds to its debt crisis. The elections in Greece, which recently restructured its massive debt load, have the potential to set off even more volatility.

I am wondering about the possibility of seeing SPY 135 or 134.5 either on Monday or Tuesday. Looks like pretty good chance of that happening.

Some of you may be able to buy UVXY in the after hours now for a possible 10% or more gain on Monday or Tuesday.

yes, versus deducting the losses 3k per year for the next 16 years on that 47k