Stock Market Intraday Chat: May 7 - May 11 - Page 8

Bulls taking control into the lunch hour.

 

Transports, financials, consumer staples and health care leading.

 

Rest of the sectors in the red.

Mark Fischer was just on Fast Money calling for lower oil prices

 

ES one hour looks like it is forming an inverted cup and handle? If there is such a thing. I tried to fade the open today at 1361.25 and got stopped at 1364.50. That is probably my only trade for the day. I am looking to try and fade it again at the 1372-74 level with a 1376ish stop in Tuesday's or Wednesday's session for a move down to 1338ish.

UVXY is going down...is this normal mid day?

Or should I drop it now...I got in at $15.27 and wanted to break even.

johndoe go to search bar at top of thread, type in ticker "UVXY" and see results, you should see the thread there.

How much lower? Hard to see it going much further, I'd be surprised to see it take out $90 for more than a quick teaser. The 50% retracement of the roughly 1 yr range of 74.95 to 114.83 is right under 95, crude bounced pretty hard about 45 cents above that fib level. I would not be surprised to see it trading in 99-104 range for the second half of this week.

+1156 TICK, buyers pushing here as teh ES goes for 1368 resistance from Friday.

 

I did not hear a target, but he was not taking any long here, waiting for better prices...  He could just be talking up his book as usual.

Does anyone want to buy GOOG puts and sell them within the next 20 mins? I see an intraday top forming right about now. I just sold some calls for a nice profit and want to jump into puts, I think I have an option trading addiction...

It's down...$13.97....should I sell?

I know exactly what Warren is buying today He is buying BAC shares.

http://economictimes.indiatimes.com/news/international-business/warren-buffett-buying-amid-market-dip-say-tv-reports/articleshow/13035313.cms

Looks like its going up to me?

(please don't trade on this unless you want to lose money!)

 

1372 should be next.
 

Did Nate change his screen name?

Must say...from futures being so bloody last night this is quite unexpected....almost green.

UVXY is going down and I'm still hanging on...when do I let go?! (Got in at $15.27)

GOOG just printed a .00 HOD at $607. Open was $595.00 and low was $595.00. It is currently $606.58.

Whenever your pain threshold is reached, this is something that should always be defined before you get in a trade. The better a trader you are, the more likely you figure out the most you can/are willing to lose on a single trade, before even contemplating your profit target.

As bad as it sounds Phil said to sell it at the end of the day so I was taking his advice on that...

But now I don't know if I should hang on for a while until it swing back up past $15.27...in a couple days/weeks?

But I don't know how to forecast that stuff...

 

Great advice. Also don't enter trades solely based on a recommendations from strangers on the internet. You have to do your own research and have a plan in place before you even enter the trade. You're going to come across a lot of people on all kinds of websites that make it seem as if the money is guaranteed if you follow their advice. More times than not, you'll find that exactly the opposite happens. The sooner you realize this, the sooner you stop losing money.