I'm thinking next week is bearish again. The daily and weekly's are still showing downside. Here's my weekly Dow Jones chart:

Pretty bearish finish there. IMO we have another 400 or so points of downside next week to around 12,400.

Commodities are also bearish, GLD broke a 4 year uptrend this week and has room down to $147 - $147.50 short term.

I'm personally in CVX puts, oil etf's (USO and OIH) failed to breakout again today and they're setting up for much more downside along with Gold.

..... my 2 cents 

I dont think next week will be bearish at the start atleast.... As if we hold this 12700-12730 on the DOW is the downside limitation for now. Same thing with the DAX and other indices. Gotta keep in mind most of this is speculation, not actual results or news based. Gotta wait and see what happens with the Greece situation.. Also i think yields for bonds will reduce and people will be selling exhausted. IF we were gonna break this week, had more than enough chances

Quote:

Originally Posted by Venom08 

Actually, it's not the markets fault but my own. I'd either get too greedy and never get my order filled or I'd panic and sell too quickly. Half of my stop-loss orders got filled in stupid dips and what do ya know, ten minutes later my position could have been profitable. Apple has also been the biggest drag on my portfolio and instead of hedging with puts, I bought even more calls because that is other people were doing. Tonight I have decided to never make a trade based on someone else's advice, I tell you, I've lost 90% of the time I blindly follow other people's executions. I've also realized hope kills, especially with options trading (stupid time decay ).

I'm trying to be more strict with my trades now. I've gotten greedy on plays and had them reverse on me badly. Started using trailing stops more and more, it's helping me keep the emotions out lol

Arab Springs really stirring up some dust.... I guess it has no relevance to pricing as no one cares lol.. Africa going through its own problems as well.. Outside economies getting hammered and we continue to not see any of it within our own little US world.

http://newsfeed.time.com/2012/05/11/top-10-biggest-trading-losses-in-history/#10-metallgesellschaft-1-6b

LOL.. J.P. Morgan's recent loss is one of the top 10?? man banks just keep digging a deeper hole

JPM loss is nothing compared to the profit they make and is at the bottom of the scale..

i think 9B is alot worse..

I don't think we come crashing down next week either I'm thinking we hit $137 SPY this week.  We could really work off some of this oversold conditions.  Well, it's not technically "oversold" but we're at -32 on the NYMO(-50 or more for oversold).  If we can bring that back around 0 or above it could make for another real nice rug pull situation if another headline hits.  Just like the  bears had their chance to really break the marker harder any didn't the bulls on any bounces those were faded by afternoon I was expecting them to atleast pull back up to $137 on the SPY.  I think we're still going to see that this week maybe the CHINA rate cut helps a bit on monday.  

For me personally, I'm going to continue holding short and on any bounces I'm just adding to positions I still believe in the long term trend is down for now to atleast 1320 on the SPX.  There's just lot of technical damage to some of these big names and fundamentals coming out backing up worsening economic conditions.  The only wildcard I'm worried about is Big Ben turning the presses on but I feel like that's a weapon to be used after much more damage has been done. Too early for that if we're only off whatever it is 7%? from the highs right now

I'm with o7 though lot of commodity bubbles are bursting thanks to the stronger dollar (which will be great in the long term picture for America).  Lots of great moves on those the past few weeks..

The banks though, I still think even though with JPM the money really means nothing to what they earn it's a reputation issue.  I'm thinking it'll have a lot of people worried again about investing in banks.  Maybe not people who know how to navigate around the market but I'm talking about the retail investor who buys Bank of America after hearing stress tests were good and the bank was healthy.  That's how I'm trying to play that being short BAC.

For now.. The "London Whale" behind these bets has been harpooned 

 

Two big things next week that will keep the market up IMO...Options X week and the IPO of facebook after that i think some serious down side action coming.

crude oil rdy to collapse

Great point on FB, I see disappointment in its future being able to live up to the hype.

Quote:

Originally Posted by Davecash77 

Two big things next week that will keep the market up IMO...Options X week and the IPO of facebook after that i think some derious down side action coming.

Damn.. been out of the loop for two weeks. I feel lost. But finals are over! Undivided attention strictly to the markets.

Heres a look at the Russell 2000

DAILY

60 Min

The predicted upcoming crash this year. Details start around 7:55 and with the crash just after the 11:00 minute mark.

Quote:

Originally Posted by tones 

crude oil rdy to collapse

I think someone is trying really hard to bring down crude oil prices.