Stock Market Today : May 14th - 18th - Page 32
ED: You know it's an ugly day when after only looking up S2 you go back and check on S3, which happens to be 20 handles lower, egad.
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
Dow Daily...in the 12,400's now. Still showing just a bit more downside, not quite to 12,400.
Anyway, I'm all cash now. Exited my PCLN puts. Probably won't enter anything until tomorrow.
Added some SPY 131 spy calls expiring tomorrow. Looking for a bounce, just 1 day out of 2 weeks lol please! My 134 calls are a write off at this point. Coulda shorted GRPN on that big day or long gold yesterday, of course I didn't do either, too lazy sitting and praying on my losing SPY position to see the world clearly.
Then again, last night the futures were up big, before the spain auction and poor claims number and fed report.
Lots of profit taking it seems and shorts are not all wound up anymore. The money will eventually flow back into equities imo with rates so low. America will be seen as the safe haven to invest in for now.
How Greece may unfold? Interesting article (For those that think it matters of course)
(Edit, sometimes comments can be informative too .. on occasion)