Stock Market Today : May 21 - 25 - Page 25

14.07 GMT The euro has spiked on JP Morgan prediciton of one-year LTRO and an ECB rate cut

 

( http://www.telegraph.co.uk/finance/debt-crisis-live/9286543/Debt-crisis-live.html )

 

Gonna open in the 32.90's ... 

Watching SPY to see if it will be rejected again on daily 8 EMA backtest. This would be by my rough count the fourth rejection. Still looks pretty promising for bulls today, but overlooking this test in past few weeks has cost me in bad timing.

Pivot all the way down at 1309.50

I guess some are selling what they made on the EOD rally yesterday, hopefully the bulls pick up the bear sh*t.

Another interesting level is ES 1334.50, just over 2x the March lows, happens to be both R2 for today and the 61.8% fib extension of yesterday's range.

Also seeing ES with two backtests of a trendline descending off the 1411.75 failed attempt at breaking 52 wk highs and the 1326.xx high in the last week or so (Sun/Monday, I think). If that TL fails then I will look at the pivot as a possible almost probable destination. Still feeling that bulls will take the reins, but the bear flaggishness of index daily charts urges some restraint. Transports showed us the first signs of breakouts among the 5 indexes. Also really want to see SMH step it up today, that daily is a little uglier than most important charts.

Selling was calm this morning. Grabbed some UPRO, i'm expecting upside today

Ive said it before but I will say it again. The PDT rule is very stupid and there is no reason for it. I used up all my day trades on monday. I usually make money when I day trade but I can barely do it because of that stupid rule. My account value is nearly 14k so I wont have the required 25k anytime soon. On a positive note on monday my account balance was 11.7k and today its 13.8k

 

Just another way the government spits in the little guys face. Just like owning a house, when you own a house you can have lots of deductions and tax breaks, married you get deductions and tax breaks.. Your single and live in an apartment, you get 0 tax breaks.

Nate, why not create another account and keep it a cash account with about 2-5k for day trading?

 

 

Just get off margin. Cash account and you can day trade all you want.

 

I think he's too deep in AAPL to get totally off margin.

 

I cant make money trading 2-5k besides, If i make a cash account I would say trade 5k then I would have to wait 3 days before I could use the funds again.

 

Seriously there is 0 reason for the day trading rule. People who want to take the risk should be allowed to.

 

If I made my current account a cash account I would be in the same situation. I usually go all in for day trades so I would have to wait 3 days before I could trade again, much worse then the PDT rule.

 

I trade apple mostly... here is todays trade..

 

Yeah but if you trade all your cash one day, you're sidelined until 3 days later. I don't think that solves the problem (pretty sure he wants to be able to trade whatever, whenever, and however much he wants).

Transports trying to rally the troops today.

apple is struggling to stay green.

If you're bored, pull up the ROSG chart on any timeframe.

LNKD 98.25 level to watch

Nate, learn about options and you can literally make money trading with just $300. I bought one AAPL call for $500 and sold later that day for $700. I made $200 with only $500, I assume you have ~25 shares of AAPL so for you to make $200 it would need to go up $8.

And you can lose money just as quick.....