Stock Market Today - Intraday discussion - Page 6057  

Pretty muted response from the markets on the EFSF and Alcoa news after the bell.  If we do get significant pressure to the downside, here are some potential fibonacci retracement levels off of last weeks low.

still holding FAZ....for some dumb reason I decided to buy a few cheap calls in AA before the close.  Luckily it as a VERY small portion...figured hell if they do beat earnings and make the market run still atleast I'll get something out of it and if they don't and bring the market down then my larger portion of FAZ would more than cover those that trade.  In hopes that tomorrow FINALLY tanks like I've been waiting for...kinda wish my FAZ was up even more afterhours just to make me feel better lol.  Feel like I need to get out of this trade and start over...would've played AAPL a few weeks ago when it went to 355 and again to 360 recently and same with FCX when it got down around 30.40-90, but I didn't want to jump back into either of those since I thought we needed a pullback first.  I should've just SOH the past couple days or been more active with my trades but I had the itch I guess lol.

whats that song by U2 again?  "Wednesday, Bloody Wednesday" ?  

since the bears haven't had their day in a week or so heres a video to make you feel better http://www.youtube.com/watch?v=oHbYitWqmho. also goes to show you how stupid the reporters are

Quote:

Originally Posted by JFerraro 

since the bears haven't had their day in a week or so heres a video to make you feel better http://www.youtube.com/watch?v=oHbYitWqmho. also goes to show you how stupid the reporters are

You know you can insert the youtube vid directly into your post right?

Us lazy people cant click links! :)

Pshhh lazies and this video is better lol

Chart Time

This is a bigger picture, so open it in a new tab to see it in its full size. Overall, the 1200 level was a pretty difficult resistance level today and the closest it came to hitting it was in the high 1199s before being met with selling pressure. Although part of me wants to enter SPY puts all in the other part of me is fearful of some bulls deciding to be heroes and driving up prices higher. So for now, I'm in with about 200 in TZA from the low 40s and will add more tomorrow pre market if it the market keeps going down. Overall, we're riding the overbought levels for a bit of time now. 

On the topic of Chinese economy, this one is an interesting read:

http://www.macrobusiness.com.au/2011/06/socgen-on-chinas-construction-bubble/

The gist of it is, Chinese growth is (has been) hugely dependent on construction on a massive, unsustainable scale. For example, in 2010 China consumed 55% of the world's cement and 60% of new elevators delivered while the Chinese economy is only around 8% of the world. The same year, they built enough urban residential housing to accommodate 60 million people, while the urban population only increased by 20 million. The rate they are going, pretty soon you will have a nation of construction workers with nothing meaningful left to build.

Quote:

Originally Posted by JFerraro 

 Everyone has a clear view whether it be bullish or bearish except for seymour.

But he is so dreamy!

Yeah, I like Guy, he is perma-bear but is ok at calling out upside when he sees it.

I guess they need a mix of opinions, it could be that Seymour might be a big bear, but its his "job" to be the bull on the show. Who knows what goes on behind the scenes there.

of course the banks are not going to like it .. and i think well see more of them charging fees like BoA to make up for the profit gap.

Quote:

Originally Posted by TheShortLife 

Chart Time

 

I don't understand your usage of the top trend line.  You're using two older lower highs when there was a new one that you disregarded.  If you draw the new one you'll see the price action broke above it, re-tested it for support and remaining sellers, then bounced off it only to proceed higher.
 

Quote:

Originally Posted by Rock Sexton 

 

I don't understand your usage of the top trend line.  You're using two older lower highs when there was a new one that you disregarded.  If you draw the new one you'll see the price action broke above it, re-tested it for support and remaining sellers, then bounced off it only to proceed higher. 

your using the wrong trend points the one he's talking about breaks at 1204. its the one i use also. U have the steeper channel

Quote:

Originally Posted by StockJock-e 

 

But he is so dreamy!

 

Yeah, I like Guy, he is perma-bear but is ok at calling out upside when he sees it.

 

I guess they need a mix of opinions, it could be that Seymour might be a big bear, but its his "job" to be the bull on the show. Who knows what goes on behind the scenes there.

 

 

if you go on their website they have full disclosers. The person i thought who had the clearest brain is grasso but he pumps the biggest POS there are. like AKS and BAC. Gartmen was on last monday when gold rallied and the market went down and called it a bear market. Soooo umm 1000 points later no one calls him out?

Quote:

Originally Posted by JFerraro 

your using the wrong trend points the one he's talking about breaks at 1204. its the one i use also. U have the steeper channel

I know which one he's using.  What I'm saying is that it's biased, because the chart's trend clearly changed with the newer lower high.  

Quote:

Originally Posted by Rock Sexton 

I know which one he's using.  What I'm saying is that it's biased, because the chart's trend clearly changed with the newer lower high.  

so then it changed the other 5 times we rallied and fell also? We must have very different way of charting lol

Quote:

Originally Posted by Rock Sexton 

I know which one he's using.  What I'm saying is that it's biased, because the chart's trend clearly changed with the newer lower high.  

The shorter term trend changed; so your line is correct in its position. However, the longer term trend is still intact which is what he is using.

Quote:

Originally Posted by JFerraro 

so then it changed the other 5 times we rallied and fell also? We must have very different way of charting lol

Ya I guess so.  

Our tops have been:

1208.47

1230.71

1204.40

1220.39

1195.86

1195.24

Not seeing where 1200 is set is stone per a trend line, unless it's a psychological number.  Granted there is a horizontal line you can draw which is near it.

futures going deep in the red. May god throw a wrath on this market tomorrow.