TRADERS ANONYMOUS: Morning Corner 1.28.11

Morning Corner 1.28.11

AUDJPY (daily info)
trend=no
direction=up (2 bars)
high= 0.8268
rev= 0.8007; mid= 0.8138

The AUDJPY cross is trying to hold the lower parallel trend line and the SMA(89). Something has to give one way or another.

EURJPY (daily info)
new high 1.1367
trend=up
high= 1.1367
rev= 1.1217; mid= 1.1317

EURJPY challenging the SMA(233). The strength in the EURUSD is behind this move. The Japanese downgrade should have sent the yen lower and would have made the move in the EURJPY even more pronounced. But the yen barely moved. Go figure.

ES (15min info)
-no change (below mid)
trend=no
direction=up (2 bars)
high 1297.50
rev= 1291.50; mid= 1294.50

The SMA(13) is currently resistance. Need a clean break higher to entice more bulls for the slaughter.

IWMSPY (daily info)
-no change ( above mid)
trend=down
low= 0.6026
rev= 0.6181; mid= 0.6104

Somehow, someway liquidity has found its way back into the market. As I'm wanting and waiting for a correction this additional liquidity is not helping.

This is what needs to happen...

with this playing in the background...

323 comments:

«Oldest ‹Older 201 – 323 of 323 Newer› Newest»

CV said...: @I-Man (1:02)

"steelhead"

I'm not going to be impressed until you start sending me some of that shizz...

CV is making GRAVLAX as we speak...

Different fish... Same great eatin'!; January 28, 2011 at 1:08 PM
I-Man said...: No one should buy dips on a day like today...

Unless you fancy jumping in front of freight trains...

LOL.; January 28, 2011 at 1:09 PM
ben22 said...: wow, 200+ comments and it's only 10 after one; January 28, 2011 at 1:09 PM
Colin said...: Only knives I have been eating are a mix of TLT longs and TBT shorts that I was picking up yesterday and today. Really liking the look of the candles here...

EGPT is still in wait and see mode for me and NFLX short not behaving that well, but with only a handful of shares, I'm sitting tight and watching there too. Also on the knife watch are Mr Softy and F, but I'm standing back for now.; January 28, 2011 at 1:10 PM
ben22 said...: I'm seeing stuff flying around the web that Egyptian police are firing at the Egyptian Arm

can anyone verify this?; January 28, 2011 at 1:11 PM
I-Man said...: These are the days that I used to dream about being a daytrader for.; January 28, 2011 at 1:14 PM
ben22 said...: not sure if any of you have follwed X-trends at all

Atilla posted a short call on 1/12 fwiw, the trading over there has been prettay awesome.; January 28, 2011 at 1:15 PM
ben22 said...: quit rubbing it in I, I'm getting jealous over here; January 28, 2011 at 1:16 PM
bob said...: B

I read through some diplomatic cables from the US embassy in China during the Tienanmen square stuff. Lots of "internal divisions" show up.

For instance, the first division of the Chinese army into the city/square was headed by son or nephew of the premier at the time. He was the one shooting everyone. They sent the rest of the army in to get him under control.

It was really good reading, will try to find a link...; January 28, 2011 at 1:18 PM
karen said...: http://www.minyanville.com/dailyfeed/breaking-new-video-from-quantitative/; January 28, 2011 at 1:19 PM
Anonymous said...: I have been nibbling on yield. Boring stuff. We like to add to our divvys when things get ridiculously cheap.

Have zero interest in any SPY until have massive pukage.; January 28, 2011 at 1:21 PM
I-Man said...: Whatever dude, you've been out earning me for years.

:)

I woulda been filling out your annuity app's a year ago.; January 28, 2011 at 1:22 PM
ben22 said...: "the military was siding with the protesters"; January 28, 2011 at 1:25 PM
karen said...: this is so d*mn true: Financially troubled homes are no great bargain these days.

http://www.forbes.com/forbes/2011/0214/real-estate-realtystore-mortgage-bargains-foreclosure-fallacy.html; January 28, 2011 at 1:26 PM
karen said...: $gold getting off its high horse.. crude too.. know if only the dollar would mount..; January 28, 2011 at 1:27 PM
A fixed income analyst to be named later said...: A nibble for us is about a 0.5% fraction of the portfolio. So we might hold a divvy at 3% of the fund and add 0.5% at a time to take it up to 5%.

A bite is 2%, and those are usually bond moves unless we do some spoo or some eem. 5% is a massive Supersize meal, and we save those for huge sentiment extremes, usually in Treasuries, or for some short-term speculative play on mean reversion, like buying EGPT. LOL.

This is how we roll.; January 28, 2011 at 1:28 PM
karen said...: http://www.zerohedge.com/article/has-joe-cassano-commited-perjury-aig-took-subordinated-pieces-cdos-it-insured; January 28, 2011 at 1:29 PM
Anonymous said...: The army is usually splintered into factions. The generals will be deciding who the new ruler is going to be. The police may have a limited lifespan if there is a regime change. Expect them to start dwindling.

I bet Chinese leaders are NOT having fun watching this. They will be getting their inflation under control, believe me.; January 28, 2011 at 1:31 PM
karen said...: ben, i tried watching that earlier this morning and couldn't get it to work ; (
something funky with my player..; January 28, 2011 at 1:31 PM
Anonymous said...: Wouldn't it be easier if we just enabled price discovery?

"I say deflation, you say reflation.
Let's call the whole thing off."; January 28, 2011 at 1:32 PM
karen said...: Convoy of army tanks drives through Cairo's streets - Reuters

Have I every shared my convoy of tanks dreams with you? used to have them when i was a little girl.. odd because my father was a USMC jet pilot..; January 28, 2011 at 1:33 PM
ben22 said...: Egypt is and has been a fascinating place for thousands of years, that much is certain.; January 28, 2011 at 1:33 PM
karen said...: AR and I have our fascination with Egypt : )

Blogspot is infuriating me.. thows me back to page one every time i post... perhaps that is a hint..; January 28, 2011 at 1:34 PM
Anonymous said...: IQI is trading like a risk asset. Down again.; January 28, 2011 at 1:36 PM
karen said...: oops.. while we weren't watching.. the loonie.. FXC down .8% today; January 28, 2011 at 1:36 PM
I-Man said...: Does it for me too Karen.; January 28, 2011 at 1:36 PM
A fixed income analyst to be named later said...: EEM has support at 44. So we might have another puke.
Late deep pukes into the close - we are nostalgic for those days.; January 28, 2011 at 1:39 PM
ben22 said...: and something tells me that Hillary Clinton's warnings to the Egyptian government on how to deal with this are going to be remembered here in the not too distant future

our "leaders" have this great tendency to lecture others on what they do wrong, then we do the same exact thing; January 28, 2011 at 1:40 PM
ben22 said...: Karen,

I've got a little thing for Egypt as well. I'm hoping to take a trip there and Jerusalem in the not too distant future.; January 28, 2011 at 1:42 PM
Colin said...: Speaking of EEM, India breaking down pretty hard here and might lose the Jun-Aug 2010 support area...; January 28, 2011 at 1:45 PM
ben22 said...: Colin, I've been watching sensex, not a healthy chart there; January 28, 2011 at 1:46 PM
A fixed income analyst to be named later said...: Seriously, people, much better to short the weaker markets, where there isn't a man whose sole job in life is to gun the spooz.

Right Brian?; January 28, 2011 at 1:47 PM
Brian Sack said...: That's right, Fixxy.; January 28, 2011 at 1:48 PM
ben22 said...: chaos, that's what they have there

any of you ever been in a riot?

I was in three at PSU, two not by choice, one I went to.

things get way out of hand really fast, it's herd mentality at its finest; January 28, 2011 at 1:48 PM
I-Man said...: The Saudi royals are shitting their pants right now I bet.; January 28, 2011 at 1:52 PM
King saud said...: I don't wear pants...; January 28, 2011 at 1:53 PM
I-Man said...: Ok, you're shitting your white robe thing.; January 28, 2011 at 1:54 PM
ben22 said...: here is one from 2008 at state:

http://www.youtube.com/watch?v=Izj8TGFZE6U

this video is very mild

The last one I was in when I was there was after the temple loss in the sweet sixteen, within maybe 15 minutes it went from a regular night to complete chaos in the canyon.

fires in the streets, kids ripping down street lamps, smashing all the windows out, streets completely full of people and then the trucks and the pepper spray showed up, I knew a guy with Red hair that had climbed on a lamp and was on the University Wanted list as they had his picture, dude shaved his head and was hiding out for weeks trying to avoid anyone noticing him and turning him in.; January 28, 2011 at 1:54 PM
I-Man said...: Long Camels, Kalashnikovs...; January 28, 2011 at 1:55 PM
A fixed income analyst to be named later said...: Haven Fades/Mean Reversion trades:

USDJPY seems like a no-brainer here over the weekend. Bucky is coming off his lows, and there is a limit to the demand for JPY.

We also like short silver.

Put some stops on, in case the world ends this weekend. If the world doesn't end, you are money.; January 28, 2011 at 1:57 PM
ben22 said...: today's top step, it's almost 5 mins today:

http://www.youtube.com/user/optionmonstertv; January 28, 2011 at 2:00 PM
Anonymous said...: Spain’s Unemployment Rate Over 20%
January 28th, 2011

Via: AFP:

Spain announced Friday its jobless rate surged to a 13-year record above 20 percent at the end of 2010, the highest level in the industrialized world, as the economy struggled for air.

It was more bad news for an economy fighting to regain the trust of financial markets and avoid being trapped in a debt quagmire that has engulfed Greece and Ireland and now menaces Portugal.

Another 121,900 people joined Spain’s unemployment queues in the final quarter of the year, pushing the total to 4.697 million people, said the national statistics institute INE.

The resulting unemployment rate was 20.33 percent for the end of the year — easily exceeding Prime Minister Jose Luis Rodriguez Zapatero’s target of 19.4 percent.
http://cryptogon.com/?p=20208; January 28, 2011 at 2:01 PM
karen said...: I watched it with trepidation, Ben.. not my cup of tea.. i don't even care for parades.. call me crowd phobic, Jennifer.; January 28, 2011 at 2:02 PM
Anonymous said...: must...not...close...red...for...the...week...; January 28, 2011 at 2:05 PM
Brian Sack said...: Don't worry, I am here.; January 28, 2011 at 2:07 PM
ben22 said...: check out the VIX sonar as well

I should have known with all those huge SPY puts being gobbled up yesterday; January 28, 2011 at 2:09 PM
Anonymous said...: http://www.networkworld.com/news/2011/012811-with-protests-growing-egypt-cuts.html?source=NWWNLE_nlt_daily_am_2011-01-28

"..."The Egyptian government appears to have ordered service providers to shut down all international connections to the Internet," Renesys said. "Critical European-Asian fiber-optic routes through Egypt appear to be unaffected for now. But every Egyptian provider, every business, bank, Internet cafe, website, school, embassy, and government office that relied on the big four Egyptian ISPs for their Internet connectivity is now cut off from the rest of the world."

Those four large providers -- Link Egypt, Vodafone/Raya, Telecom Egypt, and Etisalat Misr -- have dropped most of their Internet connectivity. Most Egyptian Web sites are now unreachable and people inside Egypt are largely unable to connect with the outside world using e-mail, instant messaging, or the Web.

But Egypt's Internet isolation is not complete. One service provider -- Noor Data Networks; the provider used by the Egyptian Stock Exchange -- is unaffected.

Twelve hours after the Internet shutdown began, the Egyptian Stock Exchange website was still accessible from outside the country.

On Twitter, a growing number of users, most of whom seem to be located outside of Egypt, are calling for users with a Wi-Fi router on Noor's ADSL or dial-up service to remove the password and share their Internet access with other users.

All told, about 88 percent of Egypt's networks have been cut off, according a blog entry on the Web site of network monitoring toolmaker, BGPmon.

Another network monitoring company Arbor Network, has posted a graphic illustrating the dramatic cut-off in traffic to and from Egypt.

Some countries routinely block access to specific Web sites, but this is the first time that a country has voluntarily severed its own Internet connection.(Also read: With wired Internet locked, Egypt looks to the sky.)

"This is a completely different situation from the modest Internet manipulation that took place in Tunisia, where specific routes were blocked, or Iran, where the Internet stayed up in a rate-limited form designed to make Internet connectivity painfully slow. The Egyptian government's actions tonight have essentially wiped their country from the global map," Renesys said..."

errand run cut short, minor pile-up snarled local hwy.

ibid.; January 28, 2011 at 2:11 PM
Anonymous said...: Crude Oil 88.66 +3.02 +3.54
Natural Gas 4.338 +0.019 +0.44
Corn 644.50 -6.25 -0.96
Soybeans 1396.0 -3.5 -0.25
30yr Bond 121.56250 +0.84375 +0.70
10yr Note 120.796875 +0.125000 +0.10
NY Gold 1338.4 +18.6 +1.41
NY Silver 27.725 +0.694 +2.58
http://www.ino.com/; January 28, 2011 at 2:13 PM
I-Man said...: Lets do the waterfall one more time and call it a week.; January 28, 2011 at 2:14 PM
I-Man said...: Just threw on Blueprint 3 Ben...

Empire State of Mind while we watch this puke.; January 28, 2011 at 2:18 PM
karen said...: today's move in the dollar may seem feeble but it could just be the start of the next wave up.. as i look back at the second week of november..and that seem to be a healthy RSI move..; January 28, 2011 at 2:22 PM
karen said...: Dimon said. “No one’s going to mind if bond rates go up 100 or 200 basis points if we have active growth, a strong economy, we’re vibrant and healthy and you see the deficit start to go down over time.”

http://www.bloomberg.com/news/2011-01-28/dimon-says-deficits-spending-are-biggest-potential-risk-to-global-economy.html; January 28, 2011 at 2:25 PM
Jennifer said...: I'm not seeing it I. There's time though.; January 28, 2011 at 2:25 PM
Mel said...: I don't usually do this...but...

Hold your noses...and consider a nibble into POT (on any pullback)... if such a thing were still possible...it's my insider info of the day.( Sis is a partner at a headquarters Deloitte), and the armslength precludes my owing or trading anything with the stamp on it. I'm saying "fuck that", after tasting one too many malbecs today. ( Never drink and blog, but I'm gonna break the rule today :-). For those of you more inclined to the "buy and hold" or covered calls thing...prolly see $225 by June. Aside from anything else, Johnny will be buying the 3/1 split.

Addendum: I have no relationship to Wanger, Cramer, or F411.; January 28, 2011 at 2:26 PM
karen said...: so happy i didn't drink my chimay yesterday because i really want it today.; January 28, 2011 at 2:28 PM
I-Man said...: Just wait til the machines get the smell of blood... either way.; January 28, 2011 at 2:29 PM
I-Man said...: 100 dow points in a heartbeat...; January 28, 2011 at 2:30 PM
A fixed income analyst to be named later said...: Dimon said. “No one’s going to mind if bond rates go up 100 or 200 basis points if we have active growth, a strong economy, we’re vibrant and healthy and you see the deficit start to go down over time.”

You will mind when your interest rate swaps blow up, and mortgage rates rise to the point where JPM's exposure to the housing market becomes more of a problem, douche.

200 bps? You've got to be f*cking kidding me. He knows this is not going to happen, but everyone has to spout this reflation tosh.; January 28, 2011 at 2:31 PM
ben22 said...: I,

that's what I'm talking about....
have had The Gift and The Curse in my car for about a month now

always doing The Bounce in the car

I've got a Beyonce CD as well but it doesn't get into the rotation much

it'd be sort of strange for me to be driving aroung in the summer singing along to baby boy....

Karen,

agree with those thoughts on the dollar.; January 28, 2011 at 2:31 PM
St Jamie said...: AFIAT2BNL:

Blow me.; January 28, 2011 at 2:31 PM
Blythe Masters said...: Hey that's my job !; January 28, 2011 at 2:32 PM
ben22 said...: "You will mind when your interest rate swaps blow up, and mortgage rates rise to the point where JPM's exposure to the housing market becomes more of a problem, douche."

ROR, indeed.

Mr. Dimon seems a bit Cocky of late
and he's no Kid Rock; January 28, 2011 at 2:32 PM
karen said...: http://www.ritholtz.com/blog/2011/01/the-blizzard-economy/; January 28, 2011 at 2:33 PM
ben22 said...: on the lighter side

Gram Parsons doing Love Hurts on the
Grievous Angel album

good stuff there; January 28, 2011 at 2:35 PM
I-Man said...: Bucky going higher is the key to the market going higher...

But not in the way many folks expect. ;); January 28, 2011 at 2:37 PM
A fixed income analyst to be named later said...: Also agree with Karen's thoughts on the dollar. Look at the rest of the basket:

JPY - surely at resistance
EUR - C'mon, Monsieur
CHF - overbought
GBP - I say, old chap.
CAD - crude is showing weakness

Add to that, gold/silver have been weak, and all the commodity currencies are facing headwinds. AUD, ZAR, etc.; January 28, 2011 at 2:39 PM
karen said...: ben, i just watched this one but it wasn't five minutes..

http://mrtopstep.com/2011/01/28/whats-the-stock-market-bias-for-january-month-end-with-danny-riley/; January 28, 2011 at 2:39 PM
Anonymous said...: Bucky going higher is the key to the market going higher...

Rotation out of commodity and EM stocks into utilities etc..
Sell the reflation trades and buy the stagnation trades.
The BERNANK has taken outright deflation away. For now.; January 28, 2011 at 2:41 PM
karen said...: okay.. yours wasn't topstep but i am watching it now..; January 28, 2011 at 2:41 PM
b22 said...: oh ok, the one I had wasn't danny, will check that out.; January 28, 2011 at 2:43 PM
ben22 said...: lol, I've not heard of this method of taking the low print and multiplying by 2x; January 28, 2011 at 2:46 PM
karen said...: ben.. love that optionmonster... especially his emphasis on "the data doesn't matter."

i'm a real believer in the market does what it wants regardless of the news or data !! in the short term, that is.. : ); January 28, 2011 at 2:47 PM
Anonymous said...: Liverpool to buy Luis Suarez. My phone hasn't rung yet.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/9377256.stm; January 28, 2011 at 2:49 PM
A fixed income analyst to be named later said...: I am going for pizza.

Cold Steel is going to show up any minute. It was a fun day.; January 28, 2011 at 2:50 PM
bob said...: aud and chf look like the best shorts, to me, fwiw

Eur, we still haven't even begun to hear wolfgang or Dr. Z complain about the strong EUR, it also held the 50 ma on the 4h, and has a bad habit of gap up openings when everyone is short.

Risk reward is not there yet, for me, maybe next week.

Long Dollar, not so much short EUR yet, I think they have at least one more trick up their sleeve.; January 28, 2011 at 2:50 PM
karen said...: http://www.ritholtz.com/blog/2011/01/trading-silence/

fun!!

and LB, there is a great foto of your cricket buddy..; January 28, 2011 at 2:51 PM
karen said...: just paid my car reg yesterday.. $866 and it is 4 years old!

but now i want a new new personal plate 2B2F.. (we are only allowed 7 letters); January 28, 2011 at 2:53 PM
ben22 said...: we've seen this movie before right?

"To those who would bet against the euro, watch out for your money because we are fully determined to defend the euro," Sarkozy told delegates at the World Economic Forum in Davos. "Mrs. Merkel and I will never - do you hear me, never - let the euro fail."; January 28, 2011 at 2:57 PM
karen said...: Laughing.. "be the hammer not the nail" on that optionmonster..

I don't really want 2B2F.. nobody would get it.. and that is certainly not complimentary..; January 28, 2011 at 3:06 PM
I-Man said...: Bob, I'm thinking the EUR is the dog...

AUD looks good, JPY looks good, but USDJPY might do alright.

GBP looks kinda teetery...

CAD... range.; January 28, 2011 at 3:07 PM
karen said...: ooooh!! TopNotch!

http://mrtopstep.com/2011/01/28/topnotchs-ascending-right-triangle-pattern-fib-extension-called-emini-selloff/; January 28, 2011 at 3:08 PM
ben22 said...: I'd go with

SHOEGRRL

something like that; January 28, 2011 at 3:08 PM
I-Man said...: SHOEGULL

"Dirty South Version"; January 28, 2011 at 3:10 PM
Jennifer said...: This is an interesting little battle going on here...; January 28, 2011 at 3:13 PM
Colin said...: Karen, what about a BTFD plate? That would be the money.; January 28, 2011 at 3:14 PM
karen said...: Ben.. you gotta what TopNotch.. 1258.. and he is not even sure that will hold..; January 28, 2011 at 3:16 PM
Anonymous said...: Karen,

2 HOT 4 U

:-); January 28, 2011 at 3:17 PM
Jennifer said...: most exciting close in a long time and I won't be able to be here for it. UFB.; January 28, 2011 at 3:19 PM
I-Man said...: Hearing hedge fund blowup rumors going around the IM...; January 28, 2011 at 3:20 PM
karen said...: SEVEN characters, fellows!!

yeah, Colin.. i could do JBTFD.. but i need to explain that to DMV

Just Buy The Financial Dip, would pass, i bet : )

But, personally, my day is suckie because of the Crude.. that said.. I'm loving that i sold 2k shares of higher priced stuff in AH yesterday.. I never use that.. only my second time ever going AH.. same commission.. who says you can't teach an old dog new tricks !!; January 28, 2011 at 3:21 PM
Anonymous said...: 2019: White House spokesman Robert Gibbs says President Obama has not spoken to President Mubarak, adding that the crisis in Egypt should be resolved by the Egyptian people, and calling for the internet and social media to be brought back online.

"Barack? Langley on Line 3. They want a meeting with you, Tiny Tim and Helicopter Ben ASAP. If he doesn't stop QE he might bring down Yemen and the House of Saud. Do you really want to see that?"; January 28, 2011 at 3:22 PM
karen said...: no one loved "Trading Silence" ?? i found it very soothing...; January 28, 2011 at 3:23 PM
ben22 said...: Karen,

yeah I wathced it, that 125 SPY is to key to the top two wave counts I'm following as well.; January 28, 2011 at 3:23 PM
I-Man said...: Gotta be psycho or have titanium balls to buy that low...

Crazy.; January 28, 2011 at 3:25 PM
ben22 said...: Robert Gibbs is an asshole
I just read maybe here or somewhere else not a few days ago that the US was working on a similar kill switch for the internet here; January 28, 2011 at 3:25 PM
karen said...: great, Anon @ 3:17, I'd love a new 911.. i just went out of warranty.. mine is too perfect too sell, but you can buy me a new one with that plate.. I might even be able to claim i earned it like the last one! LOL..; January 28, 2011 at 3:26 PM
I-Man said...: I'm sure google has a contingency plan...; January 28, 2011 at 3:26 PM
The Closer said...: My balls are brass; January 28, 2011 at 3:27 PM
Cold Steel said...: Anyone else get long Egypt?; January 28, 2011 at 3:29 PM
Jennifer said...: Does buying APA count? if so, then yes.; January 28, 2011 at 3:31 PM
Anonymous said...: 3M TA3

would be a good plate, if read backwards; January 28, 2011 at 3:31 PM
Jennifer said...: Out all Feb puts now. Cold steel, do your worst.; January 28, 2011 at 3:32 PM
I-Man said...: There are some people doing some dumb shit out there today I tell ya...; January 28, 2011 at 3:33 PM
18 said...: MUST... GET... ABOVE... 12... 78... AGAIN!; January 28, 2011 at 3:33 PM
I-Man said...: I didnt mean any of yall, that sounded bad.

I'm just watching my 1min charts and the bids/offers; January 28, 2011 at 3:33 PM
karen said...: and pls, forgive me my typos, as i forgive them that typo against me.; January 28, 2011 at 3:35 PM
Jennifer said...: Holy $&^#! NFLX is up?; January 28, 2011 at 3:43 PM
Egypt said...: Go on Colin, you know you want some.; January 28, 2011 at 3:45 PM
Jennifer said...: Later, traders. Have a good weekend. Gymnastics lessons and the passport office beckon.; January 28, 2011 at 3:46 PM
karen said...: LOL, well i guess Richard Branson's clerk decided to unfollow me on Twitter, i never noticed till today but did likewise..; January 28, 2011 at 3:47 PM
Anonymous said...: Karen,

License plates: LNGR MDL, LEGGZ, or TRDR HVN; January 28, 2011 at 3:48 PM
Anonymous said...: Mean reversion trades, if we don't have TEOWTAWKI:

Short JPYUSD.
Short silver.
Long EGPT.

Let's see how it shakes out. Fade the EoW haven trades.; January 28, 2011 at 3:54 PM
I-Man said...: I am glad to be done with this trading week.

Today was a riot tho.

Have a good wknd, All.

-I; January 28, 2011 at 3:55 PM
ben22 said...: I typo against you all daily

it's my keyboard's fault

or Bush's; January 28, 2011 at 3:55 PM
A fixed income analyst to be named later said...: Oh yes. We just took our shorts off* for a 7% profit.

* Trading reference, K. Don't get excited.; January 28, 2011 at 3:56 PM
Colin said...: Not touching Egypt with a 10 foot pole here, I'm waiting for one more puke. For those shopping, here is what Yahoo thinks they are holding.

http://finance.yahoo.com/q/hl?s=EGPT+Holdings; January 28, 2011 at 3:56 PM
AmenRa said...: The last time the SPX made it down to the weekly mid (but didn't close below it) was murder for the bears the following week. I remember because I put on a small short position (w/trailing stops). Stopped out before 9:45 ET that Monday. Arrggh.; January 28, 2011 at 3:58 PM
karen said...: this is super cute! Sellputs -$NFLX good to the last drop; January 28, 2011 at 4:00 PM
Anonymous said...: 50% banks !! LOL.

A 20% drop in a few days is fairly Armageddon-like. Unless Osama is crowned King of Cairo over the weekend, we may see investors return.

I think there is a good chance of a 10% relief rally over a couple of weeks. As The Oracle of Omaha would say: "Be greedy when others are fearful".

Thanks for the stimulating company this week.; January 28, 2011 at 4:03 PM
I-Man said...: A lot of people I know who dont hold overnight are holding open shorts.

Makes the I nervous.

I dont like the way that last drop played out, makes me think we have a gap up Monday.; January 28, 2011 at 4:06 PM
ben22 said...: "As The Oracle of Omaha would say: "Be greedy when others are fearful".

of course, one might also consider that in all of gramps years of "shrewd investing" here in the states never did he see a similar situation as what is happening in Egypt now.

You can't just apply that blanket statement to anything

good luck to those that want to buy, I think I'll sit that one out.; January 28, 2011 at 4:08 PM
A fixed income analyst to be named later said...: We think it is WAY too early for overnight shorts thru the weekend. There are any number of reasons we might have a snap back Monday. It's the whole recency bias thing, JBTFD, POMO etc.

China wants to tighten but they might not want to upset the apple cart this weekend with geopolitical issues brewing.

Most likely Egypt packs Mubarak off to Libya and the army brings in a happy smiling general who promises bread for all. Cue the bounce.

Not saying this is going to be immediate, but it is likely. Islamic fundamentalism is not strong in Egypt, and Western Europe will bring great pressure to bear to stabilize the region.; January 28, 2011 at 4:16 PM
Anonymous said...: Everything has a stop.... everything always has a stop.
Better to admit to being wrong than lose money.; January 28, 2011 at 4:19 PM

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This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.

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Morning Corner 1.28.11

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