TRADERS ANONYMOUS: 7.7.10

7.7.10 - Part 2

I hope GOOGLE doesn't think they're ever going to be able to make people PAY for BLOGGER...

63 comments:

McFearless said...: well, that's annoying...

XLF up almost 4% today; July 7, 2010 at 3:19 PM
TWSWB said...: You could always try WORD PRESS.

Got any GREY POUPON?; July 7, 2010 at 3:19 PM
Leftback said...: Predictable first half.; July 7, 2010 at 3:20 PM
McFearless said...: "Got any GREY POUPON?"

I left mine on the yacht this weekend when i was swimming with buffy in the hamptons...my argyle socks are there too.; July 7, 2010 at 3:22 PM
CV said...: @TWSWB

Word Press... Yeah, but then to PAY for it I'd have to sell AD SPACE for dopey ass FRACTIONAL JET CARDS so that the "Franklin 411's" & "cognoses" of the world would know where to shop for their travel needs...

I'll pass...; July 7, 2010 at 3:23 PM
karen said...: CV, lol! and thank you, again for supplying my fix! don't know what i'd do without all of you..; July 7, 2010 at 3:30 PM
karen said...: got faz and drv for better or worse.. skipping sds as the other two deliver more bang for the buck : ); July 7, 2010 at 3:31 PM
CV said...: @karen

I'm thinking about doing the same...

Sure went from OVERSOLD to OVERBOUGHT rather quickly...

Doug Kass shot his load in one day...; July 7, 2010 at 3:34 PM
CV said...: Funny thing is though... Kass put out that TWEET at yesterdays HIGH (1042)...

We're still only 14 handles past that at the moment...; July 7, 2010 at 3:36 PM
karen said...: cv, wait till 1060.. i'm always early : ) altho.. i coulda bot yesterday and been really early.. unless i remembered the 5 min macro..; July 7, 2010 at 3:36 PM
arbitrage789 said...: "Doug Kass shot his load"

So we can't get to 1100 within two weeks?; July 7, 2010 at 3:39 PM
karen said...: this rally is literally making me laugh.. nothing has changed on the economic front.. really, i have a huge smile on my face. coulda been all that extra time in bed this morning, tho.; July 7, 2010 at 3:40 PM
karen said...: DL, we aren't really going for my top again, are we!? It has seen enough, um, activity, i can assure you.; July 7, 2010 at 3:42 PM
72bat said...: yeah, well karen, i bot and sold yesterday (net 6%), but bot again today, too early.; July 7, 2010 at 3:43 PM
karen said...: keep that hat on CV!

US Stocks Climb; DJIA Approaches 10000 Mark
3:40 PM ET | Dow Jone; July 7, 2010 at 3:43 PM
McFearless said...: karen,

what's not to smile about, market is giving bears a gift, and it's last longer than the 35 minute gift we got on the 28th....; July 7, 2010 at 3:43 PM
18 said...: wish I had time to watch the markets all day :(
paused at 1044, then BAM! maybe up to next 18 level 1062... unreal; July 7, 2010 at 3:44 PM
karen said...: I meant the other hat : ); July 7, 2010 at 3:44 PM
McFearless said...: 72,

that's what I was worried about like was on 28th, so I bought option contracts toward year end....time decay shouldn't kill you as much as with the ETF's if we aren't right, right away.; July 7, 2010 at 3:44 PM
arbitrage789 said...: K @ 3:42

I'm gunning for your top.; July 7, 2010 at 3:46 PM
karen said...: gap up or down tomorrow??

8:30 AM Initial Claims
8:30 AM Continuing Claims
11:00 AM Crude Inventories
3:00 PM Consumer Credit; July 7, 2010 at 3:46 PM
CV said...: @DL

Let me make this clear... (I guess you don't really READ what I'm saying)...

I've acknowledged a zillion times (over many days now)... That when a "correction" occurs, it could (and probably will) take us back to the 50MA or 200MA zone... OR, the 1098 zone (which is a number that "18" has been talking about...

What make me roll my eyes is the notion that we'll just MOSEY ON around (like, 2-3 weeks) to get to a number...

VIX has reversed... We're not going to go back to the teens (IMO) for a long time...

So as far as I know, we could hit 1110 AND 992 a half dozen times each in the next 3 weeks...

Of course that's EXAGGERATING... But I'm tired of clarifying the same point over and over...

Notwithstanding today... BEARS are in control here...

Get past 1110, stay there for more than 3 days, then thrust UP off that number (and I'll switch over to the BULLTARD camp)...; July 7, 2010 at 3:47 PM
karen said...: trader dan:

This simply continues the same subranges we have been talking about for months now. The big range of 1040 to 1100, with 2 subranges: 1040 to 1070, and 1070 to 1100. They have changed little since April. I am more interested in the 'easy trade' in 1040s to 1070. It gets more tricky in the second subrange.

In the longer run, even if this is the Doug Kass bottom of the year we should go back to test 1010 as to create a 'double bottom', so hopefully we can be nimble enough to dump longs, get back 'shorty', and then re-assess the big picture the next time we revisit S&P 1010. If it holds, I'd then agree that has a good chance for bottom of the year. If it breaks, we should be talking mid S&P 900s... at least.

http://www.fundmymutualfund.com/2010/07/still-like-long-side-for-15-s-handles.html; July 7, 2010 at 3:48 PM
Nic said...: LB Unfortunately my favourite Miguel Torres is not on the pitch but Xabi Alonso is a close runner up.; July 7, 2010 at 3:49 PM
arbitrage789 said...: Zen master CV,

I shall study your teachings more judiciously in the future.; July 7, 2010 at 3:50 PM
karen said...: i meant trader mark.. sorry.. i really like him..

(3:24 PM) "At about a 2.5% rally we still have a chance for the 3% day, which we have seen at least 4 of during the multi month selloff."; July 7, 2010 at 3:53 PM
karen said...: and why didn't i wait for 1060?? or even 1100.. too funny..; July 7, 2010 at 3:55 PM
CV said...: @DL

No need for study...

Just READ the damn things...

Case in point... 1110 on your radar screen? Fine... Yesterday morning, the E-minis were showing a 1004 handle...

Now the cash is at 1060... 54 handles in what? 13 trading hours?

How many trading hours are there in 2-3 weeks?; July 7, 2010 at 3:56 PM
McFearless said...: Hey Karen,

we don't get 3% rallies in equities in bull markets...we save those types of days for bears...; July 7, 2010 at 3:56 PM
karen said...: Ben, I know! and look.. when we fall 3% tomorrow we'll be right back where we started from.. BB saves the economy/market, again!; July 7, 2010 at 3:58 PM
Nic said...: Right now I love Carlos Pujols; July 7, 2010 at 3:59 PM
18 said...: adding salt to the wound

bot more SDS at close

going back to work to forget about the last 1/2 of the trading day; July 7, 2010 at 4:02 PM
karen said...: Darn, i'm out of ketel one.. maybe a tequilla mary for lunch and then a beach walk? wish the market hadn't quit on us : (

the surf could provide my next excitement fix.. i'm still staring at the % ups and smirking.; July 7, 2010 at 4:03 PM
CV said...: @karen

My "prelim" guess would be that we CONTINUE the rally into the Johnny hour tomorrow...

Can't say that tomorrows candle will be green tho...

Nice days BULLS...

Way to make that "gutsy" call and go all in on a Doug Kass call & "luxury spending" report...

VERY SOLID indicators indeed! Tried & true!; July 7, 2010 at 4:04 PM
McFearless said...: I've always liked ketel one but I'm a grey goose vanilla guy with root beer or cream soda.

yeah, I said it.; July 7, 2010 at 4:07 PM
Leftback said...: España por favor....; July 7, 2010 at 4:08 PM
arbitrage789 said...: 18 @ 4:02

You got a stop-loss target on that?; July 7, 2010 at 4:08 PM
Leftback said...: LB agrees that JOHNNY will want in tomorrow.

Credit report at 3pm quite important data point.; July 7, 2010 at 4:09 PM
arbitrage789 said...: No hablamos español aquí, hombre.; July 7, 2010 at 4:10 PM
McFearless said...: 90% up day....so I'm with you guys, this should continue at least into the open, I don't think claims make much of a difference; July 7, 2010 at 4:10 PM
CV said...: "S&P rallies 3.5%"

"10 year note @ 2.98"

Which one of these is inaccurate?; July 7, 2010 at 4:11 PM
arbitrage789 said...: Even Johnny gets a few crumbs now and then.; July 7, 2010 at 4:13 PM
Leftback said...: Claims can be BTE....

We should let this burn itself out.
No bending over in front of steamrollers.; July 7, 2010 at 4:13 PM
arbitrage789 said...: Someone is mixing his metaphors.; July 7, 2010 at 4:13 PM
Bawney Fwank said...: I like to bend over in front of steamrollers; July 7, 2010 at 4:15 PM
McFearless said...: yeah, the problem with johnny's crumbs is that he often can't figure out how to hold on to them....he always wants more crumbs iow.

lefty,

I don't even know what WTE or BTE mean anymore....really.; July 7, 2010 at 4:17 PM
arbitrage789 said...: shorthand:

WTF is WTE?; July 7, 2010 at 4:19 PM
Nic said...: What a fantastic performance for Spain! wow.
Spain has well over 20% unemployment and they say countries come together for stuff like this.; July 7, 2010 at 4:23 PM
Leftback said...: WTE = worse than expected.; July 7, 2010 at 4:23 PM
McFearless said...: I think anything above 1071 should rule out this being a wave ii of 3 down, a move all the way to 1,100 supports the case we are dealing with a larger corrective wave down, still bearish...not P3.

Why?

AT has that rule that has been extremely helpful, which is that your lesser degree two's shouldn't retrace more than your larger two's, what many are calling wave 2 topped at 1131, or about a 50% retrace for that wave, it's not logical that a ii of 3 would retrace more of that, 3 should be too poweful to allow it, and it makes the "look" of the charts odd.

Lets see how it plays out.; July 7, 2010 at 4:23 PM
McFearless said...: spain.

like I said, I don't know anything about the sport....; July 7, 2010 at 4:24 PM
Leftback said...: Nic

Sangria? Rioja?; July 7, 2010 at 4:27 PM
karen said...: Ben at 4:07.. ??? that sounds like a frou frou drink.. and you are 6 what? do you have a frosted soda fountain glass and special straw ? : ); July 7, 2010 at 4:31 PM
18 said...: "DL said...
18 @ 4:02
You got a stop-loss target on that?"

nope, these trades are mostly 200 at a time, not gonna lose the farm even if I have 10 losing trades in a row, but that rarely happens, matter of fact, it has never happened... lol; July 7, 2010 at 4:37 PM
karen said...: My favorite sangria: Hotel 1898 in Barcelona!

But, if you are ever in Encinitas, CA: http://qerorestaurant.com/; July 7, 2010 at 4:38 PM
McFearless said...: karen,

I admit it, I like frou frou drinks, I never hear the end of it when I go out, I remember I ordered one at a Dick's Last Resort in Boston, the whole bar made fun of me.

no shame in my game though!; July 7, 2010 at 4:39 PM
18 said...: Missed SPX 1062 by a buck, does this mean 1044 is support all over again? ...sheesh; July 7, 2010 at 4:39 PM
Nic said...: I love Rioja but on hot days like today would not say no to some sangria.; July 7, 2010 at 4:40 PM
Nic said...: I bet Santander is better capitalised than Deutsche Bank too. Mangler must be very unhappy tonight.; July 7, 2010 at 4:41 PM
karen said...: Ben, it is quite endearing, actually!; July 7, 2010 at 4:47 PM
Nic said...: I agree with Karen :); July 7, 2010 at 5:09 PM
Anonymous said...: I wish Germany had won. Spain has its own style of play but Holland-Germany would have been a fast, high scoring final. With Spain, one can't say, they just love possession.

Prashant; July 7, 2010 at 5:27 PM
AmenRa said...: Lo siento. Been away most of the day. The corner is up.; July 7, 2010 at 6:45 PM

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7.7.10 - Part 2

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