CAT at important resistance
after announcing earnings this morning CAT is running into an important resistance area near $92-$94. a little further up lurkes the 200 sma (red line) and the 61.8% retracement area. we are looking at a potential short-side try for bucket 2 here. will keep you posted.
dollar index update
note the key level at which the dollar index is coming to now…: 1) 61.8% fibonacci retracement level 2) 200 day simple moving average 3) breakout level from september …we want to go long some dollar index (UUP) at some point soon…just not yet right this minute
Morning Thoughts Monday October 24
Options expiration Friday ended up being everything it is hyped up to be: volatile, fairly unpredictable, and for most not worth trading. After it was all set and done however stocks rallied into the close and finished at their highs for the day and week. Given the wide resistance zone we currently find ourselves in […]
Apple keeps acting punky
Apple is coming into an important level of support here at the 50 day moving average and 50% retracement of the move off the early October lows. We remain short the Jan 500 strike calls.
early morning chart: eur/usd
the eur/usd this morning so far is putting in a reversal and displaying a long tail above its head (bearish if it closes this way). also note that this is occuring right between the 50% and 61.8% fibonacci retracement of the latest swing from the late August highs to the early October lows. if the […]
smells, looks, feels like…but is it?
when options expire every third friday of the month funny things happen. things that can trap investors and traders alike…and possibly ruin their weekend. such a day is today…or at least it seems to be… the chart below says it all…hourly chart of the SPX. if we get a 'breakout fakeout' it would give us […]
Morning Thoughts October 21
The trading range remains the same…very tight given the current volatility…and boring…and dangerous to bet in either direction until we get a clear directional breakout. today is october options expiration and this weekend the eurocrats will hold another one of their all important meetings. all of that makes today a bad day for decision making […]
closing MS trade…taking full profits
we just closed our bucket 2 long in MS…taking full profits after taking half off on oct 19th: Closed the second half and rest of MS long at $17.10… We are at the top of the range and options expiration is squeezing the tape. Upside is limited and downside on MS may have room to […]
still within the tight trading range…
news out or europe…they are planning on agreeing and planning…huh?…right, but the news is lifting the tape never the less. it is what it is and we must play what is, or at least make a conscious decision not to participate. that tight range on the S&P 500 is 1190 – 1230 and they are […]
boring as boring gets
a super boring day here so far today…we remain stuck in that little trading range on the upeper end of the larger 1100 – 1230 range. for what it's worth we think the market trades a little lower here in coming days but we need to see some sort of confirmation trade out of this […]