the VIX…
the VIX last friday broke below the 30 mark and now is re-testing that level from underneith. 30 obviously was a key level to watch for support and its failure speaks to an increased chance of higher prices in the SPX over coming days. the 23 level on teh SPX is what we are looking […]
lack of conviction, earnings parade ahead
after making our morning rounds with the brokers today the theme was clear: low volume and low conviction in the institutional community from last week is carrying over into at least today. with the bulk of earnings season results to hit the tape as of this afternoon post close folks don't want to learn out […]
Morning Thoughts Monday October 17
After taking a little breather last Thursday, stocks again rallied on Friday and in the case of the S&P 500 closed the week at the highest levels in 2.5 months. Last week’s 6% rally of this index has brought it right back to the very top of its 2.5 month trading range. If we measure […]
closed short position in WYNN
we bought back the remaining half of our bucket 2 short position in WYNN
closed short position in SPY
bought back the short position in SPY for a total of 0.50% loss. small losses, large gains…that helps the odds. the market is holding up too well here for us to be comfortable with shorts into the weekend and into next week's earnings parade.
Today’s Morning Market Video Is Ready To Watch Here:
http://steadytrader.wpengine.com/video-2/video-october-2011/
strength in Tech….watch it
note the breakout in the NDX (nasdaq 100) here today…it is leading and by watching individual names like AAPL and AMZN we get the same picture…relentless strength. for now the game plan is to close the short in SPY later this morning if this broader market strength persists. if we get a closing of the […]
Morning Thoughts Friday October 14
It was a fairly uneventful day in the broader U.S. equity market yesterday…in fact it has been a pretty uneventful week thus far. I supposed after the manic volatility we’ve seen since we entered August a little calmer waters at least temporarily are to be expected at some point. I’m not expecting it to remain […]
in terms of trading today…
1) it is friday so we don't want to make any major decisions…especially as next week we have a TON of corporate earnings coming out 2) a boring trading week isn't smart to force into something big on the bottom line on a Friday…risk/reward just isn't there 3) depending on how sharply we rally today […]
a slow day comes to an end…
a slow day came to an end. not much was accomplished today in terms of price action although the at least temporary support under the market was quite obvious as the market held up well and closed right near the highs. 1220 remains immediate resistance, 1175ish support…on teh S&P 500 that is.