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.
S&P 500 potential support level…
the 50day simple moving average (yellow line) will be a good level to watch for possible support. the 1165 to 1175 area also coincides with the 38.2% Fibonacci retracement. Note how the 50 sma is flattening here…it might hold as support better if flat.
it’s a boring day…here’s a close-up look
a boring day so far stuck in a trading range but tech is leading aind as such diverging from the broader market. the trading channel of the past seven days is apparent on the hourly chart below. the chart is of the emini S&P 500 futures but that of the S&P 500 looks the same. […]
keeping the VIX and USD front and center
as pointed out yesterday the VIX ist at a huge level…of support. if it can hold the 30 area equities should come under some pressure very near term. if and when it starts to slip lower again we would take a hint looking at some long-side exposure in equities. the dollar is better bid again […]
early morning trade ideas…?
the tape is overbought here in the immediate term and we don't want to do anything on the long-side in any bucket. we are comfortable with a little short exposure in SPY but more than that to the short side is risky in our opinion. we continue to watch for a higher low to develop […]