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Dan, I am sure your charts work fine. I hope I didn’t appear pedantic. One more point: any drop out of that channel, before reaching the target, could be considered as a stop. However…just curious: you told me your entry price, but not the entry date. One might say I took a wild guess. Was I right?
Dan, I am flattered. I see it going to 60.2 (where the upper limit of Andrew’s Pitchfork channel is intersected by the Fibonacci 161.8% speed/resistance arc, the next in line).
For other people who might look at the chart: notice Dan‘s textbook entry point, when the fractal cross-over coincides with highs of both Vol. Rate of Change and Money Flow - a rare event.
GLENO: in essence you are right. But, leaving calculations aside, the Q is: did GOOG already exhaust tonight its up potential, considering shorts covering and all the rest of the music? If you had 50 call leaps for Jan 2010 would you sell them now?
GOOG actually did very well! It is impressive!
GOOG beats the Street.
Dan, I hope you took advantage of that signal. Right now, I would rather own WMT than TIF. Nothing wrong with that. No moral issue here for anyone… just a cold rationale.
That is exactly the point: that social group is growing.
A brief quotation from Barron’s editorial, last Saturday:
“As does the remorseless rise in foreclosures and personal bankruptcies, punk retail sales in March (they draw solace from the gains by Wal-Mart and Costco, blind to the possibility that stringency has forced some of the patrons of Tiffany, Nordstrom and their like to trade down) and that a long and glorious wining streak in corporate earnings is coming to an end."
Yes, I am afraid that in a consumer-driven recession, the internet commercials simply “don’t work” as well as in the past. On internet you sell fancy gadgets and a catchy lifestyle…not WMT junk - the only stuff that, unfortunately, most people can afford.
Gleno, For GOOG:
ESTIMATES:
Q1 Estimates: EPS up 23% to $4.52, revenues up 42% to $3.608 billion
However, the whisper number is lower than the official estimate, which for GOOG is unheard of and therefore…WEIRD.
Gleno, up again! Previous target and resistance (45.69) is still valid. It was reached only during the IBM neurosis last night, which was irrelevant...
Thank you Gleno. It was my mistake. At opening, I forgot to remove from the chart the pre- and post-market trading data. This created a mess.
Gleno: There must be something wrong with my 5 min chart: the 233 EMA (Scam’s magnet?) is at 45.07.
Yes Gleno, that should be the resistance for today or tomorrow morning: 45.66 - 45.73. If they get there now, the QS will be OB.
THEY are here … and considering this low volume, they can push it a lot higher in the last 5 min without spending too much money. They might do right that.
Alex: indeed, it must be the pope!
Two, you are absolutely right. But, according to their mentality, that money is now “their” money and the only reason to spend it is to make more money…unless one follows a political agenda. In this case, it does not matter if you lose it as long as you achieve your aim. After all, you can always borrow more…
Gleno, you are right…only 2 hrs. ahead of my time zone. This must be only Vini playing with the buttons until they come back.
Gleno, THEY are back from lunch. They might not want to let their money (spent this morning to prop the indices) vanish in a bearish correction. Therefore…another artificial push will take the Qs though 45,33 and the SPY above its resistance = 135.93. Wow, what a “spontaneous” rally!
Be, I am using the software of Trade Station. It is good.
Yep Gleno, I think that in essence we say the same thing: to go short, we need some incentive...
When to enter short? I shall consider it only if TRINQ > 0.44, as shown below:
Be, the double top at 45.25 : 45.33(<initial target. = 45.33) is good enough!. Longs TGFO! Welcome Puts!
Be, that’s probably OK for a QQQQuickie. For that trade my target is at support = 44.73.
Gleno, my target for this morning is 45.33.
John: INTC :
Put/call vol. = 120K /94K
Apr: Highest vol. & open int. = Apr 20 put
SPY resistance = 132.78 - 132,83 -> rejected 4x.
Hi Dan. Made the move I told you about last night: sold lower strike puts. The best trick of da boyz would be to let indices drift on a mild sliding slope into op exp. Since I cannot exclude this scenario, I keep selling Apr options which have a good premium. Afer all…we have only three days left. Good luck, Fox.
Dan, I am afraid that what I wrote previously does not make much sense - I was in a hurry. When (at the stop price) I buy back my April calls, this is because at that low price they are not worth keeping, since they exhausted their down potential. After selling them, if the index continues to drop, I sell another batch of April calls, also out of the money but at a lower strike. It is some kind of a primitive damage control action, performed under the assumption that the price action might still revert sometime in the future. Does that make sense now?
Dan, I don’t know. In principle, it might still happen. I still have my May calls, against which I sold April calls out of the money. My stop point, at which I should have bought back April calls has not been reached yet. I am still hoping… although this time the prediction based onhe wave coun was not very helpful.
Yes Gleno, I think today THEY are reading our posts and use them as a negative indicators to move the market. LOL
“Any lasting and consequential market move is preceded by a short lived move in the opposite direction.” If this is true at 2.56 pm ET, we should go up soon…for real.
We can always be patient, since, as you say, nobody is in a hurry.
Gleno: yes, it is a strong magnet, but also, lately, this market has been disappointing in either direction because the moves that one hopes for, if they finally happen, turn out to be inconsequential and fade away.
BE: good job! I am still in captivity…watching 44,36 for a real break …
BE: hard to be patient, isn’t it?
BE: probably not. Let it fly now…I am with you but I also have a firm stop at 43.81.
Gleno: the Fib retracement 23.6% is at 44.36. Advancing through it could be interpreted as an indication that the corrective “c” wave up is onits way. So far it didn’t verk…
No, we don’t. Fractal day support, around 44.1 held so far (low=44.12). This brings us to an ambiguous situation for the “b” wave, if we believe in such a thing… A reversal from here cannot be excluded.
Steve, I assume we are in a bear market. Therefore, abc is a corrective 3 wave up. We probably have the same thing (+/- a dime or two)
Steve, it looks that this down move under 44.6 has finally started. 44.39 could be a first stop. Then, 44.1 could be the final support for today. But the wave people will have to recount, for obvious reasons ( the down “b” wave will have to be extended under the Fib level)… The “c” wave up cannot start yet …