Speaking of toast...

SMH is burnt to a crisp. One of the sectors that started out leading this confirmed rally has taken out its low. Rally dead.

Don't see any specific news to account for it. Wtf?

Otoh, though far from bullish looking, $DJI, $SPX, $COMP all found support at their 50sma's today...

On the other other hand, $RUT & $SML look downright healthy.

Who the hell knows?

Anybody home?

I don't see any posts here from today.

Ninja site still toast apparently.

Dave

The best thing I've heard about futures is that all of your trading activity for the year is reported as a single line item on your tax return.

Versus my 67 page Sched D-1 this year!

John, yes, the Bulls are hungry for control...at least for a short time here.

I can't imagine that we're going to get a change of market direction with the Fed loan.

Doubled up QID @ 55.74, then stopped out all @ 55.60 for even.

Done for the day. Really. Taking my 2%+ to the bank.

Long QID again 55.45

Sold all QID @ 56.59.

Most likely won't trade rest of afternoon.

Usually a request written on a $100 bill will do it.

Bought 2nd QID position back @ 55.90

Took 56.49 for half my QID.

Now looking to buy it back...

Doubled up on QID 55.95.

Will take a quick profit here.

Betting short. Long QID 55.50.

Well, we're predictably getting one of those coiled spring, wedgy, corkscrew thangs. at the gapup price.

How will it resolve?

Profit in the bank is never premature, my friend.

Where did you come up with the 65 number?

The Ninja Traders board is currently on World Crossing, and it is private.

If you'd like to be invited in, get a Ninja who knows you well to recommend you to the owners. Maybe Roy or Farooq?

Farooq, I posted on the Ninja board my QID exits at 57.50 and 57.29.

Very happy I held on.

Used the break of the 13ema on the 5 min as an exit signal.

Just added to the QID long I held over the weekend.

Smelled the dip approaching and added to my 55.25 @ 55.90. Avg now 55.57.

Initial exit target would be just shy of Friday's low @ QID 57-ish.

I do not use stop loss on long term investments. Bad Idea?

Farooq, my friend, you know this is a very bad idea.

Never ever lose more than -7-8% from any entry, no matter how long term. If your long term entry falls more than this, you probably made a mistake which needs to be corrected. Or if your timing was just off, you can always get it back lower.

In my long term positions, I always use stops. Usually at levels that look sensible on the charts, but never >5% or so.

Dave

Stopped out of that one for -.20.

But I just couldn't resist the Q's cute little bear flag on the 5 minute.

Grabbed a single position (1/3 of my cash) in QID after hours @ 55.25....just in case the Fed does not drop interest rates by 1% on Sat.

Have a good weekend, all.

Stopped out of QID at my tightened stop of 56.79 to scalp the buck.

Now I'm back in again @ 55.95

Well, if we're heading for NL's, I'm going with the market.

Long QID 55.75.

Edit: Sold QID for 54.90 for 75 Cents profit.

Farooq, shaken out?

Or did you actually get a good signal there?

Looks to me that the "smart money" is using today's high volume reversal attempt to "get out while the gettin's good".

Thanks, Roy. Chips are keeping the market out of the abyss at the moment.

Q's trying to take out Jan low pre-open.

Roy, going long the gap down open?????

Farooq, see my response on the Ninja board.

It's actually working this morning.

Copied IBD's take there as well.

Dave

Let's see if we can catch an afternoon rally.

Wrong!

Wow, straight down into the close. We haven't seen an intraday chart like this one in a while. Made only slightly less threatening by the low volume.

Long QLD @ 67.24

Let's see if we can catch an afternoon rally. Signals are lukewarm at best, but my job timing rules. Stop near lod, of course.

Auto-pilot stopped out of overnite QID short @ 53.23 for a small gain.

Coulda netted >1% if I had been paying attention.

Going to watch now for lunchtime weakness leading to a tradeable afternoon rally into the close.

Market volume down again today...so far.

Even if we turn green, today won't be a direction setting day.

I'm short QID @ 53.35 since yesterday afternoon's dip.

Didn't get in here to post it. Held it overnight thinking more green bias today.

John, Farooq often uses the term "flat" to mean "back to cash", or not long nor short.

You know those doctors. They love to baffle us with their jargon.

Ollie, the reliability problem with the Ninja board is the reason Farooq started this one.

He wanted a place to post Q trades real time.

As for your investing decision making process with your husband (or lack thereof)...well...I always say "it is easier to ask for forgiveness than permission".

Wow, we have ignition!

What's the 3pm rocket about?

So much for the 2/22 low.

2/7 next to go?

Volume is higher this morning, but not alarmingly so.

Amazing how these repeated attempts to take out recent lows are not working.

Did the market just bounce off a higher low for the 3rd time??

Nice timing on the long, Roy.

I'm working today...no trading.

Market couldn't crack yesterday's highs.

Volume off.

Could be a tough nut for a while.

I agree, Roy, that the converging triangle thang is overripe. We're just going to meander out of it, not break out.

see Ninjas Options Discussion

Roy, I asked about your pre-open stance here because I can never get into the Ninja site between 9 and 10am daily (7-8am my time). "Server not responding."

I think Skip mentioned that he has the same issue.

Aw crap. Out of that QID short too soon.

Looks like the market likes what it's hearing from B-B-B-Bennie.

Farooq, I hope your stops were tight.

But who knows...this thing could turn on a dime.

Stopped out of the QID short @ 51.05.

Took the fraction profit.

From IBD website...

Fed Chairman Ben Bernanke will begin day one of his two-day testimony before Capitol Hill. He's slated to speak at 10 a.m. EST.

Data on new-home sales for January will be out at 10 a.m. EST. The weekly energy inventory report is due at 10:30 a.m. EST.

That could keep the rest of the morning directionless and/or bumpy...