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I will admit that I did not see this downdraft coming.
No, but I still have my 'in the pocket' short in place.
Gap filled.
Looking at the ES chart and I have drawn a box from 1300 to 1318; we touched a bit above the box in the overnight trading, so it is possible that we could climb into the next higher range, from 1318 to 1325--but I doubt it.
Already shorted ES at 1317.75 and covered at 1316.25; looking to bop after the opening bounce.
Yup, the ES short is just another form of protection.
That dip was good for my ES shorted at 1311.50--covered at 1309.
Still short one ES.
POMO next 30 days: $97 Billion to $107 Billion. Is that a lot?
Answer: Not really.
The little roller coaster action in the ES is turning out to be worth trading--bop the ES on any pop, wait a while, buy it back; rinse and repeat. Good for three trades that netted 3/4 points once and 1 3/4 points twice.
Thinking there may still be another good move to the downside before the day is over. Still short one ES, just in case.
This could make one puke, if true:
Out of ES long at 1307.50 for 1.25 profit. Hopefully another Kramer.
Talk about brass ones--I went long ES at 1306.25--stop in place, of course.
There are no bounces today!!
Or, if there are, they disappear in a heartbeat.
Good one, Lee.
I just closed my last ES short from 1315.50 at 1307.25.
Will wait for a bounce to re-enter.
Shorted ES at 1310, covered at 1308.50--yet another Kramer, no doubt. LOL
Market doesn't seem to be listening to us. LOL
Now it would be nice to see a bear flag develop.
On the ES short side, so let 'em roll. Target now is somewhere near 1300-1305.
Took some profits already on the short side today.
And why shouldn't the company be punished when it fails to meet expectations? Where do you suppose those expectations come from?
Rhetorical question, of course, since the expectations are given to the analysts by the company--and they usually are on the low end--in other of words, plenty of leeway, so that the company can 'beat' expectations.
So they missed and now they pay the price. Such is life.
Short target price on ES 1328, if they want to push it there.
I agree--while I'm short an ES, I'd love to short some more, but this seems like a dangerous market, mainly because there's no guarantee that the BOYZ won't be here later today with their billions of $$ and blow the shorts out of the water.
Of course I could use a stop-loss, but I hate losing. LOL
GFRE may be a legit company, but the pervasive attitude toward any Chinese stock is now negative, and the hike in margin requirements by IB (others will follow?) is just another headwind.
Plus, as I recall from reading their latest earnings reports, it seemed that the revenue growth came from price increases, and not from any increase in volume. So, what happens is prices fall a bit for their products?
GFRE holders--cautionary note:
Interactive Brokers Buries Chinese Reverse Mergers: Announces 100% Margin Increase
by Tyler Durden
This is the beginning of the end for Chinese reverse mergers. Alas, after having been the single most profitable trade in the market for the past 5 months when Chinese reverse merger frauds would guarantee up to 50% gains in the span of hours after people refusing to drink the kool aid and actually do their homework would expose one after another of these abortions which the flailing domestic exchanges (NYSE and NASDAQ) would gladly list in exchange for much needed fees, the party is coming to an end. Interactive Brokers has just announced that it will hike margin requirements from 50% to 100% over the next 3 days on virtually every single Chinese reverse merger name. Shortly, everyone else will follow through with a comparable increase. Timber ahead... and time to find the next "sure money" shorting scheme.
From Interactive Brokers:
Dear Trader,
IB regularly monitors individual securities and imposes ‘house’ margin requirements which exceed regulatory minimums when we believe the risks of holding such securities on margin to have increased. Given the recent market volatility and risk factors associated with a class of securities formed via a method known as ‘reverse merger’, IB will be increasing the margin requirement on certain such securities effective with the April 11, 2011 market open. You are receiving this notice as one or more of the securities currently held in your account will be impacted by this change. The initial margin increase will be reflected in your account shortly after the close of trading today, Friday, April 8. Please manage your risk accordingly.
The scheduled increases are as follows:
April 11, 2011 – 50%
April 12, 2011 – 75%
April 13, 2011 – 100%
The list of names about to get crushed:
ADY
AUTC
BORN
CAAS
CAGC
CAST
CBEH
CCME
CDM
CEU
CGA
CHBT
CHNG
CHOP
CIL
CMFO
CNET
CSKI
CTEK
DEER
DGW
FEED
FSIN
GFRE
GPRC
HEAT
HOGS
HRBN
JGBO
LIWA
LTUS
NEP
NEWN
NIV
ONP
PUDA
RINO
SCEI
SDTH
SKBI
SOKF
SYUT
UTA
VALV
YONG
YUII
ZSTN
h/t Keith
Yup, but we've all done that, haven't we?
Great Masters!
And to stay on course--PIMCO is now short U.S. Government debt, not a lot, but the las time he was short was during the 2008 melt-down.
http://www.zerohedge.com/article/exclusive-bill-gross-now-short-us-debt-hikes-cash-73-billion-all-time-record
Took a half point on an ES long, before I realized that in order to close the gap, we need to hit 1317.75. Maybe today, maybe not.
A bounce should occur.
This is beginning to look like a prelude to what happens when the Kool Aid is finally taken away.
This is a broken market, imo. We've seen the top in the ES.
Took the ES short from 1323.50 to 1321.50, after I had already sold my previous short for a gain. The market just turned so weak, I had to step back in.
So you are retiring to the couch soon? To watch baseball/golf, I mean.
Nice trade.
Covered the short put on at 1329.25 for 1327.50 for a decent profit.
Still short one ES, looking for a bounce to short another.
The BOYZ are seriously defending 1328 today, but is it futile?
So, did you buy those shorts?
Buy now and you'll be done by noon.
Oil technical analysis and what it might mean to the equity markets:
http://www.screencast.com/users/jesterxx/folders/Default/media/4e21c1d8-a183-4562-8398-c525e00da650
Had to settle for 1329.25 on the short side.
POMO money seems to be a finger in the dike today rather than a rocket blasting off.
Looking to bop the ES, if it hits 1330ish.
Upside volume is still pretty weak, for a POMO day.
CNBC was good for an ironic chuckle today when Erin, I believe, so wisely observed that the quake today was in an area that had already been devastated--so no worries! YIKES.
After I found out about the quake, off went the TV.
As you may have noticed, patience isn't one of my virtues . . .
But I'll try.
My best move today was shorting ES, putting a buy in below the market and then taking a nap. Sure enough, it hit and I didn't have to fret a wink over it. LOL
Good trade, and I can see why you might hang on to them.
Well, this bear made a lot of money today. Meant I had to buy when I didn't want to, but, hey, it worked.
Now hoping the BOYZ do kick it higher for a good shorting opportunity.
I do think that the appetite for risk trading may have taken a hit today. Many will start to wonder if they really should be buying in near the top, especially since we still have no idea how much the Japanese disasters will affect the global economy.