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I have some SPY support around here = 117.2. We shall see...
Buddiee: Americans are quite similar to French-Canadians… They get easily hurt when somebody touches their “amour propre”. I was in Paris when a canooquois movie came out and the French decided to give it subtitles…so that the average Frog could understand what they said. After the Canadians threatened to withdraw their ambassador, Le Monde had a suggestion: “Let’s have it dubbed…”
Nice, Buddiee…Are you having fun with the Banksters?
ITMN did not receive the expected FDA approval for the release of Esbriel to treat IPF. They are down 35.31 in the pre-market!!! This might lead to irrational selling of various small biotech which have drugs in advanced clinical trials. One could take advantage of others’ fear and nibble on some favorites . For KERX, a good indicator of the action of the “informed” would be the trades of May 5 calls.
Yesterday, on CME there was an SPX P/C vol. ratio > 3. If this is an “R3” day, the sell off could continue in the late afternoon. I took a small profit from calls and I am now waiting. Flat.
KERX and AEZS look surprisingly strong today. In the morning they were cheap for a while.
TYH: chart looks good but the spread for options is large.
Thank you to everyone!
Yes, they are - slightly modified according to my calculations.
Yes - some bounce…
Thank you 3X! I am honored. I’ll do my best.
1. The geometry of a QQQQ rounded top?! Interestingly, it corresponds to a zone of increased MOMENTUM FLUCTUATIONS. The price dropped under 49: the blue line in the sand.
2. Classical 52 weeks Gann squares (equinox related) with Murrey Math (white) & Sq of 9 (green).
On this chart next stop should be 46.88
This is a risky trade but, if you want to gamble, you can buy Jun 20 calls
WX: while the stock is down, some retailers started to buy Jun - Sep calls at the ask: small orders but many. These option were illiquid lately.
QQQQ under 49. It didn’t take long…
Congratulations, Dan!
In Asia: HSI down & NKKEI up. When this divergence happens, the rule of thumb is: the Chinese got it right while the Japanese got it wrong, I.e. the markets in America will also go down the next day. We shall see.
A look at SPX:
1. Two overlapping squares representing “Gann Octaves”. The line in the sand, marking the transition from the old to the recent octave, is 1187.50, a support level present also on chart 2. With the Friday closing less than 1 point under it, we cannot say yet that this support was broken. But a significant gap under it on Monday will send us to the next target/support zone 1179.60 - 1173.86.
2. Classical 52 weeks Gann squares (equinox related). A confluence at 1157.44 should be a strong support before the zone 1123 - 1125 that everybody seems to have as a down-target.
OMNI looks impressive indeed. Earnings: Wednesday, May 5, 2010 after the close of the markets. People speculate on a special “announcement” at that time…
Hi Dan! Yes, one should be careful. It is accepted by most that the approval of the DNDN treatment against prostate cancer was an encouraging event and a catalyst for KERX. These two “drugs” are however very different. Strange how human mind works…
Not easy to get reliable data among so much fluff.
Facts:
1. Dec 2, 09: The Food and Drug Administration has granted Fast Track designation for KRX-0401 (perifosine), the Company’s novel, potentially first-in-class, oral anti-cancer agent that inhibits the phosphoinositide 3-kinase (PI3K)/Akt pathway, for the treatment of relapsed/refractory multiple myeloma.
2. This drug is tested now in many forms of malignancies. Some of them claim Stage III status, but I could not find the protocols…Results seem encouraging - in combination with other drugs.
3. As far as I know, FDA has not scheduled any panel discussions on the KERX drugs. I am looking for more info. I’ll let you know when I find something solid
Yes, KERX is still a great biotech investment. This stock was $11.5 in July, 07. During the last year it gave repeatedly BUY signals and its performance was spectacular (chart 1). It appears that LEE has a high opinion of it…
Very recently it gave again strong SWING BUY signals (charts 2 & 3).
I have only a small position on KERX, unfortunately… but now I am watching all its moves.
Hopefully this crazy market won’t play a real number on us, because then good, bad and ugly, alike, will be hit.
ERRATUM:
Instead of ”…conformation of a down trend…” please read “…confirmation of a down trend…”
Congratulations, "theparty"!
1. The geometry of a QQQQ rounded top?! Interestingly, it corresponds to a zone of increased MOMENTUM FLUCTUATIONS.
2. Classical 52 weeks Gann squares (equinox related) and their Murrey Math (white) & Sq. of 9 (green) correlates.
On both charts I look at the 49 area as support or conformation of a down trend, upon break. If it breaks I would prefer to sell calls. Interesting week coming.
Thank you LEE! I will try to build something on MU.
I forgot to mention that, on Friday, C/P vol was 2.35...on a big down day.
Nice play LEE! Did you manage to sell those May calls?
I don’t know - but the MU idea is good. It also has a C/P vol ratio > 2. SPX found some support for the time being.
Yes, market looks weak. Got out of BA calls. No SNDK… Keeping gold (DGP stock). AAPL time call spread for OpEx. Looking around for some opportunity…
VIX possible targets : 19.53 .....20.31.
GS down 7 in pre-market. Criminal probe…!?
Not very convincing. 3X also thinks that it has a strong resistance at 39...
Nice chart...I agree. Every move gets easily overheated.
You say: “The weekly chart CCI is still above 100 albeit barely.” Maybe… bear-e-ly…