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We will not go below 36.68 today.
JMHOP.
Good trade, I am sorry to reply late but in the morning was busy trading, yesterday few knew about the London plot and they covered today, MSNBC saying Briton PM briefed president earlier. Money can buy information. I was very puzzled with yesterday’s action of the market, now I know what happen and that gives me confidance. We are still under risk if we do not take out 36.80 today as I wrote my last post and we need to close above 36.55 for bullish forecast.
Take calculated risk.
Farooq.
What a stupid plot, don’t they check hand bags on airports? Another attempt to divert attention from real issues, those terrorist are really dumb, but they will not be terrorist if they are not dumb.
GOP knows that they can win on security issue, so the game begin to scare American public. I am out of short and sold long @ 36.68 now just watching, will go long September 37 and short September 35.
Farooq
Great Post, I am short but I am uncomfortable for the same reason you gave in your post, I stay long if we are above the trend line and stay short if we are under down trend line.
Short need to take out 36.15 to establish a down trend. I think we are in a great trading market. Every one is trashing calls soon they will be trashing 36 puts but that is the life, we can go up to 37.04 --- 37.12 tomorrow, if some thing happen in UN then many of us will be surprise. If we are going down then 36.80 will be difficult to cross. Strange action today mostly option related.
Of course I do not know future and I was wrong many times, and what do I know?
JMHOP.
Farooq
We are below that, ME is taking toll, we did favored Israel going in Iraq and doing dirty job for them, and In Lebanon so far they failed to deliver. All the rallies on hold until there is some solution on this problem. We could till close @ 36.80 JMHOP. Close below 36.45 is negative.
Farooq
Correct
Pokersam,
I think they are trying to sell up to 36.79 and test support. I sold my long @ break of trend line and shorted 35 series. Ready to cover any minute. When cover then will go long with 20 Cents stop loss.
Farooq
37.40 to 37.55 but could be 36.80 also but I am inclined for first one.
Farooq
It is about trading not as a person, your call for short term IMOP is wrong, the word is short term, if you have not covered it yet you might wait few more days. You have some good call and some bad, we all have that, I am sorry if you took my remarks differently.
Happy trading.
Farooq
Pokersam, He is short, what do you expect, we all do that when we are wrong, we all try to justify our position. We can go back and test that area but not in day or two.
Farooq
Taking profit is always good they are trying to bring it back to 36.68 but I think in morning session 36.78 is the low we will reach,Three to five days most. ME is spoiler. JMHOP. Good trading.
Farooq
W@G2 QQQQ 08/09/06 for a 08/11/06 close
Note: http://biz.yahoo.com/opt/calendar.html
Italicized date = Expiring currency option classes stop trading; currency option expiration date
36.64 Myself °¿°
35.54 frenchee
36.80 farooq
38.80 Minimum confirmed today for up move. One negative is ME situation. JMHOP
Good call PS.
Farooq
There is time decay in future too, when December will start premium from cash to future will be around 12 points on S&P which gradually erode. That is time decay or carrying cost Look at September contract prices in June and now.
JMHOP.
Your trend line on this chart is against the rules. It should touch 10:30 11:00 bar yesterday, which make your comments more clear, from yesterday. Today we are testing down trend line resistance.
Why no peace rally?
No peace rally because market realize that USA with this proposal only buying more time for Israel and smoking in eyes of the World that Israel and USA wants peace, only other parties do not want it.
That is the exact motive of USA to give free hand to Israel so they can do the dirty job for us which we did not have balled to complete after Bruit Marines barrack bombing. I adjusted 60 Cents in all future fore cast. Off course I do not know future and I was wrong many times, JMHOP. Good trading on calls. Good luck.
Farooq
Intra day spike to 35 is possible but 30% chance to touch lower band once we move up picture will be different, all moving average indicators are lagging indicators. They give good signs of directions but they rarely tell you that this the end of move, off course JMHOP. One chance Is we stay there if GOP loose election and market see is coming then market will discount that event, Which I do not see coming, Democratic Party is in complete disarray.
Good luck to all.
Farooq
My thinking for next three weeks.
We can test 35.70 on QQQQ and probably will, but a bit latter, every one is looking for that mark and more, but I suspect we will visit that after Wednesday, tomorrow peace rally to 37.75 - 37.90 close around 37.60 to 45 Tuesday 37.35 to 38.40 but in extreme we can go up to 38.70 on Wednesday and then start slow down turn to 35.70 -- 35.45 which can take 2 weeks. Options will be settled on 36.
I was wrong many times and I could be in future too, JMHOP. Do your own D/D to make financial decisions.
Farooq
My thinking for next three weeks.
We can test 35.70 on QQQQ and probably will, but a bit latter, every one is looking for that mark and more, but I suspect we will visit that after Wednesday, tomorrow peace rally to 37.75 - 37.90 close around 37.60 to 45 Tuesday 37.35 to 38.40 but in extreme we can go up to 38.70 on Wednesday and then start slow down turn to 35.70 -- 35.45 which can take 2 weeks. Options will be settled on 36.
I was wrong many times and I could be in future too, JMHOP. Do your own D/D to make financial decisions.
Farooq
Gleno34,
We can test 35.70 and probably will but a bit latter, every one is looking for that mark and more, but I suspect we will visit that after Wednesday, tomorrow peace rally to 37.75 - 37.90 close around 37.60 to 45 Tuesday 37.35 to 38.40 but in extreme we can go up to 38.70 on Wednesday and then start slow down turn to 35.70 -- 35.45 which can take 2 weeks. Options will be settled on 36.
I was wrong many times and I could be in future too, JMHOP. Do your own D/D to make financial decisions.
Farooq
Thank you.
ajtj99, Could you please explain today’s candle on daily chart for SPX, NDX?
TIA
Farooq
PS right on money.
I missed by 1 Cent. LOL
http://www.investorshub.com/boards/read_msg.asp?message_id=12460071
Farooq
Take your profit and think later, when stop loss hit sell if you are wrong do not let it become a disaster, I been in trenches for 30 years so I have seen it, Just MHOP. Good luck,
Farooq
Not here. You might have to redraw.
Covered my shorts in QQQQ @36.75 although 36.63 possible, covered QQQHI @ 1.95.
Farooq
1- Excel link to your trade log, (this can help you tax time)
2- Current recommendations on long or short, update ASAP.
3- Charts with your view.
Great Job, My heartiest congratulation to you, I am short from 37.45 and short QQQHI calls.
Gleno34,
I read your posts and enjoy them, you bring unique perspective.
Keep posting. Good luck.
Farooq
When Fed adds money, market does rebound because of added liquidity, I do not believe in "da boyz".
Here is link to Fed open market.
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
I was with you, on trend line brake I covered and went long, Now long qqq IK and HJ. Now sold every thing. Turn out to be better day. They did a good job of manipulating it.
Short S&P Sept.@ 1280 Short QQQQ 36.82 short qqq hi @ 2.00
Farooq
You are half right. I trade but with some protective puts, because I know that I do not know many things. Good luck to you.
The chart you referred,
http://stockcharts.com/h-sc/ui?s=$spx&p=D&b=5&g=0&id=p27977164323&a=12577505&...
If we complete 1290 that is 70 points cup which will take us 140 points from 1290. Yes that is going to take some time, we will be in this range in August, September but if Fed pause or give clear indication of pause we will jump, Once political scene is clear that will clear market anxiety, Off course JMHOP, I was wrong many times and I will be in the future too. I am Just giving another view.
Farooq
This pattern can take us up to 1440 on SPX.
This pattern can take us up to 1440 on SPX.
Draw a chart for 10 days and you might see a different picture, JMHOP, Good luck.
Farooq
If we have not broken the trend why you sold? Trying to get them cheaper???? I bought and sold shares but still long calls, did sold some short 35 and covered when we hit 36.85, I am looking 37.80 to 38 to sell those. You did good, Good luck to you all.
Farooq
Thanks for sharing, sold my shares @36.53 bought @ 36.30 and 36.42,long 36 calls @ 1.00 eom.
Farooq
You never mentioned you are out of the market. If you like it is better to post your exit or do not post entry also, JMHOP.
Any way good luck, we will not go below 36, I am long again, 1/2 position.
Farooq
Tomorrow we have 70 % chance to come back and test 36.80 eom.
No good deed comes with out pain.
You do what you feel is right. Good luck.
Farooq