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      06-20-2012, 12:22 PM   #1035
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FOMC ended up extending operation twist until the end of the year (continuing what they already had in place)
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      06-20-2012, 02:17 PM   #1036
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So far we've reversed from the 1362 line (from 1363 spx), and are about 15 points under that. We shall see if this is indeed a top. I would not rule out the possibility of a 2nd or 3rd attempt of the market to try and break this. But, note the wising bearish wedge forming. I suspect this might lead to a few volatile up/down days with decreasing trading ranges and then a break downwards (in this scenario).
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      06-20-2012, 04:52 PM   #1037
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How did you guys learn about stocks?

I wish I knew
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      06-20-2012, 08:29 PM   #1038
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Quote:
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How did you guys learn about stocks?

I wish I knew
Practice and researching/reading
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      06-21-2012, 02:15 AM   #1039
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NYMO too high, pull back very soon?
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      06-21-2012, 12:16 PM   #1040
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If this is the decline now, of which I believe it is, this is going to come down VERY fast. 100-165 point decline from here. ST target is still 1265-1215 (maybe even just above 1200). As I said before, when we reach closer to these levels we will have a better idea of the other different scenarios (rebound, breakdown, or consolidation).

Adjust your portfolios accordingly. Align this with your own research as well.
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      06-21-2012, 01:33 PM   #1041
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Two days ago we reversed from 1363 and we are now at 1329, or about -2.6%. What about the breaks over the other indexes (always look at the bigger picture)?

After topping 2 days ago:
Brazil down -6.3%.
Russia down -6.9%.
China down -7.3%.

Across a slew of all my charts, we are breaking through support channels left, right, and center. I would be very cautious here.
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      06-21-2012, 01:46 PM   #1042
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Vanity, you think we fall from here, seriously?
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      06-21-2012, 01:49 PM   #1043
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Quote:
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Vanity, you think we fall from here, seriously?
Your take?
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      06-21-2012, 01:57 PM   #1044
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Quote:
Originally Posted by Vanity View Post
Your take?
I have no idea which is why I'm asking you . Just kidding. Today's pull back is significant. I agree that we broke major support levels (mine was 132.54 on the 60) But I don't know when the panic will start. I just graduated so I've been out of all my positions for a while, just opened a small position into UVXY. Hope I'm not late to the party.
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      06-21-2012, 10:54 PM   #1045
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Hmm do you guys think were going to have a day of consolidation tomorrow or continue the downward path. Monday should be headed down after today though, the market literally just blew through all support
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      06-25-2012, 06:27 PM   #1046
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Quote:
Originally Posted by Hisam135i
Hmm do you guys think were going to have a day of consolidation tomorrow or continue the downward path. Monday should be headed down after today though, the market literally just blew through all support
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      06-28-2012, 03:56 PM   #1047
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Very glad I shorted RIM yesterday, just wish I had shorted more
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      06-28-2012, 07:39 PM   #1048
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Quote:
Originally Posted by rallysport
Very glad I shorted RIM yesterday, just wish I had shorted more
Very cool that's a good trade, I've just been playing things on a daily basis.
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      06-29-2012, 01:09 AM   #1049
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Anyone have any money in ZERO?
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      06-29-2012, 09:03 AM   #1050
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Originally Posted by Hybrid For Life View Post
Anyone have any money in ZERO?
Don't know what that is?
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      06-29-2012, 09:47 AM   #1051
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Quote:
Originally Posted by Vanity
Quote:
Originally Posted by Hybrid For Life View Post
Anyone have any money in ZERO?
Don't know what that is?
Vanity what are your thoughts on the market, things are becoming very difficult to forecast
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      06-29-2012, 09:59 AM   #1052
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Quote:
Originally Posted by Hisam135i View Post
Vanity what are your thoughts on the market, things are becoming very difficult to forecast
I'm out of my shorts ATM because things got too fuzzy these last few days. The latest rallies, especially today's, is certainly a very large short squeeze. Most likely the market is going to form a solid double top (since we broke 1335, again, 1400 is back on the table). However, I personally am not confident playing this up as i think it's clear what will happen afterwards. This double top would be similar to what we saw form last year, as well as in 2007. The MA's did slope downwards, but unfortunately the price action didn't converge them and we merely bounced around this last month. I think it's clear now there will be a last rally upwards. From there, there should be a great view

I'm in full cash now, just waiting for a clearer entry point. No point in having my portfolio bounce around with the indexes. How have you been, Sam?
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      06-29-2012, 11:12 AM   #1053
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Quote:
Originally Posted by Vanity View Post
I'm out of my shorts ATM because things got too fuzzy these last few days. The latest rallies, especially today's, is certainly a very large short squeeze. Most likely the market is going to form a solid double top (since we broke 1335, again, 1400 is back on the table). However, I personally am not confident playing this up as i think it's clear what will happen afterwards. This double top would be similar to what we saw form last year, as well as in 2007. The MA's did slope downwards, but unfortunately the price action didn't converge them and we merely bounced around this last month. I think it's clear now there will be a last rally upwards. From there, there should be a great view

I'm in full cash now, just waiting for a clearer entry point. No point in having my portfolio bounce around with the indexes. How have you been, Sam?
Pretty well I picked up some USO Calls yesterday, but unfortuneatly didnt hold on to them through today. those would have made a nice return.. now I am currently holding $8 Puts on BAC for July 21st have had them for a bit so just that and the rest holding cash.

How long do you think this rally is going to last? The EUR/USD hit first level resistance and has been stuck there for a few hours now, a bit surprising to be honest. I thought we would fly up through the resistance levels but I guess there still isn't enough certainty in the market for that to happen. Makes me curious to know if this rally is going to last long or just be a short term (max two week) relief.
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      06-29-2012, 02:20 PM   #1054
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Quote:
Originally Posted by Hisam135i View Post
Pretty well I picked up some USO Calls yesterday, but unfortuneatly didnt hold on to them through today. those would have made a nice return.. now I am currently holding $8 Puts on BAC for July 21st have had them for a bit so just that and the rest holding cash.

How long do you think this rally is going to last? The EUR/USD hit first level resistance and has been stuck there for a few hours now, a bit surprising to be honest. I thought we would fly up through the resistance levels but I guess there still isn't enough certainty in the market for that to happen. Makes me curious to know if this rally is going to last long or just be a short term (max two week) relief.
I know right? No follow-through buying. All the action occurred in yesterday's close, and today's open. Then it stopped dead. I was sure we were going to smash through 1363 (and then that would signal 1400) but nothing so far. And the volume today is so LOW. Feels like a bull trap... At least on the US markets it does. Time will tell, though. If we get a big rally into the close that puts us above 1363, that will tell me we are headed higher. However, because there is only buying at the open and close, I'd be suspect of this relief rally and most definitely think it is a bull trap. Which would make sense, since I'm expecting this to bring us towards the edge of a cliff.
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      06-29-2012, 03:07 PM   #1055
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Quote:
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I know right? No follow-through buying. All the action occurred in yesterday's close, and today's open. Then it stopped dead. I was sure we were going to smash through 1363 (and then that would signal 1400) but nothing so far. And the volume today is so LOW. Feels like a bull trap... At least on the US markets it does. Time will tell, though. If we get a big rally into the close that puts us above 1363, that will tell me we are headed higher. However, because there is only buying at the open and close, I'd be suspect of this relief rally and most definitely think it is a bull trap. Which would make sense, since I'm expecting this to bring us towards the edge of a cliff.
This it was way to flat today feels a bit weird to be honest. Looks like we barely touch 1362 than closed at 1361. I think monday we should see a pull back or a large push through the 1363 which stopped us in our tracks a few weeks ago. If we do top out here we get a double top hopefully we wont test a third time.

I highly doubt we're going higher but who knows maybe im wrong. Below shows SPX on daily chart clearly at the top of its trend and showing the double top.
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      06-29-2012, 11:59 PM   #1056
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Quote:
Originally Posted by Hisam135i View Post
This it was way to flat today feels a bit weird to be honest. Looks like we barely touch 1362 than closed at 1361. I think monday we should see a pull back or a large push through the 1363 which stopped us in our tracks a few weeks ago. If we do top out here we get a double top hopefully we wont test a third time.

I highly doubt we're going higher but who knows maybe im wrong. Below shows SPX on daily chart clearly at the top of its trend and showing the double top.
Attachment 714269
We shall see, when the market proves us wrong we must heed and follow. However, since it looks like we are now following the other scenario where we stampede like buffalo. Higher we go, harder the fall. It will be interesting to see whether or not this short-cover rally can break our 1422 high for the year. This short-cover rally would be similar to what we saw in October 2008, where a powerful short-cover rally took us to the edge of the cliff and then we nose-dived into oblivion. We shall see.
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