Trading thoughts, ideas, tips, musings, and pontifications. . .not necessarily in that order.
Watching college football but still browsing the web. Found a couple more interesting tidbits:
40 Professional Stock Trading Tips.
The Mindset Of A Losing Trader.
This is the Mindset of a Successful Trader.
Here’s some news that may affect Monday’s markets….well at least futures Sunday evening: China’s August CPI rises to 22-month high, PPI up 4.3%
Yeah! Ohio State! Saw a neat placard in the stands:
Miami can have Lebron, the real kings in Ohio wear scarlett and gray!
If you’re unemployed you’re most likely a man, and a white one at that! Check out this WSJ Interactive Graph and watch the unemployment number grow, first by sector and then by gender. The charts show who has been hit the hardest!
So wasn’t there some news this morning about bad earnings from GS? And weren’t C BAC GE still bad? Isn’t everyone worried about the bank stress test in Europe? So why are all the traders happy today?
Funny that the US dollar did not matter, or at least there is not that strong correlation between the US$ and the markets. Oil still seems to be correlated, as oil went up so did the indexes.
Lots and lots of earnings on Wednesday…and even more on Thursday! I’m interested in MS WFC KO QCOM and NFLX. That should give me an idea of how the world is doing. 
And if the markets can’t rally on this evening’s AAPL report, then we’re in real trouble!
I apologize for some short blog entries, but I’m having technical difficulties with my hardware this week. I have tracked the problem(s) down, but new parts will take 7-10 days. In the mean time I’ve fired up a backup PC and getting it ready for trading tomorrow.
See you on the playing field.
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As I tweeted today, a down Friday equals an up Monday! And that has held for an entire year. Also Stock Trader’s Almanac said “Monday before May expiration, Dow up 19 of last 21.” …which makes it 20 out of 22 now. But that’s not all, “May Expiration Friday, Dow up 5 of last 6! This could be a good week. 
The market is sure spastic, but I’m still looking for some pressure to the upside, as could be seen this afternoon. That was a big move off the lows. But again, futures are showing their negative side….but then again, China hasn’t opened yet. And don’t forget yesterday’s big overnight reversal.
I added to my UCO position as I’m still looking for support around $10. It did overshoot, so I added. I have a stop under today’s low now. Here’s a couple of articles I found today on oil:
Why Oil Prices Are Plunging Despite the Gulf Spill
China Studies Using FX Reserves to Exchange for Oil
And another interesting story:
How P&G Plunge Derailed One Investor
Ok, I better update my TCnet and do some scans!
This is one of those times, rare indeed, when I can say, “I told you so.” It started in the pre-market and the markets meandered in a fairly small range….until 3PM, and then the trap door opened and down we went. I was out most of the day so I didn’t get a chance to play any of the inverse ETFs I mentioned yesterday. But, on my return just about 3PM, I did have a chance to place an ES short for a few points…so it was a good day! 
I’m thinking this downward pressure will stick around for a day or few, but we will be setting up for another bull run. I’m getting real interested in oil. If you’re not a futures trader with CL or QM, the oil e-mini, you may want to put the oil-related ETFS like: USO DBO DIG and UCO in your watchlist. Or maybe some of the oil service companies like VLO and OXY. Just watch oil and see if we get some support around the February low, say in the $72 – $70 range.
On another note, I finally made it to Facebook. So come and visit me and become a friend. I promise I’ll get this figured out and reciprocate!
A few days ago I posted an audio of tradersaudio.com squawk of the “flash crash.” Today I found this video enhanced edition directly from Ben Lichtenstein on You Tube. May 06, 2010 CRASH – S&P PIT Live Squawk Broadcast – TradersAudio.com. I still like re-living it and the charts help visualize the day! 
I thought it incredible that the NYSE A/D volume at the low of the day was negative 51:1, yes, -51 to 1. Can’t remember ever seeing that before!
And a quote today from Don Worden at Worden.com, the publishers of Telechart, Stockfinder and FreeStockCharts.com:
The market has to prove itself before a bear can advance into a bull market once again. It can only prove itself by going up and down a number of times until it becomes clear that it has the strength to go on to better things. It does this by providing comparisons with preceding trends in the opposite direction.
So just remember, when all this bullsh!t is done, we’re going up!
| INDU | 0.00 | |||||||
| NASDAQ | 2912.11 | |||||||
| S&P 500 | 1350.18 | |||||||
| ^RUT | 827.37 | |||||||
| QID | 36.22 | |||||||
| QQQ | 62.1499 | |||||||
| QLD | 100.60 | |||||||
| TZA | 18.53 | |||||||
| SSO | 53.37 | |||||||
| SDS | 16.67 | |||||||
| BGZ | 23.31 | |||||||
| BGU | 76.092 | |||||||
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
Looking to find out about covered calls?
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