Friday, September 26, 2008

Now EOD 09/26/08

Barry, you can be a real "ROACH", hahahahahaha: Permalink

In a quick edit of that post below, I forgot to mention the question mark, hahaha, how rude of me! Right now, that's the only area I can see, that would start to get me sitting up in my chair. In an extremely short time FRAME, looking at the circle, you "could" say, we "may" have made a higher low three days ago, hmmmm, let's see, yea, ok, that was wednesday. Soooooo, you "could" say, that if we get over last friday's high, around 128, we would make a higher high, which is, waaaaa laaaaaaa, an uptrend. BUT, we have huge resistance at 130, the red line under the question mark. Now, I will admit, that if we break over 130, that will be huge, and you could "probably" take that break (this is all future stuff of course, I'm just looking at senario's down the line some time), but, what I would want to see, is a thrust through the 130 area for a few bars, and then a pull back that comes back and test's that break out area, and holds. Some thing like that, would probably get me peeing all over myself. I only mention this, in case you were mentally asking me, what would get me excited about the market. Some thing like that would be it.

6:15pm: Is that the biggest piece of fricking junk you have ever seen?!! I'm talking about the big red circle of course. Over the last few months, you could have made some decent money just using simple trend lines, but that thing in the circle, I mean, that's just impossible. That's why, I'm not saying much about the market, there's nothing to say, I mean, forget the funnymental's, or the bail outs, or wad ever you want to use, the CHART'S SUCK!!!!!
The tendency of course, is going to be to try and bottom fish the slimey sucker, but we can't even get some decent over sold levels on the stocks under their 50 and 200 day MA's, or stuff like that, to try and determine we might be close to a bottom. Every time we get close, some news comes out or some thing, and we lose the area we are looking for. I mean, this thing sucks, there's no doubt about it. If you are an investor, or a swing trader or position trader, your best bet is to sit it out (am I a master of the obvious, or what, hahahahaha).
Now, I have positions in the UYG, as I've been documenting, and the SSO. Due to my double down, I'm now six units into a full position in the UYG, meaning I have four more to, aaaaaahhhh, dispense, I'm only two units into the SSO. Due to my, probably, unfortunate move on the double down, I won't take another unit until probably under the lows of July, around 14, and I will continue to add down to 10 bucks, at which point, I will have to start doing some serious shit trading. My add bottom on the SSO is currently at 43, meaning I will add in increments down to that point. What I'm doing, is day trading my ass off on them, during the, SURPRISE.................... DAY! That is, I'm counter trading the positions, I am long, therefore, I only day trade on the short side, with puts. I have a PLAN, I am currently on the PLUS side, and I intend on continuing with this PLAN, until we reach those cough it up points, at which time I will have to take a serious look at what I'm doing. My ending time frame, is the third friday in October, at which time I fully hope that I will be OUT of the positions, and ready to start some thing else.
Hey, if nothing else, it keeps me entertained during the day.



2:00pm: We actually rallied almost out of the chute, and for most of the day, other than a mid day pull back, which ended up being a buy, as they carried into the close, with everyone finishing in the green, well, udder dan da Q's, I guess they couldn't over come RIMM. Much like most of the week, very strange internals, the A/D line was pretty consitent most of the day at about 5 to one on the down side, picking up to about 3 to one down into the close, the VIX stayed at about 35 most of the day, up 6%, the P/C was over one, but not much, but the really weird one was the TRIN, staying at a pretty low .70 most of the day, indicating some buying was going on. Also, over 70% of the S&P stocks finished down on the day, and yet the index finished in the green, there must have been some big buying in some thing to get only 25% of the stocks driving us up.



The volume was weak again, but that's to be expected, as we are "waiting". Waiting on what, I have no idea, my thought is that what ever this crisis is about, was going on before the administration panicked (or like my real theory is, they "panicked" in trying to pick up some big bucks for their buddies on the Street, who were going to slip them a few hundred billion out of the bail out, for a going away present), and the idea that the world is going to end now, if they don't get the bail out, is ludicrious, they weren't going to get it before, why didn't the world end then???? Wad ever, have a good weekend.


7:15am: As we head into the open, the gospel has been spoken by the MarketWatch headlines, Bears prepared to pounce , hahahahahahaha, is that the stupidest thing you ever heard!! What it should read is "Bulls prepare to pounce as they try and chase prices higher after the open to get all those shorts covering their profits as fast as they can", in fact, futures are rising as I write, as the bear's have decided they have gotten about as much as they can get, temporarily at least. I was going to add to my UYG position, but the little roach is holding up to well, come on "investor's", panic some more, and get the thing down where I can add more, yeeeeeee haaaawwwww (disclaimer: the author fully intends to file BK by monday morning, thus qualifying for a tax payer bail out, to prevent a total collaspe of the UYG, hahahahahaha, sigh).
Good luck out there today, keep your soft shoe dancing shoes on.

6:00am: As we head into the pre-market open, the market is actually pretty quiet, when you consider all that's happened in the last 24 hours, the collaspe of WaMu and the bail out talks, the absolutely horrible Durable Goods report yesterday, and then RIMM's miss last night, as oil is down 2 1/2 bucks, gold is only up about 60 cents and the dollar is actually flat, the 30 year bonds are slightly positive, oops, the dollar is up now.
We've just kind of stablized into a wallow and muck around mood, DOW has moved up to down only 132, Q's are "only" down 78 cents, and as if anyone cares, we get the final GDP report in a half hour, it will be interesting to see if this scum bag administration uses a "NEGATIVE" PCE deflator to get it to the 3.3% that is being expected, hahahahahahaha!!!

4:40am: Futures, as you would expect, are down over 2%, DOW down 171, Q's down 93 cents after RIMM, some people think it's the WaMu collaspe, or the bailout impasse, but the real reason is their is no joy in TrojanVille, USC no longer Pac-10 bully , I kept saying that SC would get their ass kicked next month when they had to go down to Tucson to face the mighty Wildcats, hahahahaha, they couldn't wait that long. Kiss the national championship game good bye SC!

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