Tuesday, December 02, 2008

Now EOD 12/02/08



2:15pm: I'm going to stay with the UYG after the close today, because, well, it was REALLY well behaved today. We had another nice trend line setup this afternoon, after the trend line break this morning. It did the same thing, it "walked" down the line, but there was some differences, at the arrow on the left it tried to attack the trend line, but failed, then the next bar turned red, and that was all she wrote, as it headed back down. One of the differences was the money flow indicator, in the middle indicator set, it was trying to go up this morning, while this afternoon it was going down as price was walking down the line. The second cool thing was after it bottomed, we rallied right back up to the trend line, and got stopped cold in it's tracks, I mean, that was REALLY good stuff, I like that. I'm only mentioning the UYG because it acted so well today, the test of yesterday's low this morning was REALLY cool in and of itself, I might add that it made a higher low this afternoon, so we have a little short term uptrend going, as we closed on the highs today. What else is interesting, is when you look at that 60min chart, I mean, the thing is just a peice of junk, it's amazing how you can get two or three plays off the shorter term time frames.


9:45am: Another one looking interesting is GE, it thrusted up this morning, setting up the three point trend line, then sat on it and consolidated right on it for an hour, it "could" have more to go today.

9:30am: Markets pretty strong today, wooo hooo, I've been in and out with puts a couple of times, anyway, the UYG set up one of my favorite intraday trend line patterns, this works for any stock, I like at LEAST a nice three point trend line, we set that up this morning in the three circles, the last one on the right was a nice doji reject RIGHT on the line. What happened then, is we "WALKED" down the trend line, tested the 20ma, then turned up and tried to break through the trend line. The top chart is the result, HEY, it don't always work, naturally, but it is one of my favorite patterns, you just don't see it very often.

6:15am: Futures are up this morning, continuing the trend from last night, ES about 1.87%, DOW about 130 points. They suddenly spurted up about five hours ago, we've been pulling back a little for the last hour and a half, but we may be trying to make a higher low. The daily pivot for the ES is at 840, which is also a heavy congestion area from yesterday, just before the dump into the close. Both of those items could act as resistance, the ES is currently 829, so it's still away's out there.
Every time I start to feel a little blue, Carl always cheer's me up, as he reminds me it could always be worse, Icahn's massive bets on Yahoo He may be doubling down in hope of recovering losses that could be near $1 billion, writes Therese Poletti.

GE warns on earnings , this looks bad, but it's actually good, as they are warning to the low end of prior estimate's, not warning about new lows, plus they are claiming they plan to keep the dividend where it is (where have I heard THAT before), which is about 8%. The are currently up 40 cents in the premarket.

I guess after the dismal day yesterday, the comedy club is trying to cheer everyone up with some fun, [BAC] Citigroup trims EPS, price targets for Bank of America", hahahahaha, why even bother trying to rag on the audacity of Citi down grading anyone, hahahaha, old man Citi and old man BAC must have gotten into an arguement at Goldman's thanksgiving party.

1 Comment:

sysin3 said...

sumpin's giving me the willies here. darned if i know what. stuff looks ok.

maybe just the sour mash, but ....

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