Posted on March 18th, 2009 in Stock Market | Comments Off
What a crazy day when the FMOC announced they would buy $1.2 trillion in debt to revive the economy. The markets had huge swings in gold and the bond. Many stocks and indexes reversed a down trend in the morning and closed higher on strong volume. The SPY is at resistance at $80 and also hitting the 50 EMA which are all points of resistance. There should be a pullback then looking to buy.
I got stopped out of FAZ as it hit a new low. In about a week FAZ dropped from $110 to 26…this is explosive… 
As I said yesterday the market looked like it was ready to turn down today from a great run last week. The XLF financials were great as shown below. Today it went to a higher high above the swing on Feb 26 but could not close above it and less volume 287M vs 315M. No buying pressure so it must come down. I sold my positions in SSO and USD and entered into FAZ with a tight stop.
FAZ looks like it will run up to $60 but I suspect this will be fast by Wed or Thursday this week. I’m really waiting to buy back into SSO and BGU on Friday or Monday but we’ll see how the market hold.
As shown in the chart below of the SSO, I’m looking to buy between $16-17 on volume less than 12million. Then a target price of between $22-24.
Posted on March 15th, 2009 in Stock Market | Comments Off
We had great price action after a miserable down week the prior week. I entered into SSO on March 4 and I bought more on March 10 as the volume retreated on the 9th and strength coming in.
This is the SPY on a weekly which shows nice price and volume last week. I do expect a pull back and hope that it’s on lighter volume.
This is the daily of the SPY which looks like it will pull to $72-74 then buy this for a bounce up to 82-85.
Posted on March 9th, 2009 in Stock Market | Comments Off
I really think that the market is ready to turn. Yes, the prices in the overall market came down hard last week but the volume keeps getting weaker. Add to that gold has turned around and heading down to $800-850 and the US dollar index ….call me crazy wants to trade higher to 96.
I got stopped out of UWM and URE but this wants to go higher.
I like the SSO, QLD for a trade here.
