06/09/2011 Intraday Watering

[BullBear52x]

Sell the rally crew is on alert! bip bip bip

[cletus]

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TRADE ALERT
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I have closed out my COW calls for a 25% gain. This trade took forever but paid off as it had painted a clear 5 waves down. I remember someone saying you shouldn't trade options on this because it's not liquid. Liquidity was fine as I was able to liquidate my position today with no problem. Spreads are high but it doesn't matter when you actually trade it. The market makers are there to fill you.

Hi cletus, Have you closed your ZSL position? thank you

WHOA, I was out of that a LONG time ago. I hope everyone took profits at some point. I have no position or view on silver right now. I was out of ZSL around 17.60.

[StrikePrice]

OK, I believe I said 2 legged up before yesterday's close, for now I still see 2 legged up here, now it's the very first up leg.

Stopping at my upper trendline now. Could stop at 129.50 as that is closer to the SPX 1291 pivot resistance.

[cougar]

Lots of IWM July puts exchanged hands minutes ago.

[cletus]

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TRADE ALERT
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1/2 position taken in BAL (not trading options here, just the ETF).

Will continue to accumulate this as long as it strengthens.

I like cotton a lot here with a stop around 75.

Reasons for entering:

1) In a bullish cycle phase
2) Cycle turn date
3) Strong volume came in around 80-90 the past few weeks

[99er]

SPX
That should do it.
http://99ercharts.blogspot.com/2011/06/spx_09.html
U-turn.

[pidge66]

Lots of IWM July puts exchanged hands minutes ago.

What does that usually mean? Speculators betting IWM going down, but normally they're wrong, so we go long IWM? I'm trying to learn the market dynamics.

[cletus]

DRN tanking here. Ouch. Could be a triple bottom or double top, but it's look bad, however, I'm holding this for the longer term.

This can't be good for the market going forward.

[alphahorn]

damn the natgas party ended in a hurry

[BullBear52x]

Nice Negative D spy on the next red bar 1min. this sell the rally if failed here (might take all day to confirmed) I am going long over night, but for now sell first.

[cougar]

Lots of IWM July puts exchanged hands minutes ago.

What does that usually mean? Speculators betting IWM going down, but normally they're wrong, so we go long IWM? I'm trying to learn the market dynamics.

Hard to tell just based on that information. It depends on the market conditions. Right now I would say that it means that some wise guys are either betting that the market goes lower until the July OpEx ,or that they buy protection for other lung positions. I either case it should mean that they think that this is a good price (i.e. cheap).

[cletus]

damn the natgas party ended in a hurry

Did you notice the flash crash in nat gas last night? Gee, wish I was trading the futures, even the robots throw a bone from time to time.

[erty]

Be careful holding leveraged ETF's for the long term. The nightly re-balancing of the portfolio can be bad for your wealth even though you have the overall direction right.

[cletus]

Be careful holding leveraged ETF's for the long term. The nightly re-balancing of the portfolio can be bad for your wealth even though you have the overall direction right.

Yes, I'm aware of this. lol. If I thought DRN would crash huge from here I wouldn't hold it, but I don't think it has far to go on the downside.

[BullBear52x]

UNG, lucky me get out at the peak, looks like a failed break out again. well, still buy the DIP on this sexy UNG.

[cletus]

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TRADE UPDATE
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Nat gas has turned lower. If indeed this is a cyclical high then I wouldn't expect a bottom in nat gas until June 22nd or so.

[KENA]

Sold my SPY long I got at the close yesterday.Did not expect it to be this good.I will now wait for a pull back.Lets see.

[jyao]

damn the natgas party ended in a hurry

Did you notice the flash crash in nat gas last night? Gee, wish I was trading the futures, even the robots throw a bone from time to time.

Because the underground storage of Nat Gas was increased.
http://ir.eia.gov/ngs/ngs.html

[KENA]

UNG, lucky me get out at the peak, looks like a failed break out again. well, still buy the DIP on this sexy UNG.

Feels good to be on the right side.Congrats.

[BullBear52x]

Yes, so far so good for sell the rally crew.