09/06/2011 Intraday Watering

[Cobra]

pullback as I said, now it's around the OR low, so kind a watch point here. I have no idea whether it'll breakdown or not. Let's just watch.

[Grizzly]

AAPL is hanging in there... more up ?

[Al_Dente]

Where is all the selling volume? Only in the overnight markets? What’s a day trader to do?

Last Thurs on Fast Money, guest trader described the hedge “all the traders were taking” to protect against The Bernank Twist and all other evils: At SPY 121-ish, they were buying Oct SPY 110 puts and selling the Oct 126 calls. At near net-zero cost (at circa 8/31 and 9/1 prices), the traders are protected below 110 SPY with the puts, AND THEY DON’T HAVE TO SELL THEIR STOCK.

He failed to mention how these “traders” would cope in the loss gap between 121 and 110 SPY before all that “protection” kicks in.

Okay then, we gotta buncha “traders” who aren’t selling their stock, hmmmmmmm.

i'm sure someone else can speak to this better than i, but my personal opinion is that those FM guys are good at what they do, however, i would never consider their recommendations. 1) i think they are probably already in those positions or out of them before they announce it 2) consider those positions, but it's hard to say if they're actually in them at all with real money 3) are dealing with far larger amounts of capital then your "home gamer" (as they love to call us), and as a result, have hedges on core positions while still retaining many millions of dollars to trade in the short term.

either way, it's hard to gain an apples to apples comparison with what they do and what you at home can possibly do.

speaking to that particular trade setup - the foundation of option straddles is that they need time to "work out". if you can't endure the pain, nor willing to pay the theta on the straddles, then any type of multi-option strategy probably isn't for you.

Hi Jarbo: thanks 4 your msg
I just use advance decline (NYADV NYDEC), tick, VIX for fear, 1 min short term for scalping.
Also net up down volume NYUD (but not on this chart). TRIN doesn’t work for me on 1min.
Others are better for longer time frames, or daily EOD.
Okay to post Q/A here, not prvmsg


http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

[99er]

Hey honey...what's that overhead?
BKX http://99ercharts.blogspot.com/2011/09/bkx_06.html

WTF? Three [Gapping] Black Crows?

[AK84]

AAPL is hanging in there... more up ?

Aapl has a thick band of support @ 366, 364, 355.

[jarbo456]

Hey honey...what's that overhead?
BKX http://99ercharts.blogspot.com/2011/09/bkx_06.html

WTF? Three [Gapping] Black Crows?

wow. bearishly bearish. i got out of my BAC puts. maybe i should get back into them. lol

[uempel]

It's tricky around 1140:

[agnosia]

Where is all the selling volume? Only in the overnight markets? What’s a day trader to do?

Last Thurs on Fast Money, guest trader described the hedge “all the traders were taking” to protect against The Bernank Twist and all other evils: At SPY 121-ish, they were buying Oct SPY 110 puts and selling the Oct 126 calls. At near net-zero cost (at circa 8/31 and 9/1 prices), the traders are protected below 110 SPY with the puts, AND THEY DON’T HAVE TO SELL THEIR STOCK.

He failed to mention how these “traders” would cope in the loss gap between 121 and 110 SPY before all that “protection” kicks in.

Okay then, we gotta buncha “traders” who aren’t selling their stock, hmmmmmmm.

al_dente , do your own homework and be responsible for your trades. not wise to listen to talking heads on tv who could either be talking their book or have bad performance. case in point - mr gartman the supposed "king of commodities" who is always on - take a look at his candadian ETF which is DOWN over the past 3 years since it's been in existence.

my advice is to turn off the boob tube , pick up some trading books, find a style that fits your personality and profit good luck.

[99er]

Honey...your string's come undone.
RUT http://99ercharts.blogspot.com/2011/09/rut_06.html

Feeling swissie now?

[BullBear52x]

a trend line and -1 std BB are sure gave a good support combo. SPY/SPX

[silicon_beaver]

not too worse.
FAZ couldn't even break up 67 yet.
hold FAS.

[uempel]

Don't know how to trade this. Today ain't my day, I'm off, bye guys.

[99er]

Hey honey...
SPX http://99ercharts.blogspot.com/2011/09/spx_8389.html

There's that flag on the beach again.

[HappyFriday]

Cobra,

Any hope for a rebounce from chart reading ?

[StrikePrice]

Don't know how to trade this. Today ain't my day, I'm off, bye guys.

SPX5.png

I agree. I think we're on a see-saw between 114.50 and 116. A break up is more likely to carry further than a break down but up will just be sold off eventually. This market could be pretty rangle bound between 1130 and 1230 for all month waiting on economic indicators to sell or buy.

[agnosia]

/cl hanging out at 50% retrace of today's range. 84.5

[Al_Dente]

metal shorts are coming alive ZSL DZZ

[shumushu]

gold drop is good for equities lately.

[lqiantobe]

corba~ do you think today's low will be revisit late afternoon?

[waverider]

GLD hit significant resistance from it's Aug 22 high, holding long into that would be stupid. Another reason it's falling is DXY is rallying