06/15/2012 Live Update

[Petsamo]

there's no sense in opening a longer term position, neither short nor long. Of course, the charts look quite bullish and everybody is talking about monetary easing/quantative easing. But Europe, the US and China don't look good...

Being in cash is a gamble.

Don't quite understand

If the markets rally from oversold conditions and you miss the rally, that's an increase in wealth you didn't get. It's also called opportunity cost.

Hey Petsamo, I miss five small trades every day, I miss five big trades every week I couldn't care less. I try to focus on one or two smallish trades per day, one or two biggish trades per week. I avoid the big set-ups, the trades everybody is talking about. They tend to be 50/50 gambles. But note that I always have a very small position which follows 20 DMA and BPNYA - at the moment it's long.

Something else: I trade futures, using a margin of 5 - 25 percent of my trading capital. A 3% move against me Monday morning would cost me 10% of my capital

The objective is to win.
Most lose.
I'm doing OK.
I prefer the markets over the lottery & casinos. The playing field is flatter.

[sgregs]

I also agree, religion and politics does not have a place on this fine financial board. Another icon of wall Street bites the dust today - Gupta! Debt levels, lack of ethics, HFT etc., all play into the viability of the markets.

[Claire]

Unlike many other forums, comments on this site has been remarkably civil and courteous with the focus on trading. PLEASE, let's keep it that way and avoid discussions of politics, sex, and religion unless it's immediately relevant to trading.

[Richarab]

Cut this religion talk out please.

Yeah, can everyone call it a truce. Being dense I missed all the excitement and what exactly was said, but as I'm still trying to come back from an idiotic TVIX loss, can we get back to making money?

Been out of trader VIX for some time
But why the drop past day or two?
VIX has not come down enough to warrant a tvix drop...

[MrMiyagi]

Cut this religion talk out please.

I agree, some of us are atheists.....

I'm with you on that...

Back to the task at hand;

[SWalsh]

Some guys have never been to a mosque in an arab country (much nicer buildings than our churches)

Nothing tops the Vatican as to architecture in the realm of religious construction.

You haven't seen my bedroom ... And no, that's not an invitation...

Where Quran 4:34 takes place? No, I'm not interested. Perhaps someone on Christopher Street might be.

[Harapa]

System favors Long side now. Here are stats for trades since May 2007 using SPY
Long /Short
Total Trades: 55/55
Winning Trades: 37/30
Losing Trades: 18/25
Win percent: 67%/55%
RTN Cumulative : 114%/99%

System is now in neutral mode.

Signal Update:
My VIX based model remain in sell mode, however, it is likely to change the direction if VIX fail to rise in next few hours. I will post an update if signal changes the direction.

[j1900q]

Trend is up and I remain long. Might change at any minute but chances are, we visit this weeks open, IMO. I won't short at all today
and may remain long over the weekend in a small way. Charts tell me we are wanting to work higher.

[Claire]

Cobra -- do we have a failed small ascending triangle breakout?

[SWalsh]

Another icon of wall Street bites the dust today - Gupta! Debt levels, lack of ethics, HFT etc., all play into the viability of the markets.

They are "icons" as they buy themselves an image in an attempt to cover that without an education they'd be stealing hub caps and running numbers.

Showing ethics on Wall Street does not place a glass ceiling above your head, it puts a descending concrete stone over it where if a bag man is needed, then "TAG...You're It".

I know traders whose biggest fear is hearing, "FBI...put down your phones and sit right at your desks. Do not get up"

[OverUnder]

Market seems wound very tight here.

[Cobra]

Cobra -- do we have a failed small ascending triangle breakout?

no breakout yet.

[TraderGirl]

APPL looking like a descending triangle...another possible leg down...

Energy graphs point to a lower open on Monday...looks like energy drops off on Saturday...

[KeiZai]

Crude oil players

USDCAD has found resistance here, but the pattern looks like H&S if it breaks down I´m strong buyer!

looks toppish

[BullBear52x]

a break out will bring another long term run to the up side, buy the dip until it's not working folks.

[uempel]

Cobra -- do we have a failed small ascending triangle breakout?

no breakout yet.

No breakout yet

[BullBear52x]

now what's pays...5min. we are at major resistance of 133.89 flat like this thing can turn either ways.

[snakehead]

GM to all...
I would appreciate your input on this when you have time.

From what I have heard and read, most people are expecting a big up market Monday (most believe Greece won’t opt to leave the Euro) yet many brokerage firms were advising their clients to get out of the market.

Central banks are reportedly preparing for coordinated action to provide liquidity if needed (another plus).

I was reviewing the SPY and NUGT options this morning and I was surprised to find that on SPY there were almost 2X more puts traded as calls and on NUGT, there were 4-6X more puts traded as calls. The options players are betting on gold and the markets down Monday???

What is your crystal Ball telling you or what do you think will happen come Monday???

TJ: I was busy at work this morn' but I saw ur post and wanted to comment: aren't the puts cheaper than the calls?


Also << most sheople are expecting a big up market Monday >>

That says it all.

[Richarab]

a break out will bring another long term run to the up side, buy the dip until it's not working folks.

how is the volume versus yesterday?

[TraderGirl]

Petsamo, aren't you glad you didn't short this....NAV....