07/17/2013 Live Update

[Mr. BachNut]

Short.
An up close will probably have me back to neutral, closing this at a loss.
A down close and the trade gets to play another day.
If this is stopped out, we'll wait a day and consider repositioning as things unfold.

BachNut, you've got guts I'm unsure about direction, not only because of the two day Bernanke testimony, I'm also considering Friday's option expiry.

Technically I've got a short term sell signal, medium term a buy signal...

All in all - difficult to trade

No guts. Just a stop loss (closing basis) that hasn't been hit.
If it hits, I take tolerable loss.
Losing trades are statistically part of the plan.
Where I hope to have guts (but often fall down) is sticking with a profitable trade when it corrects so the profits can really run...

P.S. I don't like this trade because I think we are coiling around with one more push up to go before a downtrend starts in earnest. However, because what I think/feel is often wrong, it is usually best to stick with the backtested signals regardless.

[Daniel-David]

SPY at 5day SMA

[TraderGirl]

DJT...breached support, MACD negative....

[OverUnder]

Gold bottomless pit.

Gold death knell.

[Petsamo]

I played that bear flag successfully, gain of $50.

[Cobra]

at least it's 2 legged pullback. we're still on the 1st leg down.

[SWalsh]

Congress: Mr. Bernanke, exactly what further steps would you consider taking?
Ben: Um, er, ah, I dunno.

I so hope you didn't make that up, but I suspect you did!

[knock]

at least it's 2 legged pullback. we're still on the 1st leg down.

Cobra, there were 2 mini bear flags on 5min but you don't count them as legs?

[SWalsh]

FWIW - Max pain Jul SPY options = 134.00

I am not aware of Max Pain working in at least 2 years.

YMMV

[Al_Dente]

BEN:
“Our projection for inflation is that it will be close to our 2% target”

[richer]

at least it's 2 legged pullback. we're still on the 1st leg down.

Corba, I have one question for you. How you read this chart as one leg down? I have read this chart as two legs down already. I must miss some thing. Please help me.

[buyorsell]

Cobra,

Can you confirm that an option expiry week usually ends in positive?

Cheers!

[Almo99]

I see a IHS on the 30 and 60 min chart on the SPY which is still in play.

V shaped recovery then push up to 1370 by end of week?

[Cobra]

Fib 38.2%.

[Cobra]

Cobra,

Can you confirm that an option expiry week usually ends in positive?

Cheers!

no.

[stucap]

Fib 38.2%.

hungry hungry hippos eating up spoo like little white marbles. no signs of consolidation. v shape recovery seems fitting for bernanke.

[EvilTrader]

typical bear-nanke volatility

non-event.

I stick to my own charts and agree with cobra : higher before lower.

[Mr. BachNut]

Could there be an inverse head and shoulders forming?
This morning's low could give it some good symmetry if it comes together.
If it continues to shape and complete, it suggests new highs potentially to 139.80.

[BullBear52x]

Uncle Ben said pay attention to line in the sand they work SPY=132.60 ES=133.45

[uempel]

Problem for shorts is the medium term (weekly) momentum, which looks as though it has bottomed and is now slowly gaining strength. Doesn't mean the market can't dip, but the market tends to inch upwards during these periods...

Short.
An up close will probably have me back to neutral, closing this at a loss.
A down close and the trade gets to play another day.
If this is stopped out, we'll wait a day and consider repositioning as things unfold.

BachNut, you've got guts I'm unsure about direction, not only because of the two day Bernanke testimony, I'm also considering Friday's option expiry.

Technically I've got a short term sell signal, medium term a buy signal...

All in all - difficult to trade

No guts. Just a stop loss (closing basis) that hasn't been hit.
If it hits, I take tolerable loss.
Losing trades are statistically part of the plan.
Where I hope to have guts (but often fall down) is sticking with a profitable trade when it corrects so the profits can really run...

P.S. I don't like this trade because I think we are coiling around with one more push up to go before a downtrend starts in earnest. However, because what I think/feel is often wrong, it is usually best to stick with the backtested signals regardless.