THE FUTURE

THE FUTURE
DO YOU WANT TO SEE THE NEXT BREXIT in ADVANCE ?

Wednesday, May 12, 2010

May 12th EKG

The LATE drop off on the EKG appears to have hit at open on the 13th.
today's EKG seem to indicate a TURN today from a mid day high

which makes tomrrow much more important

note that the limited view of tomrrow's EKG does show it lower

Today's bar cycles
60b @ 11:30
90b@ 2pm

13day cycle segment at 10:42am

Merc direct will try to push back toward the spot where the retro began at 1200
on Arpil19th, but I doubt it will succeed, and thus a failure today should lead to
much lower levels in the next 2 days

Jay

43 comments:

Jay Strauss said...

Thanks JerryO for becoming member
#118

Note the POWER index published a few times in the last few days does SHOW a CHANGE in trend which looks like it will be today given the look of the EKG

Jay

AS said...

Jay - so you are thinking now through the 18th up .... no more downside ?

AS2009

Reza said...

AS, they are going towards the bear stops which is around 1185-1209

Reza said...

They have a target at Dow 11816 in June
Just follow this chart
New high then short

http://www.etf-corner.com/.a/6a010535da87f8970c01348095024a970c-pi

RickyBobby said...

Buying many many PUTS now for tomorrow's profit

AS said...

Reza can u post the link again pls ?

AS said...

Take a look at SPY from May 4th to today's high - I see a HUGE inv H&S with neckline at 117 and tgt of 124 ......wooooahhhh

Reza said...

AS
your target looks good

Reza said...

Senate has authorized Fed to supervise the small banks, so market should go up

Abdullah said...

lookingto to add TZA at 5.81
Any thoughts?

Reza said...

tza has a target at 5.4

AS said...

Reza can u post the etf-corner link pls ... the old one not working

Reza said...

http://www.etf-corner.com/.a/6a010535da87f8970c01348095024a970c-pi

Reza said...

AS

I will get out at SP 1220

after8 said...

i still favour down from here.i will cut last nights swing short at 1 tick above yesterdays high though if neccesary.

Reza said...

after8, looking at EU its tough. they are still targeting bear stops at 1180

Reza said...

short at close looks good so far

Abdullah said...

Reza - Thanks for the chart. I may then add to my VXX position next week. TZA may see 5.40 like you said.

RickyBobby said...

I'm buying a few more SHORTS for tomorrows gain.

bye bye SPY

AS said...

Reza on one hand you are saying short at close the other expecting 122 spy - can u share how u r looking to play this?

RickyBobby said...

LAst chance for the SPY bear train. Leaving the station soon.

lol

Reza said...

AS

5 day moving ave. It does come and meet

Reza said...

AS,

DRV is the best scalp

Reza said...

Monday's rally - CNBC news- Stocks rally after Obama's picking judge nominee.

Why?
Because she was an advisor to GS

Reza said...

Here's the drawing board

S&P earnings reduced by 7% - Previous top is 1220 - so market value is 1135. In order for us to get a bargain we need the market to drop from the previous low of 1050 to 980 area. But I think what is the pipeline is what they are trying to do is 1225, so a discount of 7% is 1140.

Any thoughts ?

Abdullah said...

English please - LOL :-)

Are we seeing a downturn from today?
DRV, TZA, FAZ, VXX all looking good.

Reza said...

Jays monthly chart looks exactly like that 980 but you know PPT

Reza said...

TYP looks good as long as QQQQ under 48.49

Reza said...

AS,

Also look at Jay's chart for the week, down tomorrow am then up. So I think DRV in terms of that looks good

Reza said...

I am still holding TZA & FAZ

Reza said...

Adding more TZA here, CSCO earnings A/H

AS said...

Jay - what is the impact of Mer if we end at the highs today ?

Reza said...

Seems they still want 1180

Reza said...

Abdullah,

Hold on into getting shorts. I think just go with the long term price QQQQ at 54.

Abdullah said...

took 750 TZA at 5.65

Kc135a said...

As much as I would like to get short price is above yesterday's highs yet short of fib extensions. Also volume is super light. Best to wait for tomorrow's gap and take it from there.

after8 said...

we're back to square one again.its as though last week was a dream like bobby ewing coming back to life! holding shorts is just a fast track to the poor house.how can you sell off 165 big handles then buy it back up 120 in 3 days and still want for more? its crackers computer trading.back to scalping where its safer i think lol. most cycles are being twisted or ignored again.

RickyBobby said...

I'm really shorter at the close today. I'm going to get shorter tomorrow morning too.

Kc135a said...

A little rule of thumb for the SPY and OPEX week.

If the trend the week before OPEX is up and/or flat into Friday, then the SPY will trade 1 to 4 points above Max Pain for OPEX week.

At this moment Max Pain is 119 so that implies the SPY trading range for next week will be a low near 120 and a high near 124.

This assumes the markets keep rallying and/or flat line into this Friday.

If the week before OPEX is down into Friday then the SPY will trade about -1 to +1 during OPEX week from the Max Pain value.

grodnyc said...

Bought IWM puts at the close...its only up more than 7% this week lol. Crazy but true! I refuse to go long this market but always play the short side after a huge move.

AS said...

Jay - curious what your view is based on the fact that we closed at high of day .... do you still see the panic day on 13th ...

AS said...

Jay - any update on EKG today ?

Are we still looking at a panic day ... thanks for all your great work ..

grodnyc said...

Got out of my IWM puts for pocket change and sold IWM May 72 Call.