Friday's Recap

The suggested buy zone of 825-30 area on the S&P 500 work well today for possible three trades. The market was for the most part in a tight trading range between highs and lows ( back and forth) til the last 15 minutes where some selling came in ahead of the senate vote on the stimulus package. Great day and I hope all of you have a wonderful long weekend. Talk with you Monday Night!

Fridays Game Plan

I like the reversal today as we seem to have a little short squeeze on our hands. I like the market going forward as we have a holiday to deal with which I feel may contain any selling as any thing can be announced over the weekend and during the holiday Monday. I would like an opportunity to buy a dip tomorrow if we happen to get one as I feel anyone not invested on long side today will jump at the opportunity on weakness tomorrow. Some suggestions on buy levels are 830 and 825 area. Please use an appropriate stop on all positions taken. Good luck and Happy trading!

Stocks Anyone?

Any buy in the 7.50 -8.00 range on FAS is a great risk reward. I recently purchased today in the 7.75 area for a swing trade.

819 pivot works but never over stay your welcome!

The suggested taking your trades off of 819 or 841.75 worked out well today. The market sold off twice for very nice gains from the 819 support pivot being broken. The bears pressed and pressed for most of the day. But as most traders know, it's best not to press too much as things can turn very quickly, as the shorts felt in the last 45 minutes of the day. Just look at that reversal...That is absolutely amazing! Over all great day and we'll update you tonight with Fridays game plan.

Thursdays Trading Game Plan

Looking towards Thursdays trading action I'm inclined to sit back and let the market tell me what to do. Two scenarios will most likely happen tomorrow. The first being a break above 841.75 on a closing basis will bring in more buying and a reasonable rally. Some upside targets are 855, 868 an 882. The alternative scenario will be a break of the important 819 area on a closing basis, which will in my option lead to more selling and a sharp decline. Which one?...we'll know tomorrow.

The Wall of 837

The 837 pivot was an absolute wall of resistance today. The market I thought would at least try and take a shot higher into the low 840's before selling off but the traders today had other ideas. Very weak action today as we were range bound after yesterdays big decline. I hope all of you nailed this one for some scalps!.

Wednesday ...Heres What I'm doing.

Wednesdays trading game plan is suggested on the above chart. Either we reverse upward and recover the losses for the most part that occurred Tuesday or we find resistance into the above area of 836-45. I'm using a stop on a close above 850 on the 10min chart on this short trade. Good Luck and Happy Trading!

Call Rocked as 875 a NO GO!

Well can't say I didn't warn ya! LOL. The market gaped down and never looked back. An absolute Blood bath as the market collapsed. I hope all you made a ton of money as it was very clear the importance of the market breaking out of this range and getting above 875. It was a no go and the market took its action accordingly.

875 or Bust

Notice the importance of the 875 pivot. It really speaks for itself. I realize the market is overbought and in need of a pullback. We are really in a difficult position for traders at this juncture. This announcement is the sort of binary event where we are going to see either a euphoric leap or a disappointing spike down. If the bulls can avoid disappointment, an aggressive sell off on the bank news will be one of the best signals we have had in a while for the potential of a little sustained upside.I suggest to bring your helmet it's going to be a volatile ride. Cheers!

Early Bird Gets the Worm

The pivots never lie as the suggested support buying zone on the Emini S&P 500 @ 850-55 was perfected! Only problem....the darn thing happened in the wee hours of the morning. There was a beautiful bid all day under the market as the bears tried to knock the market down. It was continually being saved until the last 15minutes where they sold the futures into the close. Looking at the high prints for the day, you can see the 875 and its importance that the bulls get the market to close over that pivot. No cigar today for them! I really hope some of you were able to capture some of these moves either the early buy trade or you took a deep breath and sold into the rally under the 875 area. Cheers! Back tonight with some thoughts!

Mondays Thoughts

Quick post tonight gang...I switching over to format as the word press application i currently had displaying my posts is not as user friendly as I had hoped for...so here I am now.

Looking forward to Mondays trading action it all comes done to 875 pivot on the Emini S&P 500.
If we receive some much anticipated news from the government on the bailout and hold above 875 we should look great and bullish moving forward. Caution though is we are a little over extended and a healthy pullback consolidation would be a better plan. There is a buy support target between 850-55 that I feel can be bought for a bounce as from looking at the futures trading on the globex Sunday night , there seems to be a delay in the announcement of the Bailout details til Tuesday. Good luck gang and if at all confused today , just again stand aside and wait for this to pass and we can be on to more predictable trading going forward.