investingfreak, market, stocks

InvestingFreak "See it, Call it, Trade it, Bank it" -Investing Freak

9Jun/10

1077 Proves to be $SPX resistance again.

Going into the open today 1077 was on the radar as a heavy resistance. It will now try to become a death cross of two averages i use that can be seen as the blue and red lines in the Special Investing Freak $SPX chart.

As for what happened today I decided it is best to sum it up using this image and text. (Click To Enlarge)

I bought Puts early on then called top of 1077 in a comment at around 10:50 with the top on the market coming at around 11:30 where I decided it was time to make true to my preaching and sell my calls. Sold puts at end of day and am flat for the next day opening so i can sleep well ;)

Keep checking the comments for latest news and talk and feel free to participate (dont be shy)

-K

Let's just say

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  • phil

    K..

    as i posted last week…”you’ve come a long way baby”….great work!

  • daniel-san

    i like that chart, perfect, the shadow.

  • phil

    K….GEORGE

    the low was due friday……could it have come early???…just watching for now…how are you guys???

  • K

    I entered a put and got stopped out. lost 15% of yesterdays loot. I too am watching.

  • phil

    K

    a=c from recent low JUNE 8 targets 1090 spx…..if it goes to 1.618 …then higher

  • K

    i would have to agree 1077 to 1088 is a strong wall. if it rears its head then 1112 wont be out of the question.

  • K

    zerohedge take it with a grain of salt posted this before market open

    GS Has Bought Over 1K S&P Big Contracts Since The Open
    Straight from the pits. Call it a cool half a billion used to ramp up the market.

  • George

    Doing well Phil. Hope you are. Any guesses if it goes red streaks today?

  • George

    It’ll at least fill that big intraday gap maybe. That’s a good target anyway.

  • George

    SD is screwed to the wall today. Using my backup StockCharts. Bummer. TDAmeritrade knows there are problems. I want solutions… and quickly! :)

  • K

    check out the date and the Market top
    http://science.nasa.gov/science-news/science-at-nasa/2010/27apr10_plasmarain/

    also another… recent one
    http://science.nasa.gov/science-news/science-at-nasa/2010/04jun_swef/

    its been a while since we included astronomy in the equation :P

  • George

    Yes, we need some extra full moons.

  • K

    GS is the leader today as far as price action

  • K

    Mother nature is at it again.. it went short markets april 16th
    http://investingfreak.com/2010/04/mother-nature-shorts-the-market-volcano-errupts-cramer-says-the-recovery-is-real/

    now it wants an even bigger impact
    http://ekayodee.wordpress.com/2010/06/08/katla-volcano-in-iceland-shows-signs-of-increased-activity/

    I hope it doesnt but nature astronomy and TA’s are all sort of aligning well haha

  • Joan

    Hi K,
    Just dropped in to say hi and wish you the best with your site now that your haitus is over!

  • George

    SPY resting on 15min 36MA. However, this may not be the tale of the tape today.

  • George

    K,

    Good worldly summary. Who’s Cramer? :D

  • K

    I can’t trade today’s tape. it feels scary except GS :P

  • George

    Scary up? Do you think there’s going to be a reversal? Maybe red streaks? Ha. I wouldn’t put anything past this market. I think Phil said the bottom may have been put in.

  • Kamil

    Lets hope today is market’s reversal. Definitely still risky!

  • Kamil

    By the way, ESPH worth watching in my opinion. They have been gaining more attention lately and judging by today’s price action this thing can move. Small position in it…I love penny stocks.

  • K

    Phil’s 10:11 comment is 4 points shy. Thanks for letting us know phil.
    I dont think i’ll be taking a position tonght. I really enjoyed sleeping on a FLAT account last night haha

  • K

    Joan,
    Thanks! :) you’re welcomed to drop by whenever you wish and hang out with the Triv Rejects haha.

    come on phil lets hit 1090!

  • K

    1087.85 for a high. close enough to 1090 !
    right on phil! (stay humble now haha)

  • K

    we closed at 1086.84 and the bottom of the channel (blue lines on monday’s chart ) is at 1086.46

    so there you have it. resistance at 1086-1088 area

  • phil

    K..

    thanks (humbly)

  • phil

    K..

    when i said 1090 it was just eyeballing it with a round number…..the actual target was 1087.81….actual high was 1087.85….how’s that for wave equality???…..lol….(but the wave may not be complete yet…we will have to see)