Update

As mentioned last night, the QQQQ is outperforming the DIA and the Russell is doing even better, however, the IWM has shown the first crack in the trend across 8 of the 9 models I'm currently watching for a short term reversal. These are subject to change, but at least at the present time, it seems that some equilibrium has been found in the pricing structure, despite rising prices and it seems to be forecasting net distribution at this point. The SPY has not filled the gap and right now its gap is the biggest impediment to the markets moving forward. Just like we saw last week when the NASDAQ bros. broke out of their consolidation and the DOW and S&P refused to follow, there is a resistance in the SPY to fill the gap on the 15 min chart that has remained as resistance. The SPY is showing 7/9 models in a negative divergence. Watch for lower prices soon, whether this has fulfilled the intent of Wall Street which may have been to sell short into higher prices or not won't be established until later. In english, I'd consider taking any short term long profits and now seems to be a good time to establish a small % of any shorts you may need to fulfill your strategic goals.

This does not apply to UNG which is a long term long position although it will probably move with the market short term

Check out Trade Guild's post tonight

We have had amazing success calling the market recently, there will be no call tonight as everything is scattered. My gut feel is the gap in the SPY will provide resistance, however, the NASDAQ has recently gone into a more aggressive bull mode and seems to be set to outperform the other averages.

Nothing about out plan has changed as of now because there has been no significant change in the market yet.

The dollar index is extremely bullish, but the NASDAQ 100 seems t be as well-this is an uncoupling that you see from time to time, but it will resolve. Judging by the Dollar index, it seems the market is set for a fall, but I do not have strong, solid signals that I would trade at this point and I will not guess, that is not what you pay for.

As soon as I see something, which can be as soon as tomorrow, I will post it immediately. For now, I'd keep doing what you are doing. If you are new, then you should strongly consider putting together a short position that equals half of your portfolio. 25% will remain in cash and the other 25% will be added short when the SPY breaks $104.50 (confirmation).

Being I don't have a solid direction, no short term trades will be posted tonight, perhaps tomorrow.

In this case, the best bet is limit orders. I've listed quite a few tonight. There's one MARKET ORDER that can be executed at market in the morning.

If you are not receiving the updates in your mail, please email me.

Update 2

It looks like there may be another bounce attempt toward the end of the day t retest the resistance zone. I do not feel this is a tradeable long position, but maybe a good place to add shorts if you need them

New Members

This looks to be a good time to add any shorts needed, I don't think the chance will last long.

Update

If you didn't get a chance to take profits on the long bounce positions (not UNG), here's your second chance. We can always get back in later, the risk right now is not worth it though with the profits made in a few days.

Test

This is a simple test post of the notification system. If you did not receive it in your email, send me an email with the address you'd like notifications to be sent to. This certainly wouldn't be the first time I've had problems with Google tools, but you can't complain too much when they are free (unless you count data harvesting as a cost of using their products).

UNG

Is a LONG-with gap up and everything, I'd buy this ASAP at market

Pulled the longs

Today at 3:35 I said to pull the majority of your long positions off the table. Check the charts at Trade-Guild for an explanation as to why. We had significant profits in a day or two, it was a worthy quick trade but it seems to be over. The after hours market is already down.


If you are a new member, I hope you put together a short position. The next down-leg could be the big break. It's difficult to say at this point if we will get another rally. The price formation says no, the volume looks like it's a possibility. Above $110.50 on the SPY, then we have a breakout from a midterm double bottom, then we will be long a, but maintain the core shorts. We will have to wait and see. If we get a positive divergence later in the day tomorrow I will post it and we may jump back into the longs probably at lower prices then sold at.

The trade of the night, remains UNG, it looks ready to resume its uptrend and there should b close to 40% in that long trade. I'd buy at market in the morning. There's a few other trades listed tonight. I'm getting some emails, GOOD! That is what I am here for, to help.

Update 2

I'd consider taking some profits on the longs right now. We have some negative divergences in place. You could leave a little in place, but I'd probably take a good potion off the table

Update

Remember, targets for the market (SPY) are $109.20 and $110.80, although you may want to use 1-5 min 3C or wait for my post. I just am not 100% sure I will be able to look at the computer all day. I will update anything I see though.