SPX 60m w/ 13/34 for discussion. Or you can talk about anything you like.
Showing posts with label TYP. Show all posts
Showing posts with label TYP. Show all posts
Wednesday, September 14, 2011
Afternoon Delight (Evening Post) SPX, TYP
Weak effort at an AD. Will get back to full fledged AD's next week. The comment stream was getting a bit intense below. Less to scroll thru here.
SPX 60m w/ 13/34 for discussion. Or you can talk about anything you like.
SPX 60m w/ 13/34 for discussion. Or you can talk about anything you like.
Tuesday, September 13, 2011
TYP 60m Wedging Into Support?
Here is a Think or Swim 60m chart of TYP Direvion Technology Bear 3x Shares (or in English - triple short tech bear ETF). First I will say these things are notoriously dangerous and will rip holes in your portfolio where money will pour not leak out if you are not careful with them. Always have a plan for each trade and always use stops.
Black diagonals are either an ugly channel or a large rising wedge.
There is a gap from 18 to 18.64 that needs to be noted.
Note the blue falling wedge.
Red horizontal support at 21.57.
At this time it looks like the blue wedge is in play, but the black formation was there first and may be the driver here. If so, look for first support at the black support diagonal near 22.22. If that goes you have to consider the blue wedge as the driver now and any move thru the red support line at 21.57 should result in a test of the lower blue support at or near the 20.20 area.
Black diagonals are either an ugly channel or a large rising wedge.
There is a gap from 18 to 18.64 that needs to be noted.
Note the blue falling wedge.
Red horizontal support at 21.57.
At this time it looks like the blue wedge is in play, but the black formation was there first and may be the driver here. If so, look for first support at the black support diagonal near 22.22. If that goes you have to consider the blue wedge as the driver now and any move thru the red support line at 21.57 should result in a test of the lower blue support at or near the 20.20 area.
STB Morning Post 09/13/11
Not much to say other than China saved the day yesterday (again). It seems that you can always count on intervention of some sort to save the day (till you can't). Bottom line is they will continue to stick save till they can't. As noted on STB a few months back, it appears that the power brokers in governments around the world are tired of bailing out the banks.
The bankers have bled the system and their puppet politicians as much as possible (times two). The governmental representatives have gained nothing politically as their voter base has become increasingly dissatisfied with their performance. On the other hand, you would assume that the money flowing into their coffers from these special interests is coming in at an astounding rate. Quite the trade off, sacrifice your country and political career while you go for the big cash grab. How American!
I think they are thru throwing good money after bad. I think the politicians are actually beginning to see the light. After throwing a DISCLOSED $4 trillion at the problem (not the actual $30 trillion it took to bail out the world) and getting nothing out of it, maybe, just maybe they are growing a set large enough to take on the banks and the default issues that are coming.
I hope you all like the new look old blog. STB.com is still down and I am actually considering staying here at this point till the new blog is up and running. Comments and suggestions are always welcome. What you like and don't like I need to know so it can be incorporated into the new blog. Don't tell me after the fact, you need to tell me now.
Minis this morning have made quite the recovery (not sure who came in with the big stick (or wantons filled with dollars as sellputs put it yesterday). All it takes is a rumor to move the DOW 100 points either way in minutes. Thus, this is a dangerous playground to bring your ball to. Remember to have a trading plan for each trade and to always use stops.
Minis - yellow channel support being backtested. the blue triangle backtest is just above. 1161 (price at now) is first resistance and then 1178. Those can get run thru with the right "solution" today. Inversely 1123 is the magic number for severe downside action continuation. Bottom line is the markets are consolidating at these levels and remain range bound. Note - I adjusted the channel a bit this morning to what should be a more accurate representation of the channel capturing the last low at 1138 - where it was below the support diagonal yesterday. This is an allowable thing to do and is sometimes necessary when working with charts. STB always reviews his trendline positions and if adjustments are necessary, then I make them (and you should as well).
The bankers have bled the system and their puppet politicians as much as possible (times two). The governmental representatives have gained nothing politically as their voter base has become increasingly dissatisfied with their performance. On the other hand, you would assume that the money flowing into their coffers from these special interests is coming in at an astounding rate. Quite the trade off, sacrifice your country and political career while you go for the big cash grab. How American!
I think they are thru throwing good money after bad. I think the politicians are actually beginning to see the light. After throwing a DISCLOSED $4 trillion at the problem (not the actual $30 trillion it took to bail out the world) and getting nothing out of it, maybe, just maybe they are growing a set large enough to take on the banks and the default issues that are coming.
I hope you all like the new look old blog. STB.com is still down and I am actually considering staying here at this point till the new blog is up and running. Comments and suggestions are always welcome. What you like and don't like I need to know so it can be incorporated into the new blog. Don't tell me after the fact, you need to tell me now.
Minis this morning have made quite the recovery (not sure who came in with the big stick (or wantons filled with dollars as sellputs put it yesterday). All it takes is a rumor to move the DOW 100 points either way in minutes. Thus, this is a dangerous playground to bring your ball to. Remember to have a trading plan for each trade and to always use stops.
Minis - yellow channel support being backtested. the blue triangle backtest is just above. 1161 (price at now) is first resistance and then 1178. Those can get run thru with the right "solution" today. Inversely 1123 is the magic number for severe downside action continuation. Bottom line is the markets are consolidating at these levels and remain range bound. Note - I adjusted the channel a bit this morning to what should be a more accurate representation of the channel capturing the last low at 1138 - where it was below the support diagonal yesterday. This is an allowable thing to do and is sometimes necessary when working with charts. STB always reviews his trendline positions and if adjustments are necessary, then I make them (and you should as well).
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