End of Day

Well tech seem to be the early seller in the year. Today, BIDU down $25, Apple down $9, Google down $23 and I could go on. The solar stocks seem especially to be in sell mode and I expect more. Folks I can't reiterate how extremely hard a market it is to trade and news out there is that a number of hedge funds are minimizing trading here. With that said those who are trading can swing the market volatility around.
Lot of news lately from the bandwagonist saying market going lower but these were the same folks @14000 in september telling us we heading to 15000. Well I spoke it out loud then that we would hit 12500 on the Dow and 11800 next before ever even seeing 14500.
I think we are coming closer to a meaningful bounce which will set up some beautiful shorts such as GOOG, Apple etc. I think these stocks will go down hard when they finally flush us to the downside
Make no mistake about it, the derivative market in mortgages has totally collapsed. There is no secondary market left and those institutions that bet heavily on mortgages will surely have to keep those loans on their books for a couple of quarters. I think Citibank infusion of funds will not help and they will need additional infusion down the road. There will be no safe areas except ETF'S that are short based. Tech and Financials are the leaders and are showing broadbased weakness.
Today was a nice day to trade the ES futures and Oil if you were fast enough, it surely wasn't a day for those faith of heart and I wouldn't recommend trading a day like today without heavy trading experience and excellent direct access broker. Lets see what tomorrow will bring, we closed pretty weak and Ben Bernanke is talking tomorrow.

SOLF update

Solf now $18.62. !!!!!!!!!

SOLF

SOLF now officially a teenager!!!!!! $19.61 here was $25 two days ago when i recommended short. 20% profit in 2 days not bad at all.

Covering trade here +4 points.
9 point profit on the ES futures today. Was pretty fast

Trade triggered

ES short triggered @1379 using a 2 point stop here.

Market Trade

Nice 5 point profit there in the ES futures in the first 10 minutes of trading. Now i will be looking for a high probability trade as I am in profit protection mode. The best probability trade would be a trade to the ORB and short there.
Numbers are short ES @1379. If we dont trade towards that then i am done for the day. If you take it use a 2 point stop so at least 3 point profit is locked in for the day

Nice- Target hit

1388.5 here nice 5 point profit in 10 minutes here on that ES call.

Morning Trade

Futures traders watch the 1383.50 level on the high side if we break thru we could head to 1387 on the ES

Intel Disappoints

Well just to let everyone know I dont have inside information :). Wow I was dead on with that Intel call of lower margins. Intel is being punished as I write this pre market. Intel's failure to meet earnings and revenue forecast for the fourth quarter is not sitting well with tech investors. Intel is down 15% pre market to $19.85 and I wouldn't be surprised is Intel sees $15 this year.
This morning might be a very rough day for the markets, Overseas markets are down nearly 5%.
I guess i was wrong and right over my APPLE call in december. I noted the first week of Decemeber that Apple should trade back to $165 by end of december but i missed it by 2 weeks. I am still confident that the gambling stock will head alot lower and SOLF will be a $15 here soon, very soon.
Very rough market to trade in years here but if you on the right side you can make trades very profitable. I am still expecting a washout capitulation and a decent bounce as we are oversold with TRIN reading ending over 3 in a number of session since the start of the year.

Good luck