Folks just noticed the AZO play which as noted was a straight short for me but said could try the puts. The puts listed on the open plays is the wrong ticker. Ticker should be AZO PI. Sorry about that, what was listed was the call.
I guess we all make mistakes.
MARKETJEDI
Monday, March 30, 2009
Monday
Market might start off on early weakness on the GM news of possible bankruptcy and news from the Banks that things might not be turning around as fast as everyone things. Folks I dont think we crash and burn here no way, the bulls will defend their stand so dont get caught off guard here. It would be very bullish is we open lower here and the bull can take it positive.
Good trading
Good trading
Saturday, March 28, 2009
Bulls in control here
Bulls are in control here as we close out the month of March. Remember my thesis of the continues uptrend is that of window dressing but with earning starting the week after it will be interested to see where we are by the end of April.
The fact that the market has been up 11 of the last 15 sessions despite some intense overbought conditions indicates to me that the powerful intermediate-term bullish signals likely are STILL pre-dominant, which if accurate means that weakness will be muted until the intermediate-term technicals run their course on the upside.
Near-term, as long as the S&P does not trade below critical support at 795-788, the bulls remain in control. Traders may also want to watch the 803.50 level, which is the dominant March up-trendline. The longer the S&P 500 futures remain above that trendline Sunday night into early Monday, the more likely the correction will run its course ahead of another thrust late Monday into Tuesday am, which projects next to 835-845. I have an initial upside target of 852 and full resistance at 874.
Have a great weekend
The fact that the market has been up 11 of the last 15 sessions despite some intense overbought conditions indicates to me that the powerful intermediate-term bullish signals likely are STILL pre-dominant, which if accurate means that weakness will be muted until the intermediate-term technicals run their course on the upside.
Near-term, as long as the S&P does not trade below critical support at 795-788, the bulls remain in control. Traders may also want to watch the 803.50 level, which is the dominant March up-trendline. The longer the S&P 500 futures remain above that trendline Sunday night into early Monday, the more likely the correction will run its course ahead of another thrust late Monday into Tuesday am, which projects next to 835-845. I have an initial upside target of 852 and full resistance at 874.
Have a great weekend
Friday, March 27, 2009
Sentiment
Sentiment the last two weeks has been cautiously optimistic. The massive dive of stocks and high level of shorts have led to a nice move upside. I have to be honest I thought we would get heavy resistance at 7400-7500 on the DOW but we surpassed that level (Maybe 8400 is possible). My main reason why this happened was the constant interference in the market by the administration, these two week have been historic in my book and believe me I am drained from being sick and trying to figure out why we move so parabolic to the upside.
Well I hope April sets up nicely as I am looking at some charts and I think we will have more clarity in a few weeks. The wave count traders have been wrong on the count but that doesn't mean they are wrong just wrong about the levels, much like I was.
The last few months have been easy to trade but then comes period like this where is is complete chop and no technicals works because it is mainly just shorts covering.
But fear not this time will pass in my opinion within three weeks, especially when we get the news on mark to market and the President decides to start off the tv and stop messing with the market psyche.
We will rock this year
Well I hope April sets up nicely as I am looking at some charts and I think we will have more clarity in a few weeks. The wave count traders have been wrong on the count but that doesn't mean they are wrong just wrong about the levels, much like I was.
The last few months have been easy to trade but then comes period like this where is is complete chop and no technicals works because it is mainly just shorts covering.
But fear not this time will pass in my opinion within three weeks, especially when we get the news on mark to market and the President decides to start off the tv and stop messing with the market psyche.
We will rock this year
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