4/24/09
I am thinking we will have a top in place next week or so 950 max based on the weekly RSI...Be careful when it turns
2002 - 2003 bottom is a good reference for the top not the bottom (yet). 950 max on price as the RSI could peak around 55 or 60. We were basically unchanged on the week.
4/23/09
4/22/09
SPX headfake and breaks the uptrend to close 843 - Ranges for Thursday SPX XLF
Note the SPX had a MACD Cross under today (red flag)
Long Shot Trade Idea on FAZ if there is a melt up
If the XLF goes up 33%, say today from 10.60 to 14.10, then FAZ goes from 9.00 to zero in theory. If that is just an intra day spike and we sell off during the day to say 12. FAX would, in theory go from zero to 4.50 IF the XLF backs off to up 17% or 12.40. So an order in at 0.04 on FAZ if filled would go to 4.50, a One Hundred (Correction) bagger... Why not, I am putting in a GTC.
Anyone see a flaw here other than it has to be an intraday event because after the close the point of calculation begins with the new FAZ close. ie if the XLF closes at say up 33% at 14.10 then FAZ closes at say 4 or 5 cents. the next day would only get you 50% or 2 -3 cents if the same move happens the next day (14.10 to 12.40). It would all have to happen intraday to work.
Anyone see a flaw here other than it has to be an intraday event because after the close the point of calculation begins with the new FAZ close. ie if the XLF closes at say up 33% at 14.10 then FAZ closes at say 4 or 5 cents. the next day would only get you 50% or 2 -3 cents if the same move happens the next day (14.10 to 12.40). It would all have to happen intraday to work.
This will all end in a huge spike as I've said... Zero Hedge below:
SPY Have Become Hard To Borrow
Posted by Tyler Durden at 9:33 AM
Developing story: Traders confirm several locations indicating SPDRs are no longer automatic borrow and have made their way to the Hard To Borrow list: pre-borrow call is needed versus automatic short prior, as not enough underlying inventory.
Have fun hedging the market when you can not short. Whole market squeeze in progress.
10:23 am update:
Posted by Tyler Durden at 9:33 AM
Developing story: Traders confirm several locations indicating SPDRs are no longer automatic borrow and have made their way to the Hard To Borrow list: pre-borrow call is needed versus automatic short prior, as not enough underlying inventory.
Have fun hedging the market when you can not short. Whole market squeeze in progress.
10:23 am update:
Good Morning Oil and XLF weak this morning...XLF -3% SPY -1.0%
From Kirk Report: Earnings Disappointment
Good morning. Premarket futures have a negative bias as earnings reports from Morgan Stanley and other financials don't meet expectations. According to Bloomberg, earnings per share have decreased 23% on average so far this earnings season.
Other headlines drawing interest include news that regulators will begin briefing banks Friday about how they fared in the stress tests, lobbying over TARP continues to pick up speed, the CFO of Freddie Mac was found dead from an apparent suicide this morning, rising mortgage applications, and Goldman Sachs has added Ford to its conviction buy list.
Premarket gainers: WSII, PFCB, SNDK, RCRC, TUP, AAI, TIN, LEA, CPTS, FAZ, ASYT, CNXT, MEDX, GM, F, MOLX, GERN, MEDX, MICC, GILD, KNDL, AAI, IR, SOLR, JRJC, TROW, CHRW, IMAX, DNDN, CELG, MGM, & LVS.
Premarket losers: PPDI, PDLI, FITB, SNV, ETH, FRE, RF, MS, JAH, HBAN, ILMN, CENX, PPDI, ICLR, COF, PXP, AMD, JAH, BHP, CBY, BBL, & NSC.
At 10:AM we have the Ofheo House Price Index and 30 minutes later the weekly EIA Petroleum Status report. We also have some key earnings reports from companies like Apple (AAPL) and Qualcomm (QCOM) after the close.
With yesterday's timely reversal, it will be quite interesting to see what the market identifies as positive catalysts out there today. Again, more choppy action today and for the remainder of the week wouldn't necessary be a bad thing. Go make it a great day!
Posted by Kirk at 9:01 AM in Premarket | Bookmark | Feeds | Link | Email This
Good morning. Premarket futures have a negative bias as earnings reports from Morgan Stanley and other financials don't meet expectations. According to Bloomberg, earnings per share have decreased 23% on average so far this earnings season.
Other headlines drawing interest include news that regulators will begin briefing banks Friday about how they fared in the stress tests, lobbying over TARP continues to pick up speed, the CFO of Freddie Mac was found dead from an apparent suicide this morning, rising mortgage applications, and Goldman Sachs has added Ford to its conviction buy list.
Premarket gainers: WSII, PFCB, SNDK, RCRC, TUP, AAI, TIN, LEA, CPTS, FAZ, ASYT, CNXT, MEDX, GM, F, MOLX, GERN, MEDX, MICC, GILD, KNDL, AAI, IR, SOLR, JRJC, TROW, CHRW, IMAX, DNDN, CELG, MGM, & LVS.
Premarket losers: PPDI, PDLI, FITB, SNV, ETH, FRE, RF, MS, JAH, HBAN, ILMN, CENX, PPDI, ICLR, COF, PXP, AMD, JAH, BHP, CBY, BBL, & NSC.
At 10:AM we have the Ofheo House Price Index and 30 minutes later the weekly EIA Petroleum Status report. We also have some key earnings reports from companies like Apple (AAPL) and Qualcomm (QCOM) after the close.
With yesterday's timely reversal, it will be quite interesting to see what the market identifies as positive catalysts out there today. Again, more choppy action today and for the remainder of the week wouldn't necessary be a bad thing. Go make it a great day!
Posted by Kirk at 9:01 AM in Premarket | Bookmark | Feeds | Link | Email This
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