S&P Nailed The Target

My View Of The Big Picture-- Bearish (For Now)

With the SPX overbought it has been selling off. I see the next target of 1275. After that who knows. The daily chart is oversold so we might see a few 'pops' or maybe an 'up' week. We are due!

The RUT is being pulled along with the market and I'm in for a August Iron Condor. 25% return in 55 days...

That is all folks. Oh! My July Iron Condor was closed with a net 13% return in just over 35 days.

Closing Down July's RUT Condor with a NICE profit

I started closing down with limit orders in. Pretty much all my Bull Puts are off the table and about 1/2 my Bear Calls are still on which I'm thinking I'll be closing these at Fridays close with trading action from 3pm CST to 3:15 CST when the markets are closed and the indexes still trade.

Enjoy some music to start the weekend.

Inspiring Words For This Week

http://www.simpletruths.tv/movies.php?movie=FJOY

Longer Term Bearish On The S&P 500

If I were to take a tennis ball and drop it, it will bounce but not all the way to where it was released. In my view I see the S&P doing the same(at this point). A climb and close above 1425 will null that view point. Just calling what I see. I see a down trend.

July RUT Iron Condor Looking Awesome

Who says a 25% High Prob. return is crazy. Trading an index with 2000 stocks smooths out the day to day news.

High Gas Prices. Bear Markets.

Updates this weekend. My condor is looking GREAT! Nice roll over in the market. We took that forecast stance after last Fridays price action.

Found this Pic surfing some forums. Kind of funny!

Going Against the Tide/Trend

Well I never really like fighing trends which is bullish/up as of late but we have reached a 50% retracement point on the RUT and the SPX. Both backed down and both have overbought indicators turning over. This bullish move has been pretty fast. While my Magic 8 ball is still at Spencers (need to buy it), so it is of no help,, I'm looking for a downward turn in the market or at least some 'chop' action which is fine for my RUT Condor.

Up or down is fine with me. I'm just calling what I see,,, and I see us rolling over. Please see the charts for reference. They are weekly charts since for me they hold more weight.

Loving The Price Action-More Late Tonight. Enjoy Some Music!

Everything Setting Up Just Right

Futures are down this morning. EUR/JPY is down overnight and profitable.

UPDATE: I was stopped out. EUR had 'interest rate' news overnight. Must have been pretty good.

Short EUR/JPY

Since I'm thinking we are heading sideways to down I'm taking this Forex trade. 87 PIP Risk for 200 PIP Reward (1st Target).

The Bears Are Showing Up. Bulls are Tired.

On the weekly charts but the S&P and the Russell 2000 Index are both overbought and turning over. At the same time they are both stopping at the 50% retracement mark.

Pivot Point Charting Video: John Person with TOS

http://mediaserver.thinkorswim.com/demos/2008/TOSDemoPlayer.html?vidSource=/transcripts/2008/20080528.swf

Comedy: Stupid Human Tricks

Every once in a while I run across a funny video. This one is just too funny.

Closed EUR/JPY with NICE PROFIT

A Nice Home Run In Play

So I had $40 at risk and this morning that Forex trade is up $361! More to come and I believe this is just the start. The price action in red on the chart is todays action.