Buying POT.. The Ticker!

My order for buying a Dec. 190 Call was filled last Friday. Looking good so far. I'm in with the strong support at 200 and the MACD about to roll to the positive side. Up 9% today on ROI not ROR.

The Next Bottom Leg... Drum Roll Please!!

Looks like the SPX will find some support pretty soon at 1200. This is the next lower Fib line.

Where are the bulls? When are the bearing going to stop?

Peter does a great job with a video market analysis at the link below.
http://www.redoption.com/shadow_video.php

Why Long Term Berish On The S&P 500

One more chart. If you notice on this SPX chart we retraced down to the 78% mark like normal. Then we didn’t make another high, but went lower to the 61% and bounced as we should with Fibs..

Now the bounce of the 61% hit the 78% mark and turned down. Normally I would call this weak but not over, but it looks to me like we are losing the 61% mark and are heading to the 50% mark. A bounce off the 50% and to the 61% would be normal for a Fib bounce then a turn down next to the 38% would be in order after than….

Bought Calls on JOYG

Bought QID PUTS

S&P 500 finds support.

With wayyyy oversold daily conditions we were due. This is a stop at support but is this 'the end of the bears' ? Don't think so if you ask me. Anyway I'm bullish for now. Long QID PUTs, Long SPY calls, Long JOYG calls, and neutral with the RUT Condor. I did move my lower condor leg down (swinging my way). My RUT shorts are 750 and 570.

Attached is the S&P chart.

RUT Rolling! Rolling! Rolling!

I've closed my Russell 2000 Aug. bear calls for a very nice profit yesterday. Today I opened up bear calls at 750/760. Kind of playing defense as well for my bull puts as I see the Russell 2000 as weaker than the S&P 500. While I don't see a move of the Russell to the 630 price point it sure could vist 645 and I'm hedging that move. With all this going on I'm taking in more credit for Aug. which increases my return to 35% in 55 days, in turn I'm going to need to hold the August trade longer than I initally wanted. Holding most likely 52 of the 55 days. So as of now 42 dys left before RUT 2000 August expiration.

I'll be watching my 630 short as time moves on and roll it IF needed. I would rather defend it than move it at this time. If we move down to that point I will be able to close out my 750/760s for a profit. Profit on the topside again which would help on the bottom roll.

S&P 500 Takes a short break from the downside. More downside to come!

The S&P 500 has taken a beating. It seems to be taking a break from the downtrend at a Fib. line. I'm seeing 1200 or 1175 as my next S&P price target. That would be a retest of the lows from 2007. We might pause at 1235 but my target is 1200.

Funny Pic from Incometrader Blog

http://incometraderblog.com/

S&P 500 Finds a short term bottom / Russell 2000 finds support but very weak

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.

Current Open Trades. Weekend Review

My July Condor is looking great. Interesting that we had a high of 850ish and a low of 650ish and we are getting toppy around 750ish.. About a 50% retracement of the market correction.

After trading this a few times early in the morning and at night I'm only risking $40. I'm short 3 mini's. Stop at 164.35

Time for the weekend Option Time Decay. Take Me Home.

Closed GBP/USD

I closed the GBP/USD trade last week for a nice profit. I didn't catch the closing price.. Being out of town and late at night might have something to do with it.