Markets finally up strong

Did the market suck in a bunch of bulls only to cut them off at the knees tomorrow? We shall see. A good sign I think was the amount of buying that happened later in the day, rather than the last hour selling we've been seeing for so long now.

Fed Day

'twas a snorer of a narrow range day yet again right up until 2:15 when the Bernanke rate cut announcement. Some great long moves in the 45 minutes or so after the cut, and then even greater moves on the short side for the last hour of the day. So, where do we go from here. It feels like the expected rate cut was priced in to market by now and there's more down side to come. That's what it feels like at any rate. Though it's not what the trusted pros think. A blog posting on Cnbc by Tom Brennan suggests the bottom is in and it's time to buy. Especially the financials. As his blog states; "The Fed's move was "incredibly positive," Cramer said, adding that "we are basically out of the woods." So, I guess this is less Tom Brennan's opinion but more so of Jim Cramer's. "Financials should be bought," Cramer said."
Maybe we'll get an upside Cramer bounce and see how the bears respond. Which is first, 1250 or 1450??

zzzz

A snorer of a day. A lot of sideways doldrums. Things should get pretty hectic tomorrow post-Fed minutes though. Oh well.

good one

Here's a good article that I found while at TeresaLo's website. The title about says it all; "Global Economy now run by Fucknuts."
"The world has been brought to the brink of depression by a ridiculous consumer spending spree fuelled by cheap credit and home makeover shows. So let's keep it going."

Asia Shits the Shower

It's 10:00p.m.PST and the Asian markets are tanking hard. Shanghai Index down 7%!! Nikkei down 3.5%. Hang Seng down 3.72%. This article pointing out; "People are starting to worry about what's happening around the world."
where's the term "shit the shower" from??

aint youtube great?

remember this guy?

Stocks of Interest

FDG

PRXLWLT

Cramer TKOed

What a great compilation. It helps to remind everyone out there either how manipulative the talking heads can be, or how little they really know. I found this video over at MovetheMarkets.com

Play of the Day

The market was awash in opportunities to fade the gap. A lot of which didn't even require a short time frame set-up. I'd post some charts but there were just too many, besides, the above link does a better job than I could at the moment.

Short Squeeze

We had a huge end-of-day rally yesterday after testing the previous day's low. Like clockwork the 3 O'clock hour brought all the short sellers in to cover their positions, which drove the S&P500 up over 45 points.

GheeTar Hero

If you haven't played it then you just don't get it. But $1Billion in 26 months (just in North America) is nothing to sneeze at. The first billion is the most difficult. ATVI looks like it's going to own their market share.

Cali feels the pinch

California should certainly be the last to feel the pinch of the sub-prime mortgage crisis. Just a reminder that the affects of this mess are far from over. California defaults have soared in Q4 and are up over 114% versus the same quarter of '06. The other shoe will soon drop.

AAPL disappoints

Apple stock is down after hours over $19 after their earnings announcement. They posted a 57% increase in fiscal first-quarter net income. But the company's second-quarter outlook fell short with expected earnings of 94 cents a share versus Wall Street expectations of $1.09 a share. Bummer. The after-hours reaction seems a bit harsh, but considering what's going on in the overall market people need to streamline their holdings.

Where we Stand

The DJIA, S&P, and Nasdaq all gapped down and sold off sharply this morning only to rally back for a gap fill and then chop around sideways for the rest of the day. All three indices have crossed their short-term EMA's (50-day EMA) under their long-term (200-day EMA). The DJIA 50-day EMA hasn't been under its 200-day since October of '05 (it happened in June of '06 for the Nasdaq and April '05 for the S&P).
The question remains; is this the bottom? Has all of the selling been exhausted? It's not usual to see a V-bottom in major index sell-offs. So it would seem that we should be waiting to see a test of this mornings lows for the rest of the week before we see a push higher and get heavy buyers coming into the market.

Be Afraid...

...be very afraid. I for one can't wait for tomorrow's open.

Sunday reading

"Exchanges are owned by members who profit from volume rather than trends. Markets fluctuate, looking for price levels that will bring the highest volume of orders. Members do not know where those levels are, but they keep probing higher and lower...If a market stabs down and recoils, it shows that lower prices do not attract volume. The natural thing for the market to do next is rally and test higher levels to see whether higher prices will bring more volume. If the market stabs higher and recoils, leaving a tail pointing upward, it shows that higher prices do not attract volume. The members are likely to sell the market down in order to find whether lower prices will attract volume...the owners of the market are looking to maximize income." Dr.Alexander Elder

Nearly There

We're nearly in an "official" Bear Market? Technically (depending on the opinion), a Bear Market is one which is measured by the S&P500 being off 20% (after having increased by over 20%). So, we're mid-way between a "correction" (S&P500 down in the 10% range) and a bear market on the S&P, and nearly in a technical bear market in the Nasdaq. Currently we're 15.92% off of the S&P500 highs. Nasdaq down 18.22% from its high and the DJIA down 15.71% from its highs.

Who's Left Standing?

Some stocks still saying... "what sell-off?"

GENZ - Healthcare/BioTech & DrugsPDX - Healthcare/Healthcare Facilities

PHRM - Healthcare/BioTech & Drugs
RHB - Healthcare /Healthcare Facilities
XNPT - Healthcare/BioTech & Drugs

Cross-Unders

The 3 major indexes have all crossed their 10-week moving averages under their 30-week MA's. Not a good sign.

Apple keeps selling

Apple longs are in the house of pain after today. Not sure if it has presented a good buying opportunity or is going to correct into the 200-EMA. I didn't buy into any on Monday 'cause of the gap-up and lack of follow-through. There might be more down side to this stock over the course of the week and their earnings announcement next Tuesday should give us better footing. It's a tough call. They have the product lines, they have the cash, they have a promising future. The more it sells off though the more I want to buy into it.
I think the problem is that people don't know how great these products are unless they go mess around with them at a local Mac retail store. Check out all of the other macworld developments.
Here too.

Tips for...

...winning at Day Trading...

Simple Brilliance

What's in the Gullett

Tonight's vino is a 2005 Chloe & Jeremy Napa Valley Cabernet Sauvignon. You'll never be disappointed in a Philippe Melka wine (unless of course it's corked). This is quite a young wine that could actually stand to age for a few years (3-5 at least). That being said, it's dense and velvety, plummy and fig-licious. The price point reflects the experience P. Melka crafts into his wines. A wine you take your time sipping throughout the evening as it continues to open up. A delicious wine that's worth adding to a collection (if you don't want to splurge for their Metisse label).

photog art

awesome "street photographer" Matt Stuart. Perfect composition in every photograph. Great stuff, check it out if you're into that sort of thing.

Time to bite on Apple?

I'm thinking Monday morning is time for me to start buying into AAPL. The last 3 tests of the 100EMA proved to be good long opportunities. Those three tests also coincided with extreme oversold conditions. It seems the lack of new product enthusiasm coming to next week's macWorld has stimulated the most recent sell-off and can be the reason for a continued price decline should buyers not get excited at the '08 macworld expo. 3G iphone?!? We shall see.

Go(ld), Go(ld), Go(ld)!!!

There are a lot of gold haters out there, but it's easy to love it when you've been playin' it since the low $400's in '05. I especially enjoy it because it really does go to show you that when it comes to speculating even the "experts" get it wrong. It's been on a tear, and it seems like it finally has the respect a non-credit-backed asset deserves. Now that it has garnered said respect it seems like it can generate even more momentum into the $900's. It has put on $100/oz. in only a month's time. However, adjusted for inflation the price of gold now, compared to 1980, isn't nearly as impressive.

Finally....

....back into the swing of things. I've been very preoccupied over the past week, but things are settling down. I had some network issues over the past few days (that I have corrected today), so I haven't gotten to work my charts or scans. I have, however, finally loaded all the indicators from eotpro.com and look forward to Monday morning when I could study them in real-time.

Still...

...a gold bug

upgrade

I updated my macBookPro to Leopard and am fiddling with TimeMachine and VMWare. I'm really digging the VMware, more so than when I was working with Parallels. I haven't gotten around to working on Tradestation while running in VMware, it's just a matter of time though (probably next week while I'm working on my own, faster, connection) and I'll keep this blog updated once I do. I did sit in on today's eotPro trading room while running my mac but I was signed into the trading room in windows via internet explorer. Great stuff.

ouch! Currently (2:42p.m.EST) the Nasdaq is down 94+ points !! Gives the bulls an idea of what it feels like to be inside the clutched fist of Vinnie Jones.
ooffaa

got Cake?

And I thought my sister-in-law made some impressive cakes. Check out this life sized, self-portrait wedding cake (kinda creepy).

Dirty Car Art

Check out the images on this site. Amazing work done with the accumulated dirt on a car as the canvas.

Recipe app.

For those of you who like to cook. My bro showed me this mac app. I haven't used it (yet), but it looks pretty interesting. It's called YummySoup! Organize...Share...Shop...Cook!

Ammending My Previous Posting

I originally went with the whole "forget about resolutions" mindset for the new year. However, I think "resolutions", or better yet "goals," are necessary for success in life. Regardless of what you strive to succeed. So, with that being said, I would like to put my intentions out to the universe for the things I would like to achieve throughout the new year. Perhaps it's something I should do on a quarterly basis, thereby keeping it in the forefront of my mind but anyway...
Things I will routinely meditate upon:
- Be more present
- Worry less
- Laugh more
- Be more grateful
- Focus on deep breathing
- Do more yoga
- Focus on my core/lower chakra's while doing said yoga
- Learn more about futures trading, especially the index mini's
- Get more cardio exercise
- Expand my knowledge of Tradestation intricacies
- Don't take things personally; "Nothing others do is because of you. What others say and do is a projection of their own reality, their own dreams. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering" (h/t to Don Miguel Ruiz).
- Find the courage to ask questions and to express what I really want.
- Don't make assumptions

Happy New Year!

Forget about resolutions. Just make every day count and live with gratitude.