If we only hit 1075 this week then I would see us probably dropping soon after. 1085+ or the upward momentum is gone
nahhh....If you watched the first month you would of seen the market was due for 20% or more upside based on historical trends of major upside activity in the first month (Jan). We are at 20% now almost exactly on the DOW and it has been in a range every since May, so will have to see if today made a clear breakout or not. Tomorrow will give more insight, but I think we have topped here and will come back to this point a little less by end of December again after our pullback.
to say I think we hit the top of the market here. I think we get a hard 5-7 percent correction very quick, probably in the next two weeks. Then we will run up again till the end of the year only for all the MM's to take all their profits at the beginning of next year. Don't get sucked in when they run this market up again. January, Feb and March I have a feeling will be a brutal, brutal, time for the market. Earnings, taper , debt ceiling and profit takers at the beginning of the year.
Watch out then.
It looks like this week we are just going to see between 515 and 520 as the close. Just taking a look at the weekly options market and AAPL is prime to be sitting on 518/519 for Friday close. Unless something major happens, its going to be a dead duck this week with boring movement till next week.
Actually got that much of a pop, surprised me there. But, held on and here we go lower. Next stop 505. Then I will look to start buying. Still think we hit the 485 or so mark, but for now short it. Or like me, buy the 500 weekly puts. cheap now.
FYI, chart is broken so we are headed to 500 this week. Sure may bounce from there, but will not buy until then. Most likely PCLN will have a factor as well as transitions into metals this week.
Broke its wedge on Friday, this means some downside, maybe back to 1000 before headed to 1090-1110. I really thought it would of kept on going, but nothing of the sort. Down she goes for next week. Next week is a disaster week it looks like, We have delayed jobs numbers out end of next week and PCLN the 2 1000 stocks to report. I think this one actually pulls back and is done with its high.
I really hope we close around 1043. However, the more and more I look at this, it looks like they will hold the 1035's for OE. Ugghhhh, it gave it a shot, but false breakout looks to be in the cards.
Uh oh didn't hold breakout level. Watch for it today, This is key if it breaks and holds above today, tomorrow will be even better. Well thats it for me, Im watching today and will decide what to do later on. Still holding. I have weekly 1050's calls and next weeks 1065's. Good luck all. 1050's at 1.75 and 1065's at 2.30.
However you want to put it, watch for the 1040 mark. Need to breakthrough hard. Might wait till tomorrow, but if it happens today, Gapping tomorrow morning, especially with 1st of the month. Lets see what happens. If you dont know what I am talking about in the sequence above, check out bull flag, pennants, breakouts, etc.
volume is nothing. Do not be shocked if GOOG goes back up tomorrow after a little pullback. I think we still breakout and go higher again to 1090 happening by next week. Only reason GOOG is down is bc of the FB sell off. Tech will start up like always at the beginning of the month this Friday and will run into next week.
Then ....I would sell.
Ok, this is a classic chart, so from here now we should head to 1045, then possibly stop again and pull back, but then after that, its higher to 1055 -1060 if Im reading this correctly. Anyone?
and disclosing position. In on the GOOG weekly 1050 calls at 1.75. 10. That't it for me. Will test the waters here. Lower than 1025 will sell.