The plus side to all of this is, GNW gapped open to the downside. This opening gap will likely fill also.
The preference would be that GNW completes it's little downside obligations first.
Cleans up the mess.
GNW looks likely to fill that tiny intraday gap at 13.88 I mentioned yesterday. It has a 15 min target of 13.83.
There is actually a 15 pincher forming that will ultimately tell where it bounces.
I reposted the GNW 15min showing today's possible downside.
Yesterday's charts defaulted to generic because I made so many modifications.
Normally they continue and self update.
This morning, 14.08 was 61.8% of the move to the projected target. Now it's the 38.2% retracement fib line.
If it bounces off 14.08 and holds, that would certainly be bullish.
Well, options can make money in many multiples in extremely short times frames, but of course, you can lose it all just as fast.
I don't use stops.
I decided to step out of the GNW calls at .45. They were bought at .24.
I think it's likely there will be some kind of retracement from 4.19 (I could be wrong, but I don't buy momentum).
With time value diminishing, a .20 drop in stock price night drop the call price .15 or .20.
I'll still be here, because I'd like a re-entry.
IMO, if GNW closes today over 14.14, it will want to touch or cross the 34 ma.
I use the 34 most often, except in the case of $GOLD, where the daily 144MA is profound.
These are fibonacci moving averages for those unfamiliar.
Not many folks are familiar with pincher plays, but if you saw my GNW daily chart. The PPO/ADX convergence told me when to buy. When they spread and the ADX has reached it's apex. The ppo usually leads.
Almost everything I've been posting today has been 15 min chart movement. Even if I'm holding for a bigger move, this is all great exercise in price movement.
Also, on this 15 min, 14.19 was a target, but there is still room for higher movement. I watch the +DI and -DI lines and neither have reached overplayed.
And those Wall Streeters may still be out standing at the food trucks.
My trading is quite unsophisticated. I buy calls or puts and sell them to close.
The gap I'm concerned with right now is the little intraday gap back at 13.88.
The boards over there are mostly TA oriented. So there's no bashing or pumping. We just try to work out where things are going.
Thanks. I post on a few Silicon Inv boards where I can easily post charts. But I usually come to yahoo boards when I'm concentrating on a specific stock. Just for fun, I'll post these 2 chart on the ARNA board over there if you care to look at what I see.
There are quite a few pincher plays in play currently. Spring and early Summer were quite devoid.
SD is the other one I'm in right now. Just sold CMLS calls a few days ago.
14.14 is the 61.8% bounce off the post gap down move.
So this is an area of some resistance. A print of 14.19 would make the top, 15.07, more likely.
I trade options only. Holding the Sept. $14 strike.
I buy pincher play calls. GNW started showing up on my scans at the end of July.
is 4.19, once through 14.8.
This thing is still in a post PPO/ADX extreme convergence reaction.
Both the macro and the micro TSI indicators are still running positive and the macro hasn't even crossed zero yet.
If she crosses up the 34MA, I think she wants the gap fill at 16.26.
As a supporting reference. Inspite of all the ...blah blah blah.... about a market collapse, the $SPX has a precise technical target of 2485.39. I've had that target as a possibility since 2009. Passing through 1576 made it possible, passing 1791 made it likely.
Jaz, you're really trailing behind, Better to just say nothing than to babble. Sewells is extremely well educated. You sound like a junior high drop out.