just made my first trade of a future! sold some spx eminis at 1490. hoping 1495 will act like new resistance

the day's not over yet!

Jeff,

Thanks for lesson about future trading. I have started trading this e-mini(ES) very recently and still learning a lot of stuff.

Kas

It kind of looks like a head and shoulder pattern the spx
but if you go back in time that pattern in July made a bounce

who knows i guess we will find out and act accordingly

Even though I pointed out a divergence on the SPY, I see your chart as bearish. will be interesting to see how the day ends

Can't wait to read the futures. For now, it has to wait til I have a clear head.

Can someone tell me about this alleged bullish divergence some of you are seeing?

Looks like the S&P is holding, though,to the 1490 support. Let's see if the bulls push back now.

********SIDEBAR**********

Check out Raimo's hot new pic! Now let's see if he can chase the bears away... :)

just stopping for my 10 second lunch break.....

1490 will hold (think positive......)

although with all these GREAT bearish trades going my acct is holding up well, i was finally able to get into EQ....

RIMM is being impressive today and MOS too

can't wait to read up on your futures post, thanks

[[[[This just in]]]]

Another question from Planet Stupid: What ticker symbol can I plug into ProphetCharts to see volume on the S&P?

Looks like 1490 will hold with buyers coming in on buying opportunities

1492 & Climbing - Let's see the Bulls Run

David in NH

Krystal,

only can see volume on spy as an indicator.

Pretty soon my pic is going to be me with my arm around a bear.....I trade with the market....even though I am a bull at heart...

Spotlight by Eric & Jeff "Tapping into $100.00 Crude"
NOW!!

Raimo, so you are embracing the dark side are you. I thought you were the one that said we could close in the green today?

what do you think the spx has to close at for it to be bearish for tomorro?

If you look at the $trin and the $trinq they do not represent this type of move.

We will see if the Bulls or the Bears come out at the end of the day.

Jeff what are your thoughts.

Where is this spotlight????

Raimo! There you are....no please go chase some bears!

DG, the Spotlight session that Jeff and Eric are hosting right now is available through the IT homepage under InvesTools Spotlights (on the right)...

Krystal,

The S&P is a market measurement. It doesn't trade. If you are looking for market volume, look up the NYSE or NASDAQ to get exchange volume.

DJ
Spotlight is a feature on the Investool home page. Today's pesentation is currently hosted by Eric & Jeff. It will be about an hour long.

Keep an eye on DAKT. The stock usually makes a run up right before earnings. Earnings are due out on the 14th. DAKT is up today, which could mean the beginning of a run again. Earnings should actually be decent this time as DAKT has a new billboard product out that is lighter and requires less energy. Early reports say that orders have been strong for the new product. Now, whether that means accounts receivable vs. actually revenue already in, I have no clue. But, one thing is for sure after crappy earnings, so-so earnings and restructuring announcement, and decent earnings, good news = positive, and might shoot the stock back up to its highs. Earnings aside the move upward prior to earnings has been reliable.

James H.

Jeff, thanks. Now that I've gotten my answer, please delete original question, or at least blacken out my name, please...

Thank you for flying Stupid Airlines...

This recovery could be short lived, aren't there usually margin calls from 1-2p(my time), sometimes I have noticed a dip on an up day and a recovery on a down day.

The last 30 mins will tell the tale.

Today I day traded some GOOG, for a very small profit like 60 dollars since I had to exit after the trend broke before my target, and as I was getting into the trade I was like, I will probably need this money today for SPY puts, and of course I may, and the cash won't settle till tomorrow.

Oops, better keep more cash on hand.

Oh, and thanks to Jeff for that futures post, I think I understand it, I just don't hae a margin account, which is probably ok at this point but does limit my tools a bit.

Ben

Looked rather bleak for a bit ealier today touching the mid 1480's. Glad to see everything's holding steady but it may be a matter of time before support gives. Wouldn't mind picking up some SPY puts if we close near 1492 though.

Sarah,
Thanks for answering about the divergence. Gosh...I felt like was hunting for lost keys or something. Frustrating!

I still don't like the massive volume on the downticks today. But...I continue to watch and wait.

Jeff,
One of my favorite things about the new blog is that it seems like the new format allows you to post things intraday very quickly to interact with us while the market is open. i.e. The S&P chart post.

Sarah,

Actually...that divergence is money. GREAT call.

I would like to propose that since we consult the addict, he is like our dealer that we should be known as the junkies...think it fits!
With that being said...has anyone noticed the VIX today? Above 25 last I checked, up 17% today.

Junkie Junkie Junkie

Looking for something to buy here at REE at the end ofthe day, either bullish or bearish and not finding anything compelling. Anybody have anything that looks too good to pass up?

Ryan,

Good mention on the VIX. I'll deal you some VIX, but not in the form of options.

I would say that 1489.99 on the spooz would be bearish. but that lower low isn't going to hurt either.

Cheers,
ARTY

Even with all this action today, don't act like you don't see Gold at $837 an ounce...

Sarah,
Thanks! With high volitility, I sold 2 puts on the spx and immediately entered a buy back. It hit while I was listening to the spotlight presentation for a quick $200.00. My first ""day trade" and I was tagged with a warning from TD Ameritrade!

It's a bloody dogfight at milemarker 1490. Heads are flying, Michael Vick is there, this is what it's all about, folks!

Jeff (and Eric)
Thanks for the Spotlight. Good to have the detailed discussion of oil.

Jeff,
One of my favorite things about the new blog is that it seems like the new format allows you to post things intraday very quickly to interact with us while the market is open. i.e. The S&P chart post.

Jeff, on a day like today, I hope you and Eric are doin' the 'Cast!

Jeff -

Your previous post on the SPX seemed to indicate that you thought it would bounce off the 1500ish level. Is this why you said today "Objective reached"? Just wondering if you technically see it to bounce or continue down? I am trying to understand what you are seeing and compare it to me. I see it meeting some rather tough support here....

Thanks for all you do!!!

Jeff...I remember distinctly a post you wrote about VIX options with the bottom line being NEVER trade them...thats the only part I remember and I will abide. I am wondering though if the VIX is at the point where buying options is becoming much dicier?

Good work with Eric on the spotlight. Nice to see petro canada getting pimped.

How much longer will the fight at 1490 continue Phoenix? It won't be pretty if the bears win this round.

Does GOLD look to be at Horz/Diag Support ?

Feedback ?

David in NH

Getting really ugly here. Not holding the 1490 or the IWM support either.

Just RIMM and POT are ignoring the chaos around them.

Uh Oh...

Brett, MTRX doesn't look so good. Sitting right on diagonal support with highest volume in 2 weeks. You still like it?

Ouch, this is not looking good.

I think Raimo is hugging that bear again.

Yikes!!! Holy C%&^, batman!!!

All of this and there sits ABC! Hateful thing.