Trading the SPX

[Racer]

Yes something very strange about this market.

FTSE was strange today too.. it was up 48.0 points at the beginning of the day and gradually it went down and down, at one stage it was negative 8 points. Yesterday it was going down when the US was taking off.

And from the other day:
Semi Book-to-Bill
The three-month average of worldwide bookings were $1.07 bln, 5.5% above May's level of $1.02 bln and 33% below the $1.61 bln in orders posted in the same time a year ago.

 

[Racer]

Good luck there Joules

 

[Racer]

Well look at that, earlier was the biggest short squeeze you can squeeze..........

 

[roguetrader]

ss SPX at 1234.

Head on the block time.

I am taking any top (in a sequnce that counts as a top of any degree!)
and counting as THE top and placing stops just above each one with 7% cap placement as a start.

INteresting strat matey, hope it pans out for ya.

 

[roguetrader]

Anybody got the latest TRIN readings?

NYSE 1.13 Nasdaq 1.15

 

[roguetrader]

Yep indeed.

Still short and sold more at 1235.4 Should at least get a min retrace of otdays move up and I'll watch the pattern ain indicia to see any rumblings. Tops can be darned tricky....(really? )

I am looking for 1253 on SPX was hoping for it before the Nasdaq got here. But have started opening Dec put options positions, just incase

 

[roguetrader]

RTs pre-emptive strike?

If you don't shoot first you probably won't get to hear a bang.

 

[Racer]

CHICAGO, July 20) - A key options barometer of investor fear has hit a new decade low

 

[roguetrader]

Have you got your eye on the DOW Transports Joules? Decisive breakout yesterday if confirmed.

 

[roguetrader]

It's all quite interesting, I have to confess, I have never really paid that much attention to the longer term market direction, ie past 4pm today, before.As you will know from your own intraday trading, by and large the bigger picture is largely irrelevant to the position you will be managing for the moment. So for me it's kind of a learning curve, applying those concepts and things I watch during the intraday, (the ones that fit) to the longer term. The one thing I have noticed on the DOW thread is that when I post a summary of my views for the past week and week ahead, there is a significant difference in the number of views of the INDU chart and the others. Which suggests to me that quite a few people try to trade the DOW with no reference to what else is going on in the market. I find that interesting.

 

[Racer]

NOK misses

 

[FetteredChinos]

watch out Joules, other news could have us tanking today..

 

[FetteredChinos]

5220 fairly heavy resistance though... might struggle there

 

[roguetrader]

Yes very bearish internals here on the market, this will be a real test of the bulls' resolve. Total market volume coming in ahead of yesterdays pace on both markets.

Looking for 1221 to hold on SPX and 10,574 on INDU

 

[Racer]

Joules have you got the Philly Fed, my news data isn't working very well

 

[Racer]

Thank you

 

[roguetrader]

Come on baby 1253, you know you want to.
Internals lifting with this move, Nasdaq almost positive, NYSE well off its lows

 

[roguetrader]

Same pattern as last few days, early weakness attracts buying.

 

[roguetrader]

Lunchtime rallies, can never trust 'em. SOX not leading the Nasdaq, red flag

 

[Racer]

One thing that is very odd, the futures sold off a lot on that revaluation spike up and that was before the London alerts