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Posts tagged 09
Options and Stock Market Technical Chart Analysis for October 14, 2009 by Idan Koren
Aug 16th
Today we looked as the S&P hit the upper resistance of the wedge, the 1091.5 fib target and the descending support of a H&S from 2007 which is now resistance all at once. This has been our ultimate target for this rally, and we can very well see this market correct. There is a chance for a small little push higher to 109.70 on the SPY to fill a gab from a year ago, but we believe we’re moving lower. Keep stops on shorts at 1097-1098. Our short GOLD vs Long SPY trade worked very nicely and today we sold short some November SPY 108 calls hoping for some downside into the end of the month, and also went short JPM at an average of 46.50, AMZN at 96.90, BIDU at 416 and WYNN at an average of 67.10. Keep stops of around 1-1.5% away from these places.
PART 1 – Options and Stock Market Technical Chart Analysis for October 16, 2009 by Idan Koren
Jul 29th
Today we looked at many charts all around and have tried to make sense of the market action. While we got the strong pull back we expected early on in the day, the market did reverse and move higher making the daily S&P candle not so bearish. We still want a confirmation lower and a break of a trend line before we can get more bearish but the setup in other stocks excluding energy is to the downside. With the XLF showing huge down volume in the last 20 minutes it seems like we could see an H&S forming. Other tech look weak including BIDU, AAPL and AMZN (less weak). Financials including GS, and JPM sold off away from their highs and could be showing signs of a reversal or at least a prolonged consolidation. BAC is a very weak stock after it missed it’s earnings, with that in mind it might be worth shorting BAC and Citigroup ( C ) and going long the XLF as a hedge. I also expect WYNN to potentially hit lower lows.. but keep a stop at a descending resistance trendline, I have already gotten stopped out and i’m out of this position.
Options and Stock Market Technical Chart Analysis for November 27, 2009 by Idan Koren
Jul 19th
Today we look at the patterns that are showing up and what to expect into next week. I reveal my larger positions and the hedges that are placed in for next week. A potential downside of 3% or more remains as we try to aim for the support levels of the megaphone and wedge formations. I also look at the XLF, SPY, Dow Jones, GLD, AXP and AMZN.
Options and Stock Market Technical Chart Analysis for December 7, 2009 by Idan Koren
Jul 10th
Today we look at FAZ as it presents a lot of great set-ups both on the swing trade level and the intra day trade level. With a massive triangle and a channel, it seems like you can get yourself some very nice scalps in the next few days. In relation to the financials, we are looking at the H&S formation on the XLF which could break down and form a very strong downside potential. We look at the SPY and show that there is still indecision and that we can still get a pop up to the 50% retracement before we see this rally consolidate a little bit. And finally look at the Dow and MELI, which both give us clearer signals!
Options and Stock Market Technical Chart Analysis for October 13, 2009 by Idan Koren
Jul 8th
Today we look at some fibonacci targets for the markets. SPY has a target of between 109.10 and 109.70 whereas gold has already hit it’s target at around 104. I believe that in the very very near term, we will see GLD under perform SPY due to ti’s overbought status. We went ahead and placed a short gold and long SPY trade today. Short GLD at 4.40, and a Long SPY at 7.40. Our stop is a net credit of 0.25 cents for now, and will widen. We also look at JPM as we have to see financials get stronger in order for the market to push on ahead. Rememeber that we are in options expiration so today could be a crazy day, but if we break the SPY 50 SMA daily to the down side, and breakdown the wedge be VERY careful, this market is very susceptible to a crash.
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