The next two days will be key with jobs data coming out. The summer, historically offers more jobs, construction, fishing, etc. therefore the better summer numbers are never shocking to me. What is shocking is that the numbers have not been great, and I expect them to continue to worsen. However, some decent numbers tomorrow could be the basis for a nice rally. Today was interesting, down 100 points and then to rally back to zero before selling off a little. This mkt. has been testing everyone’s patience. However I still see a sell off as being imminent. When? I can’t say, but every day it goes up is another day that makes me think the sell off will be harder and faster than I used to think.
I am going to be changing the format of this blog over the next few weeks. One thing I want to do is to take the time to review my picks fo the week. I will do that probably on Thursday’s, but I am going to test it out today. The problem is do I want to put all those charts in one post? I don’t know yet, so we will be working with it. Also, I am going to use this more as a journal writing to myself, letting you see my thoughts. Right now I write it in such a way that I am thinking mostly about the reader, the problem is you all are so vast in experience etc. it is hard to focuse. I know some people just poke in to get some trade ideas, some people are trying to learn, and some just read my thoughts. This way I can focus a little more and perhaps you will get more out of it. Let me know your thoughts.
The VIX started the day very strong on and then gave up the ghost later in the day. I really thought it would close positive today, but the support line held.
The DOW closed beneath the last decent up trend line and made a nice hanging man on OK v. It still looks poised to drop. The last hanging man, this thing rallied 5 days.
The S&P looks very bearish here, on resistance for two days, a nice red hanging man after a great up move.
The NAS has a decent bearish engulfing candle, but it is on support and I think we will need a v pop to push beneath it.
The Q is the same as the NAS, bearish engulfing on support. This thing has been moving sideways for so long, but it did this in June and moved down before rallying again. We could see that same action here.
I really like the v formation here. The v moved up with the down move, peaked and then sold off while it leveled off. The QID looks poised for an up move. Nice bullish engulfing candle.
The SPY with a hanging man on resistance with a nice unfilled gap and decreasing v. Still looks bearish.
There are too many charts to review for the week so I will rattle off where we are and then show a couple of them:
JACK, well I missed that one completely! I thought we would see a drop of that dreadful earnings report and the nice H&S formation. NOPE!!!
Nailed CSTR, but it would’ve been tough to find an entry. I didn’t play it, but it moved like I thought.
ditto PL, in fact I think it may be in a good place to go long again. Love to see a small pull back in the morning.
nailed this one for a quick pop off the bull flag, but it sold off quickly. I see it moving up again from here.
JNPR broke out just like I thought, but I was leaning to the upside. Whoops. I think this may have more down to go.
As for the rest:
Still in play:
BKE, BGG, JBLU, STAR,CPX, BKI
In closing: So far 9/11 are still played out or are still in play. Not too bad. As I have said many times, I don’t play all of these just the ones that look the strongest and give me the best entry point. Entry point is crucial to playing options. That being said, I think my favorite of these was JACK and although I didn’t play it, it did go flat out against me. That my friends is why I NEVER go all in. If I knew I was going to be right every time, I would be living on my own island. Trading is not a get rich scheme, trading is a get rich way of life, and I am in it for the long haul. I hope you are too. Trade well AKOT
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