akoptiontrader

Is it just me or has this market been a real grinder?

It seems lately we have a great open and then nothing, just sideways movement all day. It makes for brutal trading sometimes. I am out of ETFs right now and just playing individual stocks until we have some direction. I will still look at them and show them, but right now, if I trade them it will be for intra-day trades. The eur/usd is forming a new bear flag, and the last one was a real doozy, see keep your eye on that. Let’s get right into the grinder.

The VIX is still moving down, but it is also still forming long tails. Each day it takes out a new support, and until one of them holds this mkt. will rally.

The DOW actually made a new high, by about a quarter, but a new high none-the-less. But note the v divergence into this up move, and I think if we are going to breakout too a real new high, it will take a v pop.Right now this move looks like it is loosing a little steam.

The SPX is still following the bottom of the latest up trend line back up. I suppose we could draw a proper trend line beneath the candles and have an incredibly tight range. Right now it would not shock me to see this re-test the highs, much like the DOW has.

The NAS, the weakest looking chart to AKOT, rallied right back to the new highs, but has not yet taken them out. Again, if we have a nice v pop into some buying, we could take this high out, but without v I think it will hold.

Hey, yesterday I said watch for a breakout of this bull flag, today a breakout of this bull flag. Now we look for follow thru, which, upon looking at the other charts seems like a stretch. But hey, this lead the last down move, maybe it will lead the next up move and maybe this is the sign.

This is really interesting to me. The UUP is still holding strong. Notice the huge v days have both been on up days and the mediocre v today was a small down day. I suspect if this continues to stay strong, eventually this mkt. will break down.

Just had to throw the QQQQ in here today, just as a possible indicator. I will post some others on chart.ly tonight. The RSI and v are still both trending down, although th RSI is turning up a little. The ETF has been sideways across the top bollinger band. I would say this thing is ready to drop.

Another divergence, and one of my favorite type of put trades, the cliff walker off the bottom bollinger band. I would really like this if it would move up into some resistance on the 20 ma.

XTO was big news today with XOM buying them. I just glanced at the chart out of curiosity and noticed that it moved up right into my resistance line and then pulled back. Probably will drop a little before making another run at it.

Let’s throw another X in play. Here is an inverse h&S breakout, but I personally would wait for a small pullback before buying. It could take off, but I still like to buy on pullbacks.

I had an alert trigger on this so I thought I would throw it out there. This one is curious because this was strong move up into the old neckline, normally I like these to hold, but I will watch this one carefully.

In closing: This mkt. is a meat grinder, and I don’t like it. Stay clear of the grinder tube and prosper. AKOT