Deja Vu 8/18/2010 | Bulls on Wall Street

Deja Vu 8/18/2010

 
 
 
 
 
 
Deja Vu all over again.  Neither the bulls or the bears had enough hair on their rear ends to make any bets either way and move the market.  I for one have hair even growing on my eyeballs therefore ive made 20 trades the last 2 days.  this is a traders market. There are huge 10-20% moves everywhere but you got to be a hunter to find them possibly a killer to trade them successfully with all this chop. the kind that would throw an old man down a staircase take his money and eat 10days worth of white castle…..then while suffering from the squirts feel bad go back to school become a surgeon and fuse the mans spine 5 years later out of guilt or just fun ole irony.   We basically had the same day today as yesterday just in reverse. Gap faded market reverses then reverses. Today instead of gap up we were down. but the end result was the same.  The flow was basically the same last two days even with the 2nd retest of 1100 on $spx.  We are forming some type of triangle formation thingie (if ur into shapes) that most traders will be watching in front of some data tomorrow.  The traders will most likely be playing the break of it either way depending on the data. If you look at the the daily charts on the SPX the 1100 seems to be a big battle ground.  the break will most likely depend on the data that comes out tomorrow. 
 
The one thing to be aware of is that most of the traders playing the past week were all positioned for an oversold bounce. now that oversold conditions are no longer here the major support that was holding up the market (the oversold sentiment) is gone so we will need a new catalyst.  In a crap market when oversold conditions where off after a bounce… it takes just one piece of oddball news to send us baaaaaaaaaaaaaack down.
 
but be sure I will be ready!
 
p.s. 
PCBC (13% gain)
Locm   (12% gain)
UXG  (6% gain)
NSU
Haup
PEIX  (40% gain)
POT call options (1000%) gain  (@copperstl is the truth!)
X call options (100% gain)
 
yes i made some disasterous trades in HEB and TSEM (both -5%) but screw it
 
chop chop our traders still hitting winners everyday in our chatroom . big ones!
 

 

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