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08
Feb
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SPX 30-Minute
Minuette wave 3 may be underway. Today’s low may have marked the end of wave b, but I suspect Minuette wave 2 is already over.
XLF Daily
Financials are leading this market, and financials look poised for a major move lower.
Earnings Play
Tech top performer BIDU reports tomorrow after the close. I’m building a short ahead of earnings (high risk/high reward). I’m expecting a major collapse coinciding with wave 3 of 3.
Famous last words?
“Absolutely not,” Geithner said, when asked in an ABC News interview broadcast yesterday whether a downgrade is a concern. “That will never happen to this country.”
Please check out Mish’s blog post.
Often when an official denies something, it’s bound to happen.
do you think FAZ is good buy at the open tomorrow? I am concerned that (ii) may not come because today market pushed little higher with no volume… there is no buyer today…
—- 1025 — ive been waiting for it. but i hedged with FAZ puts concerned it may not come until after OPEX. but if it comes quickly now, thats ok . under 1050 i take my hedge off and take the ride to 1025 and put it back on. XOM $62 …………… still waiting for that to hit.
February 8th, 2010 at 11:06 pm
PALM MAY11 PUTS bought some time ago is by far my best pick. this dog crap will be scooped up at your local dog park for around $5 in a month or two.
February 8th, 2010 at 11:08 pm
MTD is coming a close second as i reveresed my decision to take profits and instead added some PUTS further out. who can sell shares for $100+ like PCLN and MTD and countless others and never pay a dime of dividend. me thinks those days are over with declining revenues and beat up market.
February 8th, 2010 at 11:41 pm
Richard – where would a good re-entry be on PALM ?
MTD I see 85 happening in the next month or so …. good one
February 9th, 2010 at 1:39 am
you can pray and hope for PALM to hold $10 into OPEX expiry.
BIDU up 40 points AH. Craig, maybe you need to revise your wave counts. perhaps you confused subwave vi with minute wave 4 or possibly the start of a star trek rerun.
Famous last words? “I’m building a short ahead of earnings”
February 9th, 2010 at 7:02 pm
haha, this is a loser I’m adding to