Friday, July 29, 2011

A Refresher Course On How A Bill Becomes A Law

Different Day Same Prices. What A Difference Two Days Makes.. (VXX)

ES 5 min
Good afternoon ladies, one this different about today.. The babe is different.. anyway you can see from the headline there is not any new prices to talk abou today besides the very short lived low in the ES of 1278.5 this past evening as word got out the debt vote was delayed. 1290 being support intra day a level which was sticky in the overnight session as well. you can bet stops reside below with level and any trades over 1300 will surely trigger a buy program....

Today the Boehner debt for is scheduled for 6pm eastern, perfect timing for the last trading day of the month? Yeah you got me there.. Clearly traders are still very cautiously optimistic about the outcome of the debt situation,

Thursday, July 28, 2011

Post Close Nasdaq and S&P500 charts (QQQ)

NDX 15 min
Today's index price action was nothing more than the classic 'line em' up to knock em' down' trade. I did get a little wild on twitter this morning as i expressed my views about the ridiculous zero positive news 1.9% NDX race higher off 2358.

Technicals are still in play as you can see from the chart to the left with the 2360 level being the algo launching pad. For all you 'minimalist' traders how is the above chart Pretty minimal... volume and price action combined with a bit of lines highlighting trends which my mind draws for me. yours should to. in time. An no these lines were not 'form fit' check my pervious posts. Clearly 2360 is a line in the sand, with 2355.75 being the low. The SPOOS (s&p futures) pushed through yesterdays lows of 1295.75 into the close of cash.... Tonight the political theatre continues..

rant begins.....................after the jump

Wednesday, July 27, 2011

A 1hour Look At The Nasdaq (QQQ)

1 hour time frame
The NDX 100 made 10 year highs yesterday of 2435.5, today the NDX made lows not seen since July 17. On this same day the market lurched higher on some bullshit news which is not even worth mentioning because the volume that day was NOTHING compared to today.

 The reason i think technical analysis on this index is so important is because tech has led our market ever since 1998 up and down. Embrace and adapt.

Today The Market Became Lucid As Reality Set In (SPY)

5 min S&P futures
Well well well what do we have here? A trending down day without taking the escalator up post 'profit taking', hmm this is something worth noting.

In all seriousness we have not had a sustained down day (specifically in the NDX) of -2.5% or more in quite sometime. And no i do not think this is simply profit taking, this is the positioning of funds and banks ahead of the debt ceiling deadline. Delta hedging and or puking,

Monday, July 25, 2011

Tonight's Correlations, Euro Focus (EUR)

1 min frame
Interesting price action this evening, the party began with euro spikage about an hour ago. Zerohedge is reporting there has been a blast in Macau, though i have not seen a source as of yet.

What is clear is the Euro trading in a very bullish stair step pattern at a seemingly random time with 1.4465 being the high print.

Equity index's were delayed in their reaction to the

Netflix From 3 to 300, What Is Next ? (NFLX)

UPDATED 8/8/2011
Monthly NFLX
Netflix reported their Q2 numbers after the bell today, they beat on EPS but missed on revenue. The subscriber base once again grew, but still no real color on retention of legacy accounts vs. new customers.
 2Q EPS $1.26, EST. $1.12,
 SEES 3Q EPS 72C-$1.07
2Q REV. $789M, EST. $790.5M.

My feeling is the die hard NFLX fans are getting a bit tired of same old content & waiting for new streaming additions.. Not to mention the increase in subscription prices.. The increased subscription revenue will more likely be seen in full affect by the end of Q3, as they surely did nothing to help Q2.

Tonights Commodity & Equity Index Futures Correlations QQQ

Hello my fearless volatility riders as you can see the old ramp and crap trade is still going strong. I think this is the 4th Sunday night in a row the futures have traded considerably below where they settled on Friday afternoon.

The level in play in the NQ_F is 2400 which correlates to 1325 ES_F. If 2400 does not hold 1320 will be in play in the ES with 1322 being the low print of the session. When headlines rule a market momentum picks up as key levels break on the downside and or upside, in this case downside.

Friday, July 22, 2011

My Friday Evening Starbucks Experience (SBUX)

You know the economy is off kilter when you encounter a seemingly normal looking person pulling hot dogs and corn on the cobs, clearly fresh and prepared in his kitchen to starbucks.