Wednesday, October 31, 2012

Russell 2000 $IWN Batwing formation

Interesting pattern today? a decrescendo met by a period of sideways bottoming action followed by a crescendo .. or more easily the 'bat wing'.. Closed positive on the day... @ 81.61 +.60%
1 min IWM 

Post Hurricane #Sandy $ES_F chart - S&P 500

30 min ES_F
Ever since the spooz printed 1393 Monday night the ES_F has been climbing the stairs of worry.. or perhaps early buyers stepped in taking advantage of a thin market before today's possible squeeze into month end? We wont know till today is over.

1405 remains support on the 15 min.. 1410 support on the 5 min... over 1420 on the 30 min means 1424. A level which has not been seen seen 10/23.  below 1405 means we dabble with 1400-1393 again...
5 min ES_F

Post Hurricane Sandy Gold chart - $GC_F support held at 1700 -

Interesting how 1800 acted as resistance a month or so ago.. now we have 1700 acting as support........Risk appears to be the theme this morning coming off the two day hiatus brought on by Hurricane sandy.

4 hour GC_F

Monday, October 29, 2012

A 4 hour look at the 30 year bond future contract $ZB_F

The contract is in a 4 hour pennant which has contained the price within the barriers of the formation with much conviction. What will happen now that we are @ 149' resistance? a pivot lower once actual volumes shows back up? or will a violent surge high push short stops which have built as the pattern has solidified? we shall see...
4 hour ZB_F

Friday, October 26, 2012

Interesting thoughts from Home Depot co-founder Ken Langone $HD

Billionaire financier and Home Depot co-founder Ken Langone told Bloomberg Television's Trish Regan on "Street Smart" today that he is "proudly part of the 1%. I worked like hell to become part of the 1."
Langone said that, “I have been in Wall Street all of my life. I love it. It has been good to me… This vilification of what is going on in America today is disgusting.”


Thursday, October 25, 2012

Pre $AAPL earnings charts - Daily, Weekly, 4 hour

The 600 level is very important .. if the level fails deep enough the forward momentum of the stock will surely be slowed imo.
ES_F 30 min 
AAPL weekly
AAPL daily 
4 hour

Wednesday, October 24, 2012

A Hourly and Daily look at the $ES_F / $SPX

Daily ES_F 
Since 10/18/2012 we have seen the S&P 500 drop almost 60 handles as 1401.75 printed this morning on average volume.  This drop has been foreshadowed by the break of the purple dotted uptrend line from June 5th of so lows (1254).

This break (highlighted by the white oval) has clearly been documented by trend followers per the uptick in volume the day the dotted line failed for the second time October 23rd. 

Will 1400 hold? probably not if 1401.75 fails to hold, next up it 1380 as a plethora of stops i am sure reside at the 1400 level and lower, both macro buy and HFT sell.  The 1400 level has quite a bit of volume associated with it as it was the magnetic level of choice from late july until the break higher over 1408 in September. 

Hourly ES_F ( notice the white oval) and the break of the purple dotted line. 

Wednesday, October 17, 2012

A look a the $DOW chart - Dow Chemical

Take a look how DOW pushed over the 30 level this morning and traded into 30.27. Easy set up.. u got it for free.
1 min DOW
Pressure building under the 30 level appeared to reach a head in the last hour of trading Tuesday... perhaps inverse head and shoulders could carry the price into 31 if the 29.99 is broken an converted to support.
1 min DOW 
Daily DOW

Tuesday, October 16, 2012

A Daily Look at the $AAPL Chart

SO far yesterday the 694 level held @ the pivot which has been in place over the uptrend line going back a year. Kinda interesting how Apple bounced today 1.8% and the ES_F is up 1 percent.
daily AAPL

Tuesday, October 9, 2012

A Daily $AAPL chart

all appears fine. above the up uptrending line.
daily AAPL

Friday, October 5, 2012

A 1 hour chart look at Crude oil $USO $CL_F

Welp.. down 4+% wednesday = 4% up Thursday = down 1.91% and as much as 3% Friday.... you tell me what is going on? coincidence the election is approaching? probably not.
1 hour CL_F

1 hour support in the $ES_F 1460 - $TLT

1 hour ZB
The intra-day pattern in the ES seems to have flipped from a fade of overnight gains into the first hour of trading to a fade of the overnight and morning ramp into the close of regular session. It does not seem to matter which pattern is bullish or bearish, the case remains prices continue to rise.

1468 is the high for 2012, despite the headlines about impending doom, somehow we are within spitting distance of highs. Oil though, seems to be very politically motivated lately.

1 hour ES
 Also worth noting is the price action in fixed income the past few days as the 150' level in the 30 year held as resistance and continues to break down today as the ES remains positive, though only slightly.

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Thursday, October 4, 2012

Former JPM CEO: Dimon's pay shouldn't be cut over London Whale (interview)

Former JPMorgan CEO Bill Harrison appeared on Bloomberg Television's "Market Makers" with Erik Schatzker and Stephanie Ruhle today, where he said, "I wouldn't penalize" Jamie Dimon over the bank's $5.8 billion loss in its CIO unit. Harrison said, "That might be a controversial statement. I think Jamie is doing a great job."
Source: Bloomberg Television

Bill on JPMorgan's $5.8 billion trading loss and what the bank should do about Dimon’s pay:
"I would not penalize him. That might be a controversial statement, but I think Jamie is doing a great job. I think you have to look through this whole thing and see what happened. The stock is just about back to where it was. $5 billion was a big number, but in the context of Q2 earnings, it was very manageable. So the model worked. Mistakes we're made…I wouldn't go after the CEO in a case like this. If it was a $100 billion loss and the company is heading south, than yeah, that's a different thing."
Bill on why big banks are trading at a discount right now:
"Size and scale, leadership position, globality, that is a great advantage. Today it is not being recognized in the market because the big banks are not in favor for a whole bunch of reasons and that will change because economics will drive that. I have such a strong feeling that these big universal banks, if run properly, will create a lot more value….It is the perception of risk by investors today. There has been enough that has happened." 

"Now, you've got all these suits--the suit a couple of days ago by the attorney general. This stuff just keeps coming out. There is not a lot to those but they are there and it spooks the investors and investors are looking at the losses that have been incurred. The unfortunate loss that JPMorgan incurred in London, of course. These are surprises that the market does not like but you have to look through that and say long term is this the model that will produce more value for the clients and shareholders and I think it will."

Tuesday, October 2, 2012

Charlie Rose interviews Facebook COO Sheryl Sandberg and Marc Andreessen

Three very similar $AAPL charts -

take your money in the AM.. then slam it into the ground in the PM. - 'liquidity'.
30 min AAPL

Pre Market Musings for October 2nd - $ES_F

5 min ES _F
Amid a rate cut out of Australia and rising Spanish bond price US equity indexes are higher ahead of Tuesday's trade. Currently the S&P 500 future contract is higher by 7.50 points or 0.52 percent to 1444.50 while the Nasdaq 100 future is higher by 13.00 points or 0.47 percent to 2801.25.

European indexes are higher despite continued worry by invetors and traders Spain may ask for a bailout due to this Spanis and Italian bond prices pushed higher Tuesday. As of this writing the German DAX is higher by 0.40 percent while London's FTSE 100 is higher by 0.18 percent. 

Asian indexes are mixed following the Aussie 0.25 percent benchmark rate cut. The Hang Seng reacted positively to close up 0.38 percent while the Nikkei 225 ended lower by 0.12 percent. 

Currency markets are tipping in the favor of risk this Tuesday morning with the Euro US Dollar cross higher by 0.28 percent to 1.2924. US Dollar futures are lower by 0.11 percent to 79.83 while the Aussie rate cut sent the AUD/ JPY pair lower by 0.56 percent to 80.55.  

Commodity markets are favoring risk as well with front month copper prices leading up 0.71 percent to 3.81275. Crude oil futures are higher by 0.08 cents or 0.09 percent to 92.56. Spot gold prices are lower by 3.30 points or 0.19 percent ot 1780 a contract. 

Shares of Apple bounced off 660 support in pre-market trading to indicate an open at the 663.70 level from a 659.39 close Monday. 

Shares of Bank of America are higher to 9.10 in early trading, up from a 8.96 close Monday. 

Despite the New York AG announcing they are sueing JP Morgan over mortgage backed securities fraud after the bell yesterday shares are only slightly lower in pre-market trading to 40.93 after closing at 40.97 Monday. 

Monday, October 1, 2012

15 minute and 1 hour look at $CL_F - crude oil futures

the inverse H&S from mid last week set the tone for this weeks initial trend... over 94 could mean we move back to 97's under 91 clearly we test 90 or possible 88..

15 min CL
1 hour CL

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