Archive for the ‘buying’ Category

So far, the SPX close below 1450 is looking like a fake out, which makes S2 at 1450 (the area I’ve harped on about so many times) valid support despite its breach yesterday.

Either we’ve bottomed, or the market sets up a good shorting opportunity as long as SPX stays below 1484. I ain’t shorting. I did go long AUD/JPY at 98.05 and I’ll ride the rally as far as it goes (target 100.1).

The only thing worrying me is that this bounce was the one that everyone expected.

That being said, we might get one more retrace on the SPX in a week or two, but I’m not holding my breath.


I hate to harp on about old charts, but my Nov guess was spot on notwithstanding yesterday’s downside fakeout. How the market bounces here determines where it will go from here.




Of all the places, they decide to close the market here:

Itching to go short here, but I just can’t.


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I’m still holding the belief that the market will probably bottom somewhere around SPX 1450 (or 1438/1433 on an intraday basis). There is a possibility that it might hit S3 at 1414, but I assign that a low possibility right now.

As such, I’ll be looking for bottoming action in the coming days, and will be attempting to buy the dips at select areas on Monday for a hard rally upwards.

In summary, I’m looking for a turn in this decline. My guess this bottoming process may last until the end of Nov before a strong rally going through December (possibly to new highs, who knows).

I will also be looking for a possible bottom in the carry trade currencies, namely AUD/JPY.

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I will be looking to add TRS (The Reject Shop) to my portfolio at open.

It will be a 10% weighting to my otherwise cashfilled portfolio. Still holding QBE and the craptacular PPX.

Update: Sold PPX at breakeven.

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I went long 2x GBP/JPY and 2x AUD/JPY before I went off to sleep, with stops at breakeven for the GBP/JPY and 45-pip trailing stops on the AUD/JPY.

This is what I awoke to:


Major pippage. I’ll be taking half of this off the table of course considering the pairs have just about hit the upper end of their hourly 15min channels.

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My homework appears to suggest so…

Perhaps the bulls could muster up a six hit combo to the bears in response to the beating they took on Friday.


1449 remains support for the ESU7, with the next one at 1434.  I’ll be suspicious of any gap ups, but I would consider buying a gap down.

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I went long some EUR/JPY earlier and they’re doing pretty well now. Wish I had bought more though.
Update: I thought I had a decent chance at playing the volatile GBP/JPY pair and consequently got my teeth punched out. I think I’ll stay with the EUR/JPY and AUD/JPY pairs when it comes to partaking in the carry trades in the future.


Here is my EUR/JPY long, which is still open.

Update: That was real gay. Some dipshit decided to unwind their position and took out half of my open profits by stopping me out.

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Took half profits at 157.12.  The other half has a stop at breakeven.  Thinking about taking rest of the meagre profits right now considering the jitteriness.  We’ll probably get more choppy action going into US trading with perhaps a downside bias.

I’m just thinking, if we get strong GDP data, the market will likely react badly as that diminishes the chances of a rate cut.  If GDP data is weak, that just confirms market fears that the subslime is spreading everywhere despite increasing the chances of a rate cut.  Heck, thinking about this, I’m gonna take the rest of my EUR/jpy off the table (trading at 157.4 right now – 55 points ain’t bad I guess).

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