Friday thoughts

355
32 GDX swing target 1

343
SPY just hit the .20 trigger posted before

340
3073 stretch trgt on gdx today, not saying it gets there, but if it does, then likely stall

332
3029 gdx first trgt

331
long .89 here on gdx, nugt

314
Inv Banks have buy level set near low of day, but sell levels are above daily highs, also bullish for swings,,,but again could drop first

312
MM on GDX in trade mode...cannot tell their bias or direction higher or lower...they r just churning it here with bid and ask both close to price

when this happens on this pattern its generally bullish, but it can still drop a lot from here before higher, esp on gdx, as we have seen over n over

259
SPY trigger trade still valid imo...i only cancelled cuz already have some upro

254
wow ES SPY SPX bouncing here

249
may quick trade nugt gdx at GDX at 3016 if it gets there,,,but will wait to see what it looks like first if it pulls back

240
still think the 102 oil, 36ish uso, will break lower

238
still think this is good area for swings on USO short, or sco, short oil

236
GDX may not make it back to its high of day, tho bounced nice here...there are MM waiting to sell at gdx 3050 and 3070,,,while the Inv Banks were at 31.03 but ran away to 31.47

Inv Banks ran away while typing...so may make it higher than the .70

234
CANCELLED order for spy long

222
Placed order to buy SPY long ABOVE the market at 166.18 if hit...good until 3:15 pm

217
Wish i took that NUGT this morn at the GDX .55 which happened to be near low...would be up 6% now with trail stop in place....expensive lunch that was LOL

but that's ok...lunch was worth it :)


1032
almost got filled...gdx hit 2961...also it may go lower than that

1030
CANCELLED order for buy GDX... i'm going out to lunch and don't want to babysit this trade

1022
placed an limit order to buy GDX 29.55,,,,good until 10:45am

1018
LOL the GDX candle looks small, but its still in a huge 3% range today from 30--31... thats like 450 dow points equiv....

10% range in todays high:low on NUGT today in first 45 min of trading

1009
if oil decides to go to 116 (maybe 114) before lower, i plan to add swing shorts up there, on a break above these highs

1005
the aug 8 hammer daily candle caused a bounce, BUT those hammers during a daily uptrend are usually retested and actually are only temp bullish and mid term swing bearish

hammers in an uptrend are bearish reversal candles, in a downtrend they are bullish reversal....there was a mini 3 day downtrend in the last hammer on Aug 8 but the multiweek trend is up

1003
USO oil... note the big green candles bounce on July 31 and AUG 1, vs the smaller green candles the last few days as it moves again into resistance....indicates slowing momentum and poss eventual drop

imo OIL is in bearish distribution since July 15...takes time


957
i think spx will bounce, then be shortable again, and next move down will be larger...for swings not scalps

946
not sure what gdx is going to do...but if gdx nugt can get some small daily candles, it may present another buying opp "up here"...it will be "hard" mentally to buy up here. but a look at daily chart shows that "up here" is really "down there" LOL....but i'm waiting for some smaller candles on daily for the volatility to settle down

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".