Daily Archives: August 12, 2010

Two Days above the Cloud (by Consistently Incredulous)

By -

Just a quick note: the SPX finally followed the NYSE above
the cloud, ever so slightly… for a whopping 2 days.  That ended today:


SPX_1_081110
 

The cloud range (support & resistance) for the next week
is:


SPX_cloudrange_081110
 

What I find the most interesting is the support &
resistance zone I’ve been watching for a while now.  Going back to July-09, this zone has seen 8
events (4 in support and 4 in resistance), with today being the latest
resistance drop down.  Note: I removed some
of the lines so as not to be the cause of general SoH eye damage:


SPX_2_081110
 

I entered a 40% short position as the cloud + zone ceiling proved
too solid to break through.  I sadly must
report to all of you that now that I have shorted, the market is virtually guaranteed
to have a huge up move, thereby leaving me without beer money for the weekend.

Best of Times. Worst of Times. (by Nathaniel Goodwin)

By -

I had a few ugly short positions really take shape today, and was feeling pretty good after the big drop on Wednesday (even though I now wish I had opened up more shorts…). Being in a festive mood, I decided to to start my weekend early and cracked a few short dogs with Stun Gun.-Trading error 1

I told him to invite some of his friends over to get the party started. He yelled out the window, and it wasn’t long before Jaundice Pete, Bloodgum and Crabshack Maria were knocking on the door. –Trading error 2. My shorts were green, we were rocking out to Bloodgum’s favorite Butthole Surfers allbum, short dogs were flowing like the majestic Niagara Falls and I felt like Leonerdo DiCrappio in that Titanic movie, “King of the World” style.  Trading error 3, getting too cocky.

I was on top of the world, but how quickly that can change. The Colonel unexpectedly came back from a two 1/2 week coked-out bender and looked pissed when he saw that Stun Gun had been sleeping in his room. The Colonel ran towards me and grabbed my neck in a sleeper-hold; the last thing I remember was watching Jaundice Pete banging away on the keyboard of my trading station (LOL, who knows what he was doing) then things got sort of hazy.

I woke up on the kitchen floor and was pretty sorel the place was a mess. The Colonel apologized for beating me, but said that allowing someone to sleep in his room violated and tarnished a sacred space in our apartment building. I needed to be punished for my actions.

He made me clean up the apartment and urine from the pee-jars that my skull had broken. Then banished me from our apartment for at least one week, so looks like Stun Gun and I will be roommates for a bit longer.

I’m having a hard time stealing bandwidth out here on the street, so Stun Gun has been helping me out old school charting with paper. Here are a couple fan-charts he made for me today, he said they are support and resistance. The red fans are drawn using his own blood, I won’t tell you what the green is…



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