A bit of my morning……….for real…….
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A Little Support?
First, guys, PLEASE stop emailing me asking me my opinion about this or that. I've said this so many times, and it's right on my "Contact Me" page. I will not give any kind of opinion, including what color the sky is, to any individual. Please. Stop. Asking.
Anyhoo, interesting point we're at here. Hard to say what's going to happen next. Everyone – – molecool, me, EWT, McHugh – – is torn – – it's such a "could go UP a lot, or could go DOWN a lot" kind of market. But no one knows which!
All the Tea in China
I'm pleased to see my FXP long position (including calls) finally show some real green. Asia is stumbling along with the U.S., and I think there's plenty more to come.
Some Longs I Like
Good morning, everyone. The EUR is getting hit (down 155 pips at the moment) due to the hearty interest rate cut in England, and oil is down (nearly $2 as of now). Both the ES and NQ look ready to open down a couple of percent, although that could change between now and then open, since some preliminary jobs data is hitting a few minutes after I finish this post. (The "biggie" report on jobs is out tomorrow morning before the open).
I thought I'd post a few charts I'm long which I feel pretty good about:
Short-Term SPY and QQQQ
This'll be quick. The SPY is presently (after hours) trading at the oval drawn below. There are a couple of "thickets" of support, drawn as large rectangles here. I think that, short term, the SPY could trade as low as the thick green line I've drawn. I intend to hold on to my SDS until about then.
As for QQQQ, my view is more optimistic (that is, pessimistic); there's really only one "thicket" of support, and it should get down into that level without much trouble. At the moment, we are trading at the oval shown.
As for what follows the above………..ya got me! But every one of my individual stocks are carefully selected and have precisely-placed stops. Good night!
