SPX & FXE (EURO)

SPX WEEKLY (FOR DAILY, SEE POST FROM YESTERDAY - NOTHING NEW)

SILVER (SLV) UPDATE (GETTING READY FOR THE NEXT LEG DOWN)

This time around, GLD (gold) will have a bigger drop than SLV (once wave 5 is completed). GLD is setting up nicely for a bearish leg. (Will post the chart when appropriate).

Click here to see my previous 4 SLV charts.

SPX & FXE (EURO)

SPX - (PATIENCE PATIENCE PATIENCE - MKT IS TESTING MY PATIENCE)

This market has been testing my patience. I have always known myself as a very non-emotional trader, but at this time the market has been throwing me all kinds of curveballs till the point that i'm starting to think i'm a very emotional trader (by trying to be aggressive). The market is clearly prevailing as I struggle to make moves before getting a clear signal. It's true that "a patient dog eats the fattest bone". Nothing in this chart says that a trader should be Bullish or Bearish at this point till a clear breakout takes place. The chart looks very clear and simple (as all other charts) and should be treated as such.

TODAY'S MARKET PREDICTION (TUESDAY MAY 24TH)

Look for a strong rise today with the market opening at the lows and closing at the highs while eliminating all of yesterday's drop. I expect the same pattern to occur on Wed and Thurs but not with the same magnitude i.e not as strong a rise as will occur today (any change in plan will be posted beforehand).

SPX, FXE (EURO), AAPL, OXY (LOOK FOR THE MARKET TO RALLY NEXT WEEK)

My focus next week will be on SPX, FXE(Euro), AAPL and OXY.
The market looks ready to run up next week (especially on Tuesday). On Monday, I see a decent gap up to start and then a pullback. But I see a big day on Tuesday which starts with a big gap up. You want to hold long (Call) positions going into Tuesday.
If my expectation for Monday is met, I will post a comment 30-45mins before the close. So for now take it for what it's worth.

SPX LOOKING GOOD (AND COMMENT ON EURO AND DOLLAR)

I really like what I see on FXE (Euro) and UUP (Dollar) charts. But at this time, they are not at my sweet spots yet. FXE looks very tempting to go long and short UUP here(and has been for a few days). Adding to this temptation is the fact that SPX has a bullish move going. But making a decision to buy at this point will be emotional rather than rational/technical. Will keep monitoring for entry/posting.

NOTE: SPX, Euro and Dollar are very helpful confirmations to each other in making decisions that are inconclusive by looking just one of them.

SPX SETTING UP NICELY TO RUN UP. (BEARS BE VERY CAREFUL!!!)

What “top”, “truncated 5th", “crash”, “sell-off", “collapse"?
I find it very amazing that with every pullback folks start using all kinds of adjectives to describe a "pending doom". A bear mkt WILL OCCUR but it's not time YET and don't wait for it because you might be sitting out for a very long time. Soon when the mkt makes new highs, folks will start using crap word like "manipulation". There is nothing bearish YET. TRADE WHAT YOU SEE NOT WHAT YOU WANT.

REASONS WHY THE MARKET IS NOT BEARISH YET:
1. It’s TOO EARLY to call a bear market. The bullish setup (from March 2009) is still intact. Key support areas haven't been broken yet.
2. The last run up (Apr 18th to May 2nd) is clearly impulsive compared to move from May 3rd-till now(corrective).
3. So far, the May pullback is clearly an ABC correction until proven otherwise (right now it hasn’t been proven otherwise).
4.A Bull Flag pattern is in play (the 5th major one since July 2010).

DAYTRADING INFORMATION.

Once in a while I will post about 1-2hours before the US market opens what I expect SPX will do that day. The posting will be based on my availability and my confidence of exactly what will happen. But because on my current lifestyle, i'm usually not available before the open
This information will be helpful to Daytraders and SwingTraders who just want to make quick cash or scalp trade.

SPX-DAILY, SPX-WEEKLY, QQQ, AAPL, SMH, GOOG, OXY, UTX, BA, IBM

I believe there will be a strong run for the next 2-3weeks IF SPX (CURRENTLY AT 1337) MOVES ABOVE 1340.
NOTE: Some of the charts have 2 targets (conservative and aggressive). Once the Conservative Target is taken out, I will expect stronger moves to take prices to the Aggressive Target. But keep in mind that if I see weakness/reversal sign while between the Conservative and Aggressive points, I will close my position an look for the next opportunity (i'm a SwingTrader). It does not mean the aggressive point will not be achieved. I just don't have time to watch paint dry.
Also, after going through the conservative point, that then becomes my Stop loss point.
Good luck getting confused with so many charts. Sometimes too much information is not a good thing. But keep in mind that THEY ARE ALL JUST AS IMPORTANT. You might as well just close you eyes and pick one to track. Blame my watchlist for giving me so many potential plays at once.

BLOGGER WAS DOWN.

For the past 24-36hours Blogger was down and acting up. I don't know what was happening. I've been unable to sign in or make comments. I also noticed that my charts were disappearing and reappearing. My last silver chart was removed but never returned, I had to upload it again right now. I don't know what is going on.
IF I see any good chart setup it will be posted over the weekend (if Blogger problem is no longer an issue).

SPX DAILY (STRONG RISE IN THE INDEXES AND COMMODITIES (esp Silver) TOMORROW).

SILVER (SLV) UPDATE

SLV (SILVER)'s RISE TODAY NOT BIG ENOUGH TO TRADE A GAP POTENTIAL TOMORROW

Today's rise is not big enough to setup a big gap down and strong move back up tomorrow, hence the reason for not making a comment as I planned to. So nothing new to post on SLV. I will just move my stop up below today's low (to avoid any surprises). Look for a comment 30-45mins before the close tomorrow if I see the setup (likely followed by a chart after the close).

SLV (SILVER) PLAN OF ACTION FOR WEDNESDAY

I will post my SLV Wednesday plan of action tomorrow about 15-30minutes before the close of the US market in the comment section of my SLV chart.
I will likely close my Call (long) position and enter a Put (short) position before US mkt closes with the intention of playing a decent gap down to start wednesday. My decision will be based on how big a move I see tomorrow.

UPDATED FXE (EURO)

SPX REMAINS BULLISH

SPX & MON (SPX READY TO BOUNCE)

MY SILVER DAILY PLAN OF ACTION FOR THIS WEEK

Go to the comments of my SLV chart to see my daily predictions for this week.