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Previous Intraday Trading Session: [ 11/26/2008 ]

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TIMEALERTS 
15:40I am going to call it a day. Might be here on Friday. Will definitely be back on Monday.

 
15:40HAPPY THANKSGIVING TO ALL!

 
15:27Anyone who has followed the Option Signal Service knows how much I DO NOT like trading around the holidays. Never saw so many indicators that did not work out as I have today. Holiday Effect.

 
15:17Just not much to say.

 
14:22It is 14:30, and we have only 1 trade in today. Maybe we should just start the holidays early.

 
14:21Reversal did not last very long.

 
14:10We at reversal. SPX @ 867

 
14:09Make that 864

 
14:09Will SELL if we bounce down from reversal, and break 865.

 
14:07We are moving up into the reversal. Could take position if this continues.

 
14:05OK, I will start thinking about taking a position again.

 
14:04Reversal at 14:10

 
14:03Wow! right through it.

 
14:02OK we are at support again.

 
14:01Reversal at 13:30. Moved 5 points. I do not want to do anything until that 866 level is broken.

 
13:38We are down 10 points. Do we go lower? Strong support at 865

 
12:58Breaktime. Back in 15 minutes.

 
12:57Cancel ** SELL @ 866

 
12:56Very odd that a reversal with the strength of the 12:30 one would fail to do anything. Only explanation I can come up with is that there was a reversal around 11:15 that sent us sideways, and the 12:30 reversal was a reversal out of the sideways movement.

 
12:52** SELL @ 866

 
12:52Cancel ** SELL @ 860

 
12:51Current movement puts us in an ascenting wedge. Expect move down from this pattern. A move below 866 would confirm this.

 
12:50870 is resistance.

 
12:42We are outside the 10 minute window, but will continue to watch.

 
12:40No negative candles. A couple of positives.

 
12:38Stalling

 
12:37Look like big pop to UP side.

 
12:35From 11:15 till now we have moved sideways. Strong indication of a move down.

 
12:34Could return to the low of the day @ 842

 
12:31We will give this reversal 10 minutes to show itself.

 
12:2912:30 is here!

 
12:28Another reversal at 12:30

 
12:2810 and 15 minute candles are point down.

 
12:26Still have not crack 860.

 
12:26moving up into the reversal. That is good for us.

 
12:19"Remember"

 
12:18emember that reversal coming up at 12:30

 
12:06** SELL @ 860

 
11:57Have to leave for 10 minutes. Things seem to happen when I am away today. Back in 10.

 
11:54We bounce off the resistance at 867 caused by a trend line we have bounced off all morning. So, this breakout to the UP side may mean nothing.

 
11:51Major reversal at 12:30

 
11:50We just broke resistance. Cancel SELL for now.

 
11:50.OXRXR is sell for 1.10

 
11:48Notice the congestion the market is showing. Indicative of a big pop to happen soon.

 
11:46Options players should be looking at some week Puts to play this move down, if it happens.

 
11:44** NOT IN YET.

 
11:36I think we will close lower than yesterday.

 
11:36Move below 858 is VERY negative.

 
11:35Reason: we are at major resistance, a high is expected around this time, and negative candles are showing up.

 
11:32** SELL @ 860

 
11:30Major resistance at 864

 
11:28The predicted high at 12:00 looks like it may happen.

 
11:26****** WARNING!
Second guess anything I say today. Been dealing with a client on the phone, and I see I do not have my finger on the pulse today.
1) There was a reversal at 10:10 that I missed.
2) There was a reversal at 11:04 I missed.
3) My call to BUY at a bounce off 848 should have been a bounce off 850. Go to a 1-minute chart and notice the trend line from the two lows at 09:44 and 10:11. I didn’t see this trend line.


 
11:15No wave 5 here.

 
11:13** STOPPED OUT @ 858 PROFIT -3

 
11:06Should see move below 850

 
11:04Sorry for the short notice on that one, but it has been bouncing around the 856 level so I will record the entry @ 855

 
11:03** SELL @ market

 
10:47Looks like we missed this one.

 
10:43Buy at 850 IF we bounce off 848

 
10:41I am looking for a bounce off 848 up to 858

 
10:36If the next bottom is higher than 846, we could be looking at a wave 4.

 
10:35We are riding a trend line that could take us to 860 by 11:00

 
09:54840 support is held.

 
09:36Major support at 840

 
09:33Major reversal at 11:00

 
09:17Do not forget to checkout the chart from yesterday. Use link above.

 
09:15Outlook: low around 10:30 and a high around 12:00. Most activity should be seen in the morning.

 
09:13Good morning!

 
 
 
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