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Post by huh on Sept 23, 2014 7:10:45 GMT -5
10 Things You Need To Know Before The Opening Bell Good morning! These are the stories already moving markets before the open Tuesday. The Eurozone’s PMI Reading Dropped Again. It’s just the latest in a number of deteriorating indicators for the struggling eurozone. Shares In The World’s Second-Biggest Retailer Are At An 11-Year Low. After Tesco’s accounting blunder announced on Monday, shares are falling again Tuesday morning, pushing below £2 ($3.27) for the first time since 2003. Philips Wants To Split Its Company In 2. The Dutch electrical appliance group wants to separate its healthcare-lifestyle and lighting businesses after stripping away less profitable activities. There’s A Bit Of Good News Out Of China. The country’s manufacturing PMI came in at 50.5, a slight improvement given investor concerns that the massive emerging economy is slowing down. US Manufacturing Data Comes Out. The Richmond Fed manufacturing index and Markit’s US manufacturing PMI are both set to arrive, which should give some hint at the sector’s strength in September. US Airstrikes Were Launched In Syria. The US government’s military campaign against Islamic State militants has spread over the border of Iraq and into Syria. European Markets Are Down. The UK’s FTSE 100, France’s CAC 40, and Germany’s DAX are all down by more than 1% Tuesday morning. This comes after the release of poor eurozone PMI data. The Hang Seng and Nikkei in Asia closed down 0.49% and 0.71%, respectively. Jimmy Choo Just Filed For An IPO In London. The fashion firm’s financial situation doesn’t look amazing, according to Business Insider’s Jim Edwards. Air France Is Still Struggling With A Pilot Strike. The company’s CEO said on Tuesday that the dispute could mean the firm would have to scrap the launch of its new low-cost airline. The US Government Is Trying To End Tax Inversions. The Treasury Department announced on Monday ways in which it was trying to make tax inversions less economically attractive. Read more: www.businessinsider.com/opening-bell-september-23-2014-2014-9#ixzz3E8kOmTCI |
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Post by huh on Sept 23, 2014 7:11:31 GMT -5
10 Things In Tech You Need To Know Today There was a report that Apple was shutting down Beats Music, the streaming service from Beats. Apple said the report was "not true". However, in the long run, there's a chance the Beats Music brand is faded away and it becomes Apple Music. Here's a photo comparison of the iPhone 6's camera versus the Samsung S5, the iPhone 5S, and the Moto X. Mark Zuckerberg is annoying his neighbors in San Francisco with a home renovation project. Snapchat poached Google communications exec Jill Hazelbaker to lead communications. Now that Yahoo has a nice little pile of cash, what's it going to do? Kara Swisher argues that it doesn't have enough to buy something big. She also says that Yahoo might become an acquisition target itself. Fullscreen, a YouTube network that does 4 billion monthly views, is selling a controlling stake in itself to Otter Media for $200-$300 million. Otter is a JV between AT&T and the Chernin Group. Apple sold over 10 million iPhone 6 and iPhone 6 Plus phones during the opening weekend of sales. A big interview with Jeff Weiner, the CEO of LinkedIn. Here's our Q&A with Peter Thiel. He backtracks quite a bit from his comments about Twitter. Adobe acquired Aviary, a photo editing platform. Read more: www.businessinsider.com/10-things-in-tech-you-need-to-know-today-september-23-2014-9#ixzz3E8kasRwK |
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Post by huh on Sept 23, 2014 7:12:21 GMT -5
Frontrunning: September 23 Submitted by Tyler Durden on 09/23/2014 - 07:47 U.S., backed by Arabs, launches first strikes on fighters in Syria (Reuters, BBG) But not all all back: Turkey Bars Kurds From Entering Syria to Fight Islamic State (BBG) Dollar Weakens on Airstrikes; Europe Stocks Drop (BBG) Ready for Rate Riot? Emerging Markets Set to Follow Fed (BBG) El-Erian "would have done things differently" (Reuters) White House fence jumper had ammunition, machete in car, prosecutors say (WaPo) Eurozone business growth slows in September, PMI survey finds (BBC) Shrinking Bond Desks Taken by Journeymen as Masters Fade (BBG) Manufacturing Rebound Relieves Growth Concerns in China (BBG) Former Trader Quits Playboy Club to Open Own Restaurant (BBG) Allergan Rejected Offer From Actavis (WSJ) Norway's Yara, CF in talks to create $27 billion global fertilizer producer (Reuters) FTC Considers Challenge to Food Merger (WSJ) Bandits Steal Berlin IPhone Cash, Showing Payment Hurdle (BBG) Argentina's Fernandez to meet billionaire investor Soros in New York (Reuters) www.zerohedge.com/news/2014-09-23/frontrunning-september-23 |
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Post by huh on Sept 23, 2014 8:54:00 GMT -5
Should pullback from the opening gap fill. How we pullback from there should tell us a lot. Pullback in a parallel channel and might have a shot at filling yesterday's opening gap down. Fall straight down and ST top is in.
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Post by huh on Sept 23, 2014 9:21:34 GMT -5
Small double bottom & bull flag in QQQ. Both point to yesterday morning's high at least, but not quite enough to fill yesterday's gap on their own. Would need something more to do that.
But should be nice and green up until & perhaps through lunchtime.
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Post by novie08 on Sept 23, 2014 9:26:54 GMT -5
ORRR, have we bottomed? More money will be coming into dollars?
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Post by huh on Sept 23, 2014 9:41:56 GMT -5
ORRR, have we bottomed? More money will be coming into dollars? Could be. Yesterday's low in QQQ was a 76.4 retracement. But I think we could have more downside before running for new highs. Need to reload the fuel tanks (this engine only runs on short fuel now). We'll see. Holding above Friday's close would confirm the pullback is over. |
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Post by huh on Sept 23, 2014 9:47:50 GMT -5
That QQQ bullish set-up started to break down almost as soon as I posted it.
Need to wait & see where it breaks out from here (already retraced 61.8 of this morning pop from the bottom).
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Post by huh on Sept 23, 2014 9:50:50 GMT -5
Need QQQ over 99.13 to confirm a bullish move to follow. Needs to hold 98.73 to avoid failure.
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Post by novie08 on Sept 23, 2014 9:59:44 GMT -5
That QQQ bullish set-up started to break down almost as soon as I posted it. Same here with the bottom possible post.  I could swear the bots are some of our "guests". |
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Post by huh on Sept 23, 2014 10:46:55 GMT -5
I think this will squeeze higher. 3 taps on QQQ resistance already. That nearly always breaks higher. It's the next resistances that are the issues IMHO (99.50's, 99.70's & 100)
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Post by huh on Sept 23, 2014 11:20:55 GMT -5
I think this will squeeze higher. 3 taps on QQQ resistance already. That nearly always breaks higher. It's the next resistances that are the issues IMHO (99.50's, 99.70's & 100) 4th tap now. |
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Post by crumbdon on Sept 23, 2014 11:58:01 GMT -5
Stuck in jury duty today, so no trades for me.
We are going thru juror selection right now.
You have no idea how hard it is not to stand up and say "I'm a religious guy- I think we should kill them all and let God sort it out!"
Not yet convinced the judge would share my same twisted sense of humor......so I'll just keep my mouth shut. For now.
GL all!
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Post by huh on Sept 23, 2014 12:00:26 GMT -5
This market just doesn't want to rally. Every chance to do it, but failing. QQQ wanted to, but SPX looks bad here.
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Post by huh on Sept 23, 2014 13:49:09 GMT -5
This market just doesn't want to rally. Every chance to do it, but failing. QQQ wanted to, but SPX looks bad here. Amazing how different the market acts when you take away most of QE. |
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Post by huh on Sept 23, 2014 17:34:54 GMT -5
I thought market could squeeze some today, but it just couldn't break out, even though it tried many times.
QQQ held the worst case FIB support even with that ugly drop into the close, but SPX, IWM and XLF all failed their supports.
SPX closed on its bottom BB and QQQ tested its bottom BB then rose some. So there's that slim hope. But without some miraculous bull move tomorrow morning, charts not looking so hot. If there was to be one of those miraculous bull saves, I think it would have to happen tomorrow. But with today's close, markets could very easily gap down big instead.
VIX looks to breaking out and targeting 18.70's.
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Post by huh on Sept 23, 2014 17:40:01 GMT -5
Even if we do continue the fall from here, I still don't believe we've seen the top. Part of the reason is because of the upside targets in AAPL, AMZN and GS. And all 3 outperformed today, especially GS & AAPL. GS looks to be possibly consolidating here for a bull flag. And AAPL likes to rally when banks are falling. But even more convincing that the top is not in yet is because of the gaps left from Friday. Every one of these pullbacks that have left gaps have gone on to fill those gaps soon after. I posted my projections for the S&P moves into October the other day, and so far, so good. I most likely won't have the timing right on the pivots, but the numbers should be pretty close if we continue down tomorrow. I do still strongly believe that the S&P will form a large H&S, but then squeeze for a higher high when the right shoulder peak is being formed. We've seen this pattern too many times in things like AMZN, IWM, QQQ and XLF for S&P to not follow suit. But unfortunately S&P could fall all the way down to 1900-1930 before that squeeze even begins. JMHO |
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Post by huh on Sept 23, 2014 17:53:22 GMT -5
Here's an update to that S&P projected chart...  Personally I'd rather S&P squeezed from here, but if it doesn't show strength tomorrow, it's not likely to happen. But remember that since as far back as at least 2000, the markets have not topped without first putting in a major H&S pattern. If it is actually doing that here, it's only forming the head right now IMHO. |
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Post by huh on Sept 23, 2014 20:06:20 GMT -5
When we see indices work to fill the gap before a large pullback, that's the time to really worry IMO.
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Post by huh on Sept 23, 2014 21:00:49 GMT -5
As I said before, I'd love to see a squeeze here. But mostly because I didn't buy the VIX scams on Friday when the charts said to buy them.  Looking over the charts tonight, it looks petty bad for the near term. If we did squeeze from here, that would likely only put a top in around Oct. 1. And I don't think MM's want that. I think they want/need more bears first. Each of these pullbacks in SPX have either bounced at the 61.8 or 76.4 FIBs of the previous pullback. SPX lost that lower 76.4 FIB today. Even though futures are green right now, I wouldn't be surprised at all if we see a big gap down tomorrow. XLF & IWM charts looking pretty bad as well. XLF under 1 small H&S, and back into the previous larger one it had been squeezing (showed this in another chart previously). IWM lost it's final FIB today and this is the 6th day in 7 that it has traded under it's 200dma, and the third day straight it's closed under it. Also, IWM has been fighting against a topping pattern since late June, and looks like it's losing. Also, VIX & VIX scams were the clues on Friday that this pullback was about to happen. They didn't signal anything to the contrary today. In fact, the exact opposite. Unless something really crazy bullish happens tomorrow, I expect to at least see SPX 1932 on this move down. But wouldn't surprise me at all to see the 200dma as well. I've felt all along that it would be fitting if the final squeeze began off the 200dma. That might yield the largest amount of short squeeze fuel. But in any case, I'd be surprised if we see VIX closer higher than ~19 for more than a day. So the 200dma might be a reach. |
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