Glad I decided to have a little patience with CMI. That retracement was just that intraday as it started to head back down. Sometimes it does pay to wait and other times it doesn't. How do you know when? My chart up to the time I updated the daily showed it was at the trend support. The day had not completed yet and it was on it's technically 6th rotation, so the likelihood of that trend ending was fairly high anytime soon.

The last couple hrs of the market showed the upward trend had indeed broken and CMI is on its way down. The horizontal support lines are major and minor supports. I won't know until it actually does what it does to know if any of them are supports or not, but I do not that if they should hesitate or reverse at any one of those lines, it would make sense to me.

All indicators show bearish. So, the only play right now I have going is for a bearish bracket, with an entry in the $106ish range. I will be Sep105P.

GOOG, this as an area to get whipsawed. In the compression pattern, there is a $20 range, which is quite big. One can play this, as you can make some decent money with a $20 move, which I may. How I would do it is if it bounces on the top part of the top bracket coming down, my entry would be the bottom of the top bracket and the inverse is true of the 2nd bracket.

Otherwise, my entries for the upside or downside are $524.50 and $497.50, respectively with a $5 hard stop.

Upside Target = $557ish (23 points)
Downside Target = $447 (50 points)

We'll see what happens today.

My son is home with me all day, so this might make trading interesting.


AAPL, RIMM, LEH calls - We'll see here, but if either of these head much lower, I'm outta these trades and switching to puts.

BIDU strangle - just letting this ride out and see what happens.
Labels: , edit post
0 Responses

Amazon Store