Fitz Is Da’ Man

I’m constantly posting articles, charts and videos here from traders and bloggers worldwide which I think could help the typical *Joe* learn more about the market, news and how it affects us or just how to make better trades.  This is one such post.  Here I give you a video from Dan Fitzpatrick @ stockmarketmentor.com where he explains his method for stop placement and how to play Bollinger Band expansions.  He even goes a little into some *tells* of when a stock is weakening and near to rolling over.  Now in all fairness there are an innumerable number of methods such as these but I’ve always found Dan to be a very straight-up guy and I’ve actually used these same methods hundreds, if not thousands of times so I know they work.  Since I don’t do videos – I’m bringing you his.  BTW, you can sign up for these free videos on his website at the end of the clip.  Good luck :)

Goldmans Magic Trick [on us]

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Market Update For 9/21/09

First off check out the new video added today on Quant Funds and the market.   Guess who’s still buying at this level?  Some interesting stuff there. 

Now this excerpt from a 30-year veteran in the Bond pits @ Across The Curve outlines what happened this morning when the market opened lower and many thought a selloff was in the works; until it fizzled.  So what happened?

“The market opened with a early bid as a small risk aversion trade appeared to be developing. (See crumbling commodities and stronger dollar for evidence of that.)  The bid faded with the failure of the stock market to stage a full scale retreat and the early price gains proved fleeting as traders focused on this week’s [Treasury] supply.”

So bottomline is I guess there just hasn’t been a reason for a good pullback I guess; or government sachs hasn’t decided to do it yet.  I took off a little on my longs where I could and initiated a short on SVA.  So far so good – stops in place.  Watch for some of the breakouts I’ve posted here recently and good luck tomorrow.

Some Weekend Reading

Just what we all need; weekend homework.  Hopefully you’ll find them of use in your trading. 

 *  A great video from Gann Global on where they believe the market is at compared to past Bear markets; forwarded to me by a fellow trader.  One I greatly respect.  Take the minute to watch.  You’ll be very glad you did. http://www.gannglobal.com/stock-market-forecast-bullish-09-09-01/

 *  Seen on the web and verified by yours truly.  The day before 9-11 the Dow closed at $9605 and where did the Dow close today?  $9605   (is that Twilight Zone music I hear?)  Now just to fill in the rest:  After the attack on the Twin Towers, the Dow understandably wasn’t reopened until 9/17/01, a day on which it lost 697 points and closed near its low.  I wonder if that little bit of history will repeat itself here.

 *  The return of the stock picker’s market! (Thank God) http://bit.ly/CBipm

 *  Russia says their cargo shipments are up (if you believe them) http://bit.ly/ctW2z

 *  If you’re interested in shippers, take some time to poke around shipping.capitallink.com check out their newsletter, shipping news and become familiar with what companies are affected by which shipping index. Registration is free.

 *  Next week Tuesday is the one year anniversary of the fall of Lehman Brothers, a plethora of economic reports, Obama visiting New York and quadruple witching.  Should be very volatile.    http://money.cnn.com/2009/09/12/markets/sunday_lookahead/index.htm?section=money_markets

Two Last Reminders

1. Next week Monday/Tuesday, September 14-15th, is a Bradley Model date. 
2. No indication of direction and the date could be off by a day or two or three, but a definite direction will be made next week.  
3. Feel free to view the two videos I’ve downloaded in remembrance of those who fell on 9/11/01.  Observe a moment of silence at the office and with your family.  Hug those you love.  Life is precious and short. Embrace it.

Tidbits

Received this video (see left panel) via email from Peter Worden @ freestockcharts.com and thought I’d pass it on.  He analyzes the moves in the market over the last two weeks using TSV and where he believes the market is headed.  Interesting.

Also added a video of Elizabeth Warren (see left panel) discussing the bank’s toxic assets, TARP, PIPP and commercial real estate.  Courtesy of MSNBC and zerohedge.com

FWIW my two fav currency pairs have been trading sideways all night so there’s no clear direction for me yet.  Time to hit the sack and see what the morning brings.  g’nite-

Do I Stay or Do I Go?

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Rolled out of bed this morning only to find the market poised to ride higher. Cool! I love days like that and we don’t see many of them on Friday when peeps are going out of town and taking profits but yeah, this was cool. Jobless claims were basically what we thought they were.  Cool.  The USD was stronger which hurt tech but steepened the yield curve = good for banks. 

The semis and a # of tech stocks did not participate or were weak.  AAPL was up but nothing to write home about.  RIMM in the red.  Banks seemed strong with the huge exception of GS, which I couldn’t help but enjoy.  If you didn’t notice, commodity stocks generally weak or slightly red. Hence that CAD AUD resistance I’ve been talking about. Some of the bigger players on Stocktwits were even taking partial gains in the copper, gold and crude tickers. Guess they’re seeing the light on this finally. Now the question you’re asking yourself is should I stay or should I go with your remaining commodity plays? Sit tight.  Make yourself a cocktail.  The week is over.  More to come-

Americans Bend Over

Americans this is our song (right). If you don’t feel there should be a limited number of speculators trading in the futures market, you’re a rookie……….or you’re working for Government Sachs.   Rookies, learn how one barrel of oil gets traded 27 times and WE pay the at the pump.   Why Americans Got *Fueled* From Behind Now we’re not only getting screwed in the market, but at the pump in gasoline prices………….and pay TAXES on the inflated price!  Who are the morons?  WE ARE.  It’s a cop out to blame it on our legislators.  We put them there.  We filled out our little forms and elected the S.O.B.s and then what did we do?  What we always do, went back to our Lazy Boy recliners and tailgate parties expecting them to watch everything and keep it all on the up-and-up.  We’re morons.  We don’t learn.  We’ve lost the ability or the guts to rise up, protest, scream and fight for what we want, and it’s disgusting.

Then came the latest insult……..using taxpayer bailout funds to not only buy more Mortgage Backed Securities (wait a minute, aren’t they part of what lead us here?) but also use those funds to earn record profits.  RECORD PROFITS!!! Using bailout money WE supplied which you know we’ll never see again.  Nope.  It’ll melt away & disappear magically into the Federal deficit like the Wicked Witch of the West after gettin’ doused.  We’ve become a nation of idiots.  We bail out the *too big to fail* banks and they invest, buy more loans that’ll most likely default due to the increasing unemployment rate and they earn  record profits from the entire mess that THEY created using our money.

Where’s our cut of the profit bootie? If you think we’ll ever see a dime of it, uh, like in lower taxes or a $20,000 rebate check, think again chump.  Bend over America.  You just got screwed, Goldman style.

Lenny Dykstra and Cramer; Making It Easy For Jon Stewart

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eTrade You Got Nuthin’

DANOY says bring it!