Trader Tony

Trading isn’t farming, nobody needs a cow to do the “work”. The work is done in the mind.

Posts Tagged ‘spx 500’

SPX, GOLD

June 28th, 2010

It looks like SPX is poised to rebound to 1095-1100. After that I would expect the continuation of the downtrend. If you are looking for longer term investments, Gold is offering some pretty amazing buying opportunity. My bold prediction would be a rise of 20% in the next 2 months.

My advice would be to accumulate position in the 1245-1255 range with the stop below 1235. First target on this move would be 1300-1310. After that I expect a minor pullback a another sharp rise to 1450-1500. That should result in formation of a climax top and a sharp reversal.

No comments »

Posted in Investing Ideas, Market Overview, Potential Setups

Tags: breakout gold rising wedge spx spx 500 support

Triple-witching week ahead.

June 13th, 2010

The market was a real roller coaster lately. But that’s what traders need, right? After a sharp reversal last week, looking for SPX to rise to 1140. Though, need to see a break above 1108 first. As for the EUR/USD, my target would be 1.2250 before any serious weakness occurs.

No comments »

Posted in Market Overview, Potential Setups

Tags: eur/usd market in summer Market Overview SP 500. spx spx 500 swing trading

Market update 7.10.

June 6th, 2010

Looking for 104$ (maybe even 103 sometime intraday) for SPY somatime Monday, Tuesday next week. After that expecting to see a reversal day and a rally to 106.50-107.00 later this week. After some rally looking for another push to 102-101$.

Need to watch MACD for any hints on divergence. Also please note that for this case to be valid, we need to stay below 108$ during trading early next week.

Here is another possibility:

This drop in SPY to ~104$ should coincede with the drop of CLF to 44.00 area. This is where I am planning to take some profits off the table. After that I would be looking for a rebound to ~48$ and then another push lower to 38-39.

No comments »

Posted in Market Overview, Trade update

Tags: clf distribution metal stocks real trade resistance reversal SP 500. spx spx 500 spy support

S&P 500, EUR/USD Projection. 26.05

May 26th, 2010

After a big gap down yesterday in the SPX, the market managed to make all its losses back. This is a positive sign for the bulls. I expect the upside action to continue at least till the end of this week.

After a strong close yesterday, the futures made a little pullback overnight, forming a flag formation. I expect we will hit 1090-1093 today. If that level is taken out, next stop is 1105-1110. I would be cautious at this level, and take some profits off the table. Also place tight stops to protect your profits. For those who are looking to place some short bets, look at mining sector.

EUR/USD is also due to a pullback. First target is 1.2420-1.230.

No comments »

Posted in Market Overview, Potential Setups

Tags: eur/usd Market Overview market projection SP 500. spx spx 500 support symmetrical triangle

Stock market review 17.05

May 17th, 2010

After the volatile week, the market is at the crossroads right now. Key point is 1123-1113 area.

If we break above 1145, then most likely the market will take out new highs for the year. A breakdown below 1113 will lead to 1070-1060.

No comments »

Posted in Market Overview

Tags: Market Overview market projection SP 500. spx 500 trading range

Stock Market Update.

March 28th, 2010

As we have been in the consilidation face all previous week, there is nothing new happening in the market right now. I still believe we will be slowly grinding higher with the occasional pullbacks.

The main levels to look at are 1150 and 20-day SMA. We might get some rise at the beginning of the week, as fund managers will be doing their usual end-of-month window dressing (buying best stocks, selling worst)

No comments »

Posted in Market Overview, Potential Setups

Tags: buy on pullback Market Overview market update SP 500. spx spx 500 trend following

Market looks tired here. Pullback to 1140 is comming.

March 19th, 2010

Stock market is looking tired here. I am seeing that some sectors are ready for a pullback (mining, financils, tech).

Now is a good place to establish shorts at 1160 with the stop at 1163. Target 1150 by Monday.

The index might reverse down to 1140-1130 during the next week. That would be a nice area to establish long positions. A drop below 1130 would make me very cautious if I were holding longs.

No comments »

Posted in Market Overview, Potential Setups

Tags: resistance sell resistance SP 500. spx spx 500

Stock Market Overview.

March 7th, 2010

Short term view on the market. Areas to watch closely – 1130 and 1115. Expecting to see some pullback next wee, but not more than 1-2% from Friday close. Then a rise further continues. I would personally like to see some base building before we approach 1150.

This is a longer term chart for SPX going back to August 2006. Look how the both circled areas look alike. If we use comparison analysis, we should get to 1200 by April Options Expiration. Then some sideways action is possible, as there is a ton of resistance above 1200 area. Though we might get as high as 1230-1250. I am really clueless, what happens next, maybe “sell in May and go away” will be the thing to do this year. We will see.

For the time being I am bullish on the market, unless we sell off below 1105/1085 in the next 2 weeks. If that happens, I will reevaluate my longer term view.

1 comment »

Posted in Market Overview

Tags: Market Overview market projection market update resistance SP 500. spx spx 500 support

SPX Update. Vacuum up to 1128-1130 area.

March 2nd, 2010

Markets kept going up slowly during yesterday’s trading session. We are now right below the resistance. should a breakout occur on Tuesday, we are going to 1130.

If there is now breakout today, I would be looking for a pullback to 1105. After that it’s anyone’s guess, what will happen next – a break up to 1130 and possibility of 1150, or a breakdown to 1080-1085.

Here is also a Volume-Weighted Average Price (VWAP) chart below. It suggest that there is a lot of Vacuum in the 15 pt. range right above us. So, should the move up happen, it will be FAST.

Still holding my GS puts, as the stock remains under severe pressure.

No comments »

Posted in Market Overview, Trade update

Tags: Market Overview market projection market update resistance spx spx 500 Trade update

Got the confirmation today. We are going UP.

February 25th, 2010

Today I have got the confirmation, I was talking about – the pullback is over for the time being, and the next stop for SPX is 1113 – 1120.

it also looks like EUR/USD has also reached the bottom for awhile. The pullbacks are keeping being bough back, MACD shows divergence.

As for the stocks, we’ve got an ugly opening today, but managed to make it all back. Also, a lot of stocks have closed the day with big gains, erasing the losses for the previous days. One of those stocks is POT.

This is a nice buy here a 110-111, with the stop below 105 and a next weeks target at 122. Short term target is ~116. You may also want trade through ATM Call options, as they offer a better R/R for a trade.

I personally have bough March Calls@110 at 5.05. Stop below today’s low. Looking for 122 next week, though it all depends on tomorrow’s price action. If SPX is not able to break above 1113 I am out of my position.