Jeff.. the market is moving nicely..CNBC set up <<CNBC'S star female reporters (unnamed) stated early in the session (or was it just before the opening bell?) that analysts at a noted investment banking firm (unnamed) had informed her that a break below support in three key Nasdaq stocks could potentially spell disaster for these stocks and possibly Nasdaq as a whole. Those stocks were (SUNW), (AMAT), and (CSCO). The support numbers provided were 70, 70, and 50. Little did viewers of CNBC know at the time they were being set up. >>
Yesterday as most of the core indexes gave a signal of break I have these interesting news, if SPM 1382 would have been ignored like CNBC did it the whipsaw action was complete, the trap yesterday was nicely set.. interestingly our was an opposite call accumulate out side the monies <<but it is now momentum selling and I think that best way is to buy some out of the money calls as far out as Oct to Jan on some leading stocks like CSCO MSFT INTC even SDLI LSI and others as Tim Lamb has highlighted.. but if we hold SP00M 1382 and rebound now and take out 1408.. a tall order but doable.. >> all these are solid positions and can be liquidated for a very genrous profit..
<<Whipsaw Wednesday! That's how the geniuses at CNBC decided to label yesterday's trading action. Whipsaw Wednesday, okay, but let's tell the truth. They helped make it happen. In a classic demonstration of market misinformation, one of CNBC'S star female reporters (unnamed) stated early in the session (or was it just before the opening bell?) that analysts at a noted investment banking firm (unnamed) had informed her that a break below support in three key Nasdaq stocks could potentially spell disaster for these stocks and possibly Nasdaq as a whole. Those stocks were (SUNW), (AMAT), and (CSCO). The support numbers provided were 70, 70, and 50. Little did viewers of CNBC know at the time they were being set up. As we now know, these levels were penetrated, but instead of precipitating a collapse into oblivion, we witnessed a dramatic comeback rally. Somebody wanted to buy those shares at or under those support numbers. The lesson? Don't believe your 'sources' of information and don't trust the financial media to present you with accurate information, especially if you are trading the market! Remember, stops are 'gunned for' by market professionals (traders, specialists, market makers). This is as old as the stock market itself. It's funny. The game never changes.>> reported by someone else.. |
