MrJohnRoss' Account Talk

[Birchtree]

"Big inflation is coming, and ironically it is going to hurt those the most who voted for this incompetent fool." Man your bunkers.

 

[wavecoder]

the sky is falling! no, that's just the S fund

 

[MrJohnRoss]

I know it's still early in the trading day, but this sharp reversal candle spike for AAPL is very bad sign. Anyone buy yesterday? It may be time to head for the exits...



Good luck!

 

[wavecoder]

damn, i feel for those people that bought at 600+, ouch!!

 

[MrJohnRoss]

For those of you who follow precious metals, silver is looking especially good right now. Here's a chart of AGQ, which I acquired at 50.76.

For the last two weeks, we've been in a strong, uptrending channel, and the Stochastics, MACD and Slope are all looking good.

I'm expecting a pullback early next week, as we're at the top of the channel. If you're looking to get in, now is not a good place to buy.

Eventually I expect to test the recent highs just above 60, perhaps in early Dec. The last up-wave lasted around 1 month, so this wave may last about as long. Would not be surprised to see some resistance there, as those who bought at 60 may be looking to unload. If I sell there, it will be a tidy 18% profit, but if the charts still look strong, I'll wait until there is a downturn in the technicals.

Does anyone else here trade the metals? It can be an extremely powerful trade, but you have to use caution, because it can turn on a dime.

Good luck!

 

[MrJohnRoss]

Using Fibonacci retracement levels, this market up-move reversal has reached the 50% level. It may be done here, or if it stops at the 61.8% level, it would put the S&P up-move ending around 1424 before heading back down.

This would also suggest a total down move (1.38, 1.5 or 1.618%) to one of these levels on the S&P: 1294, 1278, or 1262.

It will be interesting to see if this starts to play out this week.

Good luck!

 

[JamesE]

What would inspire such a move? FC fears or just plain manipulation by big money?

 

[MrJohnRoss]

What would inspire such a move? FC fears or just plain manipulation by big money?

The markets are often drawn to these levels repeatedly. It seems to be a natural symmetry. Sometimes there are fundamental reasons, other times it's just a self fulfilling prophecy. Although nothing is 100% guaranteed, these are levels that need to be watched and respected.

 

[wavecoder]

I'm waiting patiently right now for the chance to hit buy on TZA, will check back 30m before close. this was a nice relief rally, though.

 

[MrJohnRoss]

30-min chart of the S&P. Looks to me like the market wants to roll over here and head down. Sensing a little bit of weakness. We might possibly see a re-test of the 1343 area before too long.

Sniper, did you buy TZA? Just curious.

 

[wavecoder]

Sniper, did you buy TZA? Just curious.

Did about 15 mins before the close today (yesterday didn't give me a reversal signal when I checked back), got in @ 15.90. Did you?

Got the signals i was looking for and pulled the trigger

 

[MrJohnRoss]

Did about 15 mins before the close today (yesterday didn't give me a reversal signal when I checked back), got in @ 15.90. Did you?

Got the signals i was looking for and pulled the trigger

Got too busy at work, and missed the close. I think you may have timed it pretty good.

Good luck!

 

[wavecoder]

Got too busy at work, and missed the close. I think you may have timed it pretty good.

Good luck!

Thanks! Let's hope that's the case

 

[MrJohnRoss]

Can you say "cup and handle"?

 

[wavecoder]

looks like it right there. but hell, i want a higher price target than 30 cents

 

[MrJohnRoss]

looks like it right there. but hell, i want a higher price target than 30 cents

Looks like you got your wish. I just got in at 16.49.

On the downside, my stop loss for AGQ got hit, so I'm out with a measly 3.3% gain for that three week period.

 

[Khotso]

Looks like you got your wish. I just got in at 16.49.

On the downside, my stop loss for AGQ got hit, so I'm out with a measly 3.3% gain for that three week period.

View attachment 21302

3.3% in 3 weeks? Sounds pretty darned good to me John. Tongue in cheek?

 

[MrJohnRoss]

3.3% in 3 weeks? Sounds pretty darned good to me John. Tongue in cheek?

Negative. Not when you were up 10% yesterday, only to see your stop get hit on the first trade of the day and most of your gains get wiped out. Such is the life of a trader.

If I didn't have a stop, it could have kept on falling, so it's the price I pay to have that insurance.

 

[wavecoder]

Looks like you got your wish. I just got in at 16.49.

On the downside, my stop loss for AGQ got hit, so I'm out with a measly 3.3% gain for that three week period.

Bummer about the AGQ but at least it's a gain

TZA let me down big time, I guess the market bought the Obamaloney speech. I don't check price fluctuations throughout the day since they tend to force my hand at times and abandon my strategy (which I'm trying to stick with no matter what)

In any case it looks like I might get stopped out of my position (6 cents away). Win some, lose some.

 

[MrJohnRoss]

The S&P remains firmly in an uptrend here, even though we are mildly down today. Stochastics, MACD and CCI are all indicating you should stay long.

The real question begins on Monday, the first trading day of Dec. Since I'm currently on the lilly pad, is it worth burning an IFT to get back into the market, or is the market getting ready to run into resistance here?