Options and Stock Market Technical Chart Analysis for August 12, 2009 by Idan Koren

Today we looked at the strong rally on high volume and what it meant for the markets moving forward. I added a lot to my shorts in preparation for a continuation of the sell side as the market failed to stay above the channel support. With that in mind, i show the H&S formation that have been forming on the markets, and the neckline levels that need to be breached in order for us to see more downside. I have September puts on BEN, GLD (gold), XLF and SPY. My stops are placed in comparison to the SPY 101.65 level.

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[SixPack4200]

SPY right now at 101.82 pre-market. Things look like a go to the next channel, get your calls ready.

[u05ikoren]

not anymore huh? haha

[SixPack4200]

I've been following your videos recently Idan and your provide valuable information. What do you think about AIG puts? Do you think AIG will continue to slide down? I might buy some Sep puts.

[u05ikoren]

It was just wayyyy too overbought and had to sell off.. today's action was sort of bearish, but it wouldn't surprise me if we get one or two more up days before another potential push lower.

[u05ikoren]

SPX U looks to be forming a clear inverse H&S on the 10 minute.. if it falls underneath todays low.. i would get out... otherwise it looks to set up pretty well into the next few days..

[SixPack4200]

well spy didnt gap down this morning, it just went down after the bell rang. played some puts for a quick profit this morning

[SixPack4200]

yeah, never trust the pre-market, always wait until real trading begins at the bell. i'll be anticipating the gap down in the morning, hopefully i'll be able to buy some cheap calls

[3dbeing]

woops, what does the DXY0 intraday chart say to you?

[3dbeing]

I have Aug 60 strike calls for SPXU, so I figure I need a 4%+ move on SPX do you think I will get it by next week, or should I jump ship with the next 1-2%?

Also what does the DXY0