Options and Stock Market Technical Chart Analysis for April 17, 2009 by Idan Koren

Today my friend traders and I start looking at a longer term perspective and the possibility of wave B of primary wave 2, starting at the 87.50-87.60$ level. We look at some potential supports for this market and remind traders that we are still in a bullish channel nonetheless. 87.50$ has been incredibly strong resistance and support in the past, and it should hold for the time being as marked by the sell off and the 1 minute dead cat bounce at the end of the day which is very bearish. The financials were weak all day, despite a great earnings report from Citigroup and the bearishness on good news dictates a potential reversal. We look at XLF, C, GS for more guidance. Finally we look at some gold and the VIX for any indication of when the market will reverse and recommend putting a stop on gold if it were to fall below the 200 SMA. We currently are holding a lot of PUTS on XLF and SPY.

We will have an educational video out late tomorrow for those who have only started trading.

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• 17/04/2009

[rockhardxrocker]

Hey when I use the strategy desk, and open it, it loads all of the data, trend lines, etc. from before (which is good) but it doesn't save the symbols in the drop down menu.

So I have to recall all the ticker symbols from memory to look at the charts I've worked on. Is there a way to save the ticker symbols in the drop down menu?

The strategy desk is so great by the way, free too. All you have to do is open an account (which is free to do and maintain) at ameritrade. Glad we crossed paths.

[u05ikoren]

to tell you the truth I don't know, simply because I memorize pretty much all my tickers and so I don't need the drop down menu. I suggest you know them by heart.. it's worth it. I have about 500 memorized.

[rockhardxrocker]

FAZ was shit today, I suspected C was going to go down, and tried to 3x leverage that fact. Did not work out, should have either shorted directly, or gotten puts. C did go down, but largely FAZ was not affected too much.

[kenji4861]

Awesome, I went in for $85 SPY Puts and FAZ today :)

GLD is not doing well though :(