Options and Stock Market Technical Chart Analysis for April 15, 2009 by Idan Koren

Today the traders and I looked at some intraday trades that we made that were very profitable despite having an overall short term bearish bias. We were able to stop loss our trades very effectively due to our accurate trend-lines and were not faked out by the market at all. We covered our SPY puts position at the open and put it back at a double top level, which coincided with a 38.2% retracement of the move lower since the highs. We covered at a significant intraday bottom and were able to stop loss another trade effectively. The rally today ended at a 61.8% retracement of the move lower and we closed right below a strengthening longer term red line resistance. The rally started after the bond market closed at its lows, signaling that the stock market is taking its ques from bonds, and was able to be "let loose" once bonds closed. Todays volume was a little weaker than yesterday's which can signal consolidation, but the VIX broke to new short term lows, which keeps us nervous being short. We do have some PUTS on JPM as we think the upside is limited but the position is extremely small. Today we also look at SPY, VIX ,GS, JPM, GLD and TNX.

The views reflected on this video are that of Idan Koren and his friend traders only and not of the whole www.stocktock.com community.

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[mark1688]

Why always try to short when the trend is obviously up for the last 6 weeks and it's much easier to make bigger profits by buying calls and SPY on dips than trying to short on rally. Using a combination of Elliot waves, candle sticks and technical indicators, this rally has a potential to hit S&P 875 before finishing this wave upwards.