NOV 18 -29: Market looks bit exhausted as I posted in my last week commentary. Most Indices are holding well. My view is still long, althou we have seen some failed break out. Chartwise support 179-180$, much higher above 181$ area. I see some options volume for higher prices. I would not get too aggressive in such high level. I will play level by level. WEEKLY BLOCK TRADE ON WATCH: $SPY Call bought @ask $0.72 $180.50 11/29/2013 12,500
Oct27-31th: My bullish calls right been on spot , also I locked all profits from my long position. Market looks exhausted, we can see some more consolidationg although Chartwise above 175-176 its bullish, above 177.55 much higher!
Oct 9th: Inverse H&S pattern, still maintaining higher lows and above trendline, clarification from Washington can cause a bounce. In bwtween its going to be volatile. I will be day trading according to market conditions.
Sep 29th : Spy failed to make new highs as market is not clear on tapering, buyers are not interested to add long in such high levels as I mentioned in my last week"s comments . We need some clarity on debt ceiling till then we can see more chopiness or pull back. As we are approaching the earnings season I believe we can see a bounce. As long as market market maintains lower highs we are in a bullish territory. I will play according to market conditions.
Sep 22th: Tapering will come this year, market has to digest that news. Bernake added more uncertainty. I believe money managers will not chase the prices at this level. Once dust settles & if market maintains lower highs, we can see an year end rally. If not its going to be choppy or dowside move in the market. Play according to market conditions
Sep 20th: Market blast off to new highs as fed wont taper yet, means they will continue buying bonds which will keep the interest rates low, and people can borrow easily and invest in the stock market. My view changes I believe that we will see a nice end of the year rally.
12th September: My short term target is reached as I locked most of my profits, 148$ to 153$. I believe head and shoulder pattern is developing, which is a bearish pattern, also some of the options positioning in the indices( SPY, IWM) telling me that a pull back is highly possible. Next FOMC on Sep 17th is one of the days, I will keep close eye on for reversal. I will play according to market conditions! NO POSITIONS YET!
3rd September: Short Term View: Bullish, Long term View: BULLISH(after FOMC)