More downside

Markets are rolling over, the question now is, how far down will they go? Some major moving averages (20MA & 50MA) are right below us and may act as support.
Gold sold off, but not as hard as crude oil and silver. Oil lost +3% and silver 1.3%. A logical dip since all were significantly overbought.

Swingtrades
I closed my remaining swingtrades, those of today for breakeven. I also entered a trade in LO, ment as a swingtrade, on the break of the bullflag. But when the market started turning, I sold near breakeven, no need to fight the tape, we're probably going lower tomorrow, or stay in chopmode...
I bought May SPY 128-puts and will probably sell these tomorrow if markets keep heading south.

Daytrades
My first daytrade was in RIG, but my entry was bad. I was watching the 2m-chart (depicted below). But I should have checked with the 5m (and 15m as well). On the 5m-chart, the 9EMA was still far below price plus, R2-pivot was just above. Basing above a pivot would be more positive than basing under. In other words, this entry was far from good.

My entry in REE on the other hand, was very good, right after the hammer above 9EMA and R1 (although I missed an excellent opportunity at the open - see circle). I sold partial after the big volume spike up, the rest at breakeven. My SL was just above the 9EMA instead of below, again because I was paying more attention to the 2m-chart than the 5m. Let's not make a habit of that. By the way, my first target was 15.90...

The market rolled over intraday and I chose to go long TZA after a small pullback. Immediately, a spike up followed and I took partial gains. This time, I kept my stop under the 20EMA on the 5m-chart, but I got stopped out anyway. Of course, little after that, TZA went higher when the market tanked again.

CAM was mentioned in the HCPG-newsletter as a support-trade. 54 was the number to look out for, which was the 100MA.
Price didn't bounce hard, maybe because the stock rather travelled lower along it's moving averages, instead of falling down on volume. Still, it was good enough for small gains although I hoped for more. Oh well, it will pay for another month of their newsletters!

Friday: The Bears are back

Friday, world indices and futures were up nicely in pre-market. When the G7 announced they agreed to intervene to weaken the yen, markets & futures spiked. The result was a big gap up that got shorted and the markets grinded lower all day long. This gives us a rather bearish scenario for the days to come as depicted on the SPY-chart below. We'll have to see if the 100MA-support holds for the S&P.

The QQQQ's look even worse, been rejected by the 100MA for 3 days in a row:

Daytrades
4 daytrades Friday, all winners, ending the week on a positive note.

First one, HUM (mentioned in the HCPG-newsletter several times) shot up at the open on high volume, taking out the 65-resistance level. Volume faded quickly and I took partial profit under 66. I got stopped out on the remaining shares. I kept HUM on the watchlist because it seemed to base under the 66-level. However, a breakout never came. Below the HUM 2m-chart:

The second trade was one of Stewie's recommendations. We went short CSIQ at 11.08 and I took partial profit on the LOD (10.86), the remaining shares got stopped out near breakeven.

Third daytrade was another long, LO. Ideal entry would have been 82 but I wasn't monitoring the stock at that time, sadly enough. The climb from 82 to 88 was enormous. The stock then retraced to base at the R2-pivot and formed a round bottom. I got in at the break (entry: 85.63) and sold some at the first spike up on rather low volume. I sold some more just under 87 and the R3-pivot and raised my SL aggressively. Stopped out at 86.39. 5m-chart:

If I had followed up LO better, I would have noticed the nice base @85.84 which was a great opportunity for a quick buck in the last half hour of trading!

The last trade of the day was another one from Stewie. He went short OAS near the break of LOD (low of day) @30.30. The 30-level held up as support for about 10 minutes and then broke. The stock fell another 30-40 cent, I scaled out, average was 29.82 for almost 1.5% gain. Not bad since it took less than 45 minutes.

It's now Sunday and yesterday, French, British and American fighter jets and cruise missiles attacked Libyan military targets.
Other important news; Japan of course. At the Fukushima nuclear plant, workers had to release pressure by letting out radioactive steam. Also, abnormally high levels of radiation were found in milk and spinach.

So far, not the news the markets have been waiting for...