maxreturn
745 posts
msg #60365
- Ignore maxreturn |
3/11/2008 10:45:27 AM
Zuber, you are SO right. I was seriously thinking late in the day yesterday of buying calls on the SPY for a short term hold. Very OS on daily and weekly charts and close enough to the January lows. I figured there was a HIGH probability of an announcement that would jack the market...at least on a short term basis.
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EWZuber
1,373 posts
msg #60366
- Ignore EWZuber |
3/11/2008 10:59:03 AM
Closed QID at 55.56. Timing was not perfect on entry. Missed the peak.
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nikoschopen
2,824 posts
msg #60368
- Ignore nikoschopen |
3/11/2008 11:14:01 AM
The market is holding up pretty nicely so far. A flood of sell orders should have sent this market much lower by now. Unless there's a major pullback anytime soon, there could be a flurry of buy programs that will push this market higher towards the end of the day.
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EWZuber
1,373 posts
msg #60369
- Ignore EWZuber |
3/11/2008 11:25:14 AM
I was concerned about that as the pattern TLR was being violated on the 5 m chart so I closed the QID.
Now I could be in a bit of a spot. If the 10 HR.MA can flatten out it will likely be used as support and my QQQQ short position could be in jeopardy. Should be no big deal but I can not close that position without violating the PDT rule.
I'm not sure what they will do to me if I do, maybe cut off my manhood, not sure.
I know they will not let me trade anymore according to their pop-up.
Does that mean forever...and ever??
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nikoschopen
2,824 posts
msg #60370
- Ignore nikoschopen |
3/11/2008 11:28:36 AM
I read elsewhere that once you break the PDT rule, IB will not allow you to trade until ure account balance is back above 25,000.
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EWZuber
1,373 posts
msg #60371
- Ignore EWZuber |
3/11/2008 11:47:27 AM
Thats what the pop-up said. I sent a message to them and asked what my penalty would be.
I won't take a big loss on this position.
I see the market has finally moved my way though, broken through the triangle pattern and broken the 5m/25MA.
Nexxt stop is the 5m/50MA at 41.65.
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nikoschopen
2,824 posts
msg #60372
- Ignore nikoschopen |
3/11/2008 11:52:51 AM
The market might get a bounce from here. S&P just hit Friday's low.
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EWZuber
1,373 posts
msg #60373
- Ignore EWZuber |
3/11/2008 12:01:33 PM
Got a reply...
I can;
A. Deposit funds to bring the accounts equity up to the SEC required minimum of $25,000
B. Wait the required 90 day period before any new positions can be initiated
C. Request a PDT account reset
I like 'C'. lol
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EWZuber
1,373 posts
msg #60374
- Ignore EWZuber
modified |
3/11/2008 12:07:34 PM
With the QQQQ/COMP 10 HR.MA still in a downtrend it will not hold as support.
The only chance that I can see for a dangerous reversal is if there is a substantial bounce up off the 5m/50MA that holds long enough for the 10HR.MA to flatten out. I suspect that could take a couple of hours at least.
Right now I would expect a retest of the 5m/10MA as it moves down to hit price, a confirmation as resistance and then another leg down.
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nikoschopen
2,824 posts
msg #60375
- Ignore nikoschopen |
3/11/2008 12:31:08 PM
I feel there will be a pop any minute now...
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