My Life My Trade

Target price: $10.00
Stop @ $8.75 (1 cent below low of the day)

Target price is $12.50

Target price is $20.50 – $20.75 (XLF should retest $15.00 area filling up a gap there – giving a 2% downside to financials and hence 6% upside in FAZ).

I didn’t get a chance to post the closings of the past few trades. I just wanted to update that my position is all cash as of yesterday.

When ES 976 – 978 held this morning, I got suspicious. Also, despite a good sized move down, some of the big names like AAPL were not in red – So I closed out all of my overnight Aug puts (for a decent profit) as well as all of my Sep VIX calls (at slightly better than breakeven).

This bounce is god’s gift for the bears – I added more short positions today – mainly in FCX & OIH.

ES 998.75 might well be the high for this move up before a nice sized down move starts. I am still expecting an intra-day reversal.

The max pain level for GOOG is $440 for the upcoming August expiration.

On a day when Nasdaq is up more than 1% and most of the big tech names are up 2 to 3%, GOOG has spent most of the day in red and has budged a few cents only. This is more evidence that GOOG is getting pinned to $440 and not $450 (although I am sure that MMs will flirt with $450 to suck in more bag holders)

As of Monday Aug 17, 2009 4:15PM ET, these levels are:

AAPL – $155

RIMM – $75

GS – $155

QQQQ – $38 (massive massive OI in puts at $38 level)

IWM – $53 –> difficult to see this happening

SPY – $98

GOOG – $440

on the most recent dip of ES below 980.