Chicagostock Trading

Chicagostock Trading

Crude oil $107 - "Will not let the price of oil go more then $100"

February 6, 2012, Prince Alwalweed of Saudi Arabia with Maria Bartiromo of CNBC - "Saudi Arabia went public by saying we will not let the price of oil go more then $100. Which means we can use our leverage, our excess capacity to be sure to pump more if needed, to be sure to have it not go over $100, so we will not impact and affect the consumer countries while they're getting out of the economy of the recession slowly but surely, hopefully."

Source: CNBC

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SP500 Chart May11-Feb12 480 Minute

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X Still Marking the Spot in 30 year Bonds

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As "X" marked the spot in the 30 year bond market on January 31st, the market had squeezed into highs of 14515 only to fail the "X" spot and turn lower.  The turn fell to retest the January lows of 14021 offering oppurtunity for smart shorts to take some profits off the table as the market fell into this low and held by 2 ticks with lows of 14023.  With this low failing to take out the previous month's lows, the market went into a short squeeze as it caught bears looking for the January lows to break trapped and forcing to cover.  This squeeze led the market right back to where it broke down from on January 31st being the 14328 old support now acting as new resistance off this high of 14515.  If this bond market bull is indeed strong then it will work through this range of 14328-14515 to squeeze out sellers and gain back momentum.  On the other hand this resistance offers sellers a level to defend these highs on this retracement and look for the double bottom of 14021/23 to break, squeezing out longs and targeting the December 13924 lows.  There is a lot of complacency amongst bond bulls and complacency is always a recipe to offer the most pain.  In this case the most pain is seen on a break of 14021. 

 

 

 

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SP500 Video @ Nasdaq with notes

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Euro's Double Bottoms

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Since the Euro's double bottom in January, with lows of 12627 on the 13th and 12628 on the 17th, the market trapped shorts who were looking for the breakdown and used as fuel to squeeze above 12884 being the highs from January 13.  This squeeze led to reversing the downside momentum and short covering as the market rallied through the year highs of 13085 and up to its next major resistance being 13237 from December 13 where this down leg started.  After hitting this resistance of 13237 and 6 handle move off the lows, the Euro went into consolidation period, building a flag for the move from 126-132.  This flag built right above the year highs of 13020-13085, being the new level of support as the year highs was conquered.  

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