For Tomorrow- If I Could

BellaGeneral Comments, Mike Bellafiore's (Bella's) BlogsLeave a Comment

I will be flying to the LA Traders Expo as the market opens tomorrow. We cannot yet trade from 36k feet. But if we could I would. Before throwing my toothbrush into my travel case and folding my under shirts neatly, I thought I would leave you with some trading observations.

If I was trading tomorrow 1050 S&P futures would be my most important level. For all of you playing the game with SPY that corresponds to SPY 105.50. I like a small bounce off the first test of this level.

I would be all over BP. There were substantial bids at 29. Below this level and BP is a trend play on the short side. Above 30.50 and I would lose temporary confidence in a short term BP short.

APC just got hammered today. For scalpers I would scalp the crap out of this. It is very easy to read the next direction in this stock. Anytime the offer lifts it is going higher. Anytime the bids drop it is going lower.

BIDU dropped like a knife under 70.50 today. 66 and 65 are support levels. But this is a fun stock to trade when the market is volatile. Have at it short term traders.

What in the name of RMBS happened to RMBS today? RMBS below 22.60 and the bids went on strike.

AAPL below 246.50 got crushed. So much for that important 260 level.

I would watch the 136.80 level in GS tomorrow. So much for that 145 level.

I wish I were trading tomorrow. Tomorrow is set up for a very profitable intraday trading session. Good luck and let me know how you did!

If you are in the LA area this weekend come by and say hi after one of my presentations (and with the StockTwits gang) at the LA Trader Expo.

Bella

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