[quote author=“awcabot”]To day traders and TA:
When you are usually drawing trend lines for the day, you usually also include the previous day in your charts. Is this valid also for Mondays? Should I also display Friday’s chart when drawing potential levels and trends for Monday? Doesn’t the weekend make such trends weaker?
Thanks

That’s a bit like asking how long is a piece of string A trendline is a trend is a trend. Sometimes they last 30 minutes. Sometimes 3 days - the important thing is that they’re identifiable on a chart, not the duration. Intraday downtrends often become multi-day downtrends after all.

[quote author=“Tommo_UK”]Hopefully AAPL will finally decouple from RIMM and be allowed to trade on its own..

We can dream… 

Another Fed governor shoots his mouth off..

08:16   ROSENGREN SAYS EFFORTS TO IMPROVE FHA COULD MITIGATE SOME SUBPRIME PROBLEMS LIKELY TO EMERGE

8:16   FED’S ROSENGREN SAYS WOULD LIKE TO ENCOURAGE REFINANCING BEFORE PROBLEMATIC RESETS

08:15   FED’S ROSENGREN SEES GROWTH “WELL BELOW POTENTIAL” FOR NEXT 2 QUARTERS,GRADUALLY IMPROVING NEXT YEAR

Please… please… just stfu… go away…

[quote author=“Tommo_UK”]Please… please… just stfu… go away…

You can dream about that too! 

[quote author=“Tommo_UK”]Another Fed governor shoots his mouth off..

08:16   ROSENGREN SAYS EFFORTS TO IMPROVE FHA COULD MITIGATE SOME SUBPRIME PROBLEMS LIKELY TO EMERGE

8:16   FED’S ROSENGREN SAYS WOULD LIKE TO ENCOURAGE REFINANCING BEFORE PROBLEMATIC RESETS

08:15   FED’S ROSENGREN SEES GROWTH “WELL BELOW POTENTIAL” FOR NEXT 2 QUARTERS,GRADUALLY IMPROVING NEXT YEAR

Please… please… just stfu… go away…

I have never seen more commentary by Fed governors….ever!  Usually they sit on the sidelines and occassionally say something after a meeting. Now, its every other day. Hell, much of the time you didn’t even know who the governors were, much less hear them speak.

[quote author=“Play Ultimate”]I have never seen more commentary by Fed governors….ever!  Usually they sit on the sidelines and occassionally say something after a meeting. Now, its every other day. Hell, much of the time you didn’t even know who the governors were, much less hear them speak.

They probably need the $100k/speech they’re paid to stay on top of the jumbo sub-prime loans they’ve got on their mansions

Uptrend from the $151 low is around 180.50.

Lower Bollinger on the hourly (support last time the uptrend broke) is around $179.

AAPL at 181.56 on the PM.

Edit: tagged the uptrend as the indices pull back towards the open. Careful - there’s lots of weasels about this morning.

[quote author=“Tommo_UK”]AAPL at 181.56 on the PM.

and dropping! Why, why, tell me why, now brown cow !!!

[quote author=“mtjsTMO”][quote author=“danthemason”]

What should we expect at the Monday open for AAPL?

90,000 call contracts, out of the money calls, were traded Friday for December expiration. That represents 9 million shares. With 18 days until expiration someone is looking for an upside move.

Or someone sold his 90,000 calls for profit, shifting his potential problem to others anticiapting a drop like every year in december.

The premium paid was pretty high (heck I paid $6.30 to $6.80 for the 185’s) and aside from abnormally high volume the open interest on the Dec OTM’s calls (185 and 190’s)increased by more than ten percent. This is quite bullish IMO.

Please keep in mind that there could be 1 or 2 buyers and hundreds of sellers. Or vice versa. but rising prices (especially when the stock drops) plus rising open interest and volume is usually bullish

FWIW:

Doug Kass
Favorite Long and Short
12/3/2007 9:17 AM EST
Favorite long: Dell (DELL).
Favorite short: Research In Motion (RIMM)

AAPL testing its uptrend approaching the open.. indices weak. Not all is lost though - this is probably better than a strong Monday open - we know where they usually lead.

Wow - RIMM dumped another 5.5% at the open after Friday’s massive fall, following the damning downgrade from Morgan Keegan this morning.

09:38   RIMM Research In Motion: Downgrade details (108.02 -5.80)

As mentioned at 7:26, Morgan Keegan downgraded RIMM to Market Perform/Speculative from Outperform based on valuation. The firm notes since late June, shares of RIM have appreciated roughly 70% and now trade at a P/E of 38x calendar 2008. Although they expect growth trends to remain strong, and believe their most recent estimates are somewhat conservative, they believe substantial upside is necessary to drive further share price appreciation. RIM management has stated that it is seeing the effects of weakness in the financial services vertical, which although not material now, the firm believes could have a noticeable impact on subscriber growth.

AAPL weak “in sympathy” and the NDX is down, chiefly because of RIMM and AAPL.

I hope we can finally decouple from RIMM… would be very very healthy going into the next few weeks.

Lower Bollinger on the hourly is now around $178. AAPL just tagged $179.

OT:

09:41   CFC Countrywide Chmn Mozilo: Liquidity `Very Difficult’ To Get - DJ (10.44 -0.38)

Oh funny that.. nobody’s willing to feed the dinosaur any more and its collapsing under its own weight into the tar pit of sub-slime. Maybe if he hadn’t spent so much time in tanning salons he’d have overseen a better loan book at his company. Moron.

ISM number out in a few minutes. Commentary:

The most important figures scheduled bookend the week, with the ISM index to be released today and employment data due out on Friday. Recent data on jobless claims raise the risk of data that point to the possibility of economic recession, which would overpower expectations for a Fed rate cut as an influence on the financial markets.

The ISM index due out shortly is expected to be at 50.7 vs. 50.9 in October, which would be its lowest level since January when it was 49.3. Keep in mind that while readings below 50 indicate contraction in the manufacturing sector, it takes a reading of about 42 or lower to indicate contraction in the overall economy.

AAPL got RIMM’d today - these two still have way too many people trading the two together.

Oh - the Minkey in Chief is speaking live.. just what we need after a Fed governor earlier this morning Market selling off a bit, as it usually does when he speaks.

Options exchanges having problems…. Not updating and the problem is system wide

ISM number 50.8 - a smidgen better than expected but broadly on-target.