One slight tremor from BIDU and the stock corrects a whopping 60 points in 2 hours. I had my target set at 360 but could only sell at 345. Not bad considering where it finally closed. My entry point at 303.
The impact of BIDU was huge- it not only affected US markets but markets world over. The BIDU news was just a cut of 2 million in revenue. How does that affect world markets. Think about it. The answer lies in TA. How did I know that my target should be 360 and why did the news come out at that time. Again the answer lies in TA. The markets corrected big time because it was very very overbought and had broken the upper trendline. I am now expecting a correction to lower trendline.
As planned I picked up OCT 50 puts on QQQQ at 0.03 a piece. It closed at 0.10.
My plan today is to pick some good shorts. Anything commodity will be good. ATI came with bad numbers. Also bad news on RTP and BHP.
FOMC Projections
4 hours ago
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