nice to see racerick.  I'm in DXO as of yesterday at 1.76.  Setting tight stops behind the move up.  Want to make sure I get a nice small profit today.  I have learned not to give up the gains and cut the losses short.  This site has benefited me alot.

Jcomp, thanks for the response.  I don't really think it is tied to oil at 2x as most would think.  If so, it would be at about 6 since its high was about 30 when spot oil was at 147.  If oil went back up 5x from here it should conceivably go up 10x, which would only bring it back up to 18, not 30.  At the current prices, it would seem to be moving 3x or so to spot oil. 

DXO is at about 1/15 of its high wheras spot oil is at about 1/5.  Does anyone know why that is?  Actually, shouldn't the proportion remain the same regardless, even if it is 2x?

1.77 after hours trading.....wow

Jim, this will give you an idea of how the oil market works:

http://blogs.reuters.com/great-debate/2008/12/23/nymex-oil-benchmark-again-in-question/

This morning update.

I had warned the longs yesterday afternoon that it would be dangerous for the longs after violating support. This morning’s pre-market shows the reason why. The European markets are down hard and the Employment Situation looks brutal. The consensus was for a loss of 335,000 jobs. Today’s report was that 533,000 US jobs were lost in November. The Unemployment rate rose to 6.7%, with the expectation of much more to come in December.



This may be the beginning of what may mark this month as the darkest in the history of the markets. The projected drop from 895 at the end of November to the minimum 630 projected low this month is nearly a 30% decline. I have a double confirmation on that projection and both calculations are considered as minimums.



The next support for the SPX is at 775, but I don’t expect more than a temporary bounce. Support for the NDX is at 1055 and the same expectation holds for it, too.



Gold may rally today as a flight to safety. We’ll monitor that closely, since it is between a very tight range of support (75) and resistance (76) in GLD.



Good luck and good trading!

Dodger:

Is the bearish scenario more likely now that we have broken below 835 or is it still too early to call?

PWE pays their dividend monthly, correct?

Matt, that will make your service totally outstanding.

thanks pki.  schwab sucks, but i'm locked into it for my 401k.  no other choices.

do any of you know if ninja can hook up to Charles Schwab?

Does anyone in here use Matt's trading system with Charles Schwab?

Meaning the spx is on the rise? 

Where are you placing your stop RP?

I have had "trading halted" on all etf's on Charles Schwab.  Is that happening on your brokers too.

What are your thoughts on DIG Matt?

What do you guys think of TBT as a longer term hold?

I, of all people, know what you mean Matt.  I'm a member at another board and I can tell the difference now between objective trading and emotional hopefulness.  By the way, I'm happy for the gains in DZZ and PFE.  The absurd thing of it all is that I read Stan Weinstein's book and didn't follow any of his methods, even though he warned the readers about the same things you and Dodger have warned your clients constantly about.  Playing the breakouts is the best way to consistently be successful.  My days of trying to guess the bottoms are over.  I realize now that it is better to catch it on the way up somewhere.

I'm going to second that one.  This is the only site that I've found where the principals dig in and work with their clients daily.  I'm fortunate to have found it and am happy to be here.  I'm not doing this thing on emotion and blind luck anymore.  I took some losses listening to the perpetual gold bugs but cut them short by paying attention here.  What a relief!

Matt:

An inverted H & S?