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And another thing: Gold has come off 40 dollars now from the highs.. profit taking going on there too. Yen has already decoupled a few days ago... Small signs we may have a temp low in place for SPX...

He may well have indeed. I'm not an Elliot wave follower at all. It's only with hindsight that things can be classified according to his theories - imho. But many ppl i know swear by e-waves...

Good point Jahajee. I wouldn't know. It was brought to my attention and is circulating many a trading floor as we speak...

For B1S2: Elliott wave master Bob Prechter is closing his 18 month holding short SnP position here... http://www.elliottwave.com/single-issues/the/0902EWT_Time_To_Cover_One_of_the_Biggest_Trades_of_All_Time.aspx?code=cga

porge - why would anyone be here non stop just to trade a demo account? doesn't make sense does it?

There is always the next trade dude, don't dwell too much on things...

Bullish percent index has dropped sharply to only 25pct last few days but not near the nov 08 lows yet... http://stockcharts.com/h-sc/ui?s=%24BPNYA&p=D&yr=1&mn=0&dy=0&id=p53880483647

all out for 5.75 points

out 1/2 @88.25 trailing stop moved to 85

added 85.5

fwiw - been told 79 watched closely by smart money... apparently a DeMark level... edit: on the cash that is..

Nouriel Roubini has been wheeled out again this morning with yet another doom and gloom report... as if we didnt have enough of those already... http://moneynews.newsmax.com/streettalk/roubini_taleb_recession/2009/02/19/183372.html I take it this has helped the weakness this morning... i'm...

My take.... 730 before 830. confidence level only 60pct though...

thanks sal.

We know Roubini and Rogers calling ES much lower. Anyone seen Gerald Celente's calls?! Down the gutter with SnP... yes, excellent call 93 stall.... why 93? why not 96.25 as I would have thought...

that exactly what my finding is. thats why im ending up here...

fully agree, i watch yen too, but i even used to play the correlation which always worked well untill recently. For pure SnP direction, i watch the Itraxx (mentioned it before), baltic dry, but thats more for a medium term view and as a guide for my bias and a core position. but i do like...

a head fake that lasts for days... too painfull in daytrading to sit on it. saying it, because yen comes up often in this thread (riskymove, LC, et al). ive been trading ccies for years. trying to learn about ES from you guys now :)

that's right, no disrespect. i'm only saying it to prove a point that trading SnP off the yen and vice versa is pointless... if you'd played the correlation now, you'd been burried.

yen is dropping because of the japanese fiscal year end repatriation trade.. hence the decoupling whioch i mentioned yesterday... market is positioning for this repatriation but if it doesn't take place, an allmighty yen squeeze will be next..