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I just read today that GS told everyone to keep shorting and set stop at 1400. Funny how we just plow through 1400 to the upside with ease on good volume.

Talk about a clean little consolidation. Yummy.. let's see if it trends upon break.

1378.x another possible resistance. I don't like it, we are spiking up.. bad for bears. It probably won't hold (i.e. it will likely keep going up).

That sounds pretty reasonable -- short term downtrend resistance just failed.. It held at first, nice down move (figured we were good to go down) then quick reverse and pop.

Given that we did retrace up and failed to make a new low (and are close to the original call level -- I do understand you might have been adding to a winner, though), might I ask if you have a stop level?

Looks like it was around 1373ish at the time of your post. Nice.

No entry or stop level?

True, good looking out. Definitely a strong move.

I'm not going to trade this sucker (too nutty for my blood) but definitely curious to see how it behaves here. Currently 1354.5 or so, nice little retrace off the quick down-move.

This does not appear to be a 'flash crash', just a selloff in a downtrend that tests the recent lows, but hasn't hit them (1321).

No youtube posts, huh? That was a funny scene from One Crazy Summer. Teddy was scared that if he lost the regatta that he would be forced to WORK. "No more pools.. no more Ferrari." lol

Yes, understood. Just figured it's easy enough to silently ignore. Trading is stressful. Dramatic posts are expected in this game. I know it really has changed my path. I got into it a long time ago and lost my ass, had no clue what the hell I was doing, etc. Studied my ass off and...

Open question, and I am sorry if this ruffles feathers: Just out of curiosity, why is everyone so hard on marketsurfer? I like his posts and appreciate the contributions of anyone who is not trying to deceive others into separating themselves from their hard earned cash. Seems like he has...

I finally realized why emg allocates $100,000 per ES (S&P 500 e-mini futures contract). Even at a high of 1600, the *total* contract value is 1600 * $50 = $80,000. By allocating $100,000 per contract on a $500,000 account and 'scaling in' between now and doomsday 2014 on a position of -5...

1320? 1320.

Anyway, the price action around here looks fairly favorable for some possible upside. MANAGE YOUR RISK. This might be a good call only to know to *not* short, *not* necessarily to try long. I am not trying long. No sir, not me. edit: Strong emphasis on *possible* upside. Who knows...

Here we are in the low 1320's. Let's see if I make a complete arse out of myself down here. Disclosure: I'm not going to place any trades, just watching for educational purposes.

I think this support is a good guideline. It's a very risky and bad area to try to open new shorts down here between 1300 - 1350. The risk/reward is not there, and the opportunity to go short has come and gone. I am not saying support here will definitely hold, but opening a short at support...

Sure there is... sell below support :) It's not much different than using moon phases or coin flips for an entry point.

Nice going, marketsurfer.