45+ point pop on YM

[icarus618]

Quote from Trend Fader:

14:34 ET Market bounce attributed to talk of short-covering going into holiday weekend : Worth noting that over the past six years, the week going into Labor Day has been negative for the markets (an avg of 4.3% down for the S&P 500). However, historically, September has typically started very strong (before slumping later in the month). This pattern may be leading some shorts to cover positions going into the Labor Day weekend.

Since you've stated that what you "pros" can't understand can't be any good, I thought I might learn something by watching how a "pro" like you operates.

Is this how you "pros" trade?

Let me guess, you're still in your AT short and feeling uncomfortable. You're now citing rumors and statistics to tell yourself this is just "short covering going into the holiday weekend."

Maybe you forgot today is Tuesday and there are 3 more days of trading this week before the weekend? Oh then what's 3 trading days to a "pro" who can't make money every MONTH and has to figure out whether or not he's profitable on a YEARLY basis.

Gee, I'm just an amateur and I make money every WEEK. And I do it daytrading futures. Imagine that! Oh but I must be lying or just lucky because a "pro" like you who thinks $100K a year in NYC is real money doesn't believe it's possible.

 

[howardy2k]

Quote from monkey:

I just caught a nice 45 point move on the YM.... I bought the breakout from the straight line this afternoon.

Any news behind this?

rumor has it that i just sold at the low of the day

 

[damir00]

Quote from monkey:

This was a case of when the market trades in a horizontal line like it was for almost three hours, trade the break away from it.

that's not what i meant. market sank, eased to a stop, then wouldn't go down anymore: there were a million and one ways to read this "correctly" and profit from the ramp. i have no doubt ET will be buzzing with hundreds of posts from people congratulating themselves on how well people played this.

i'm thinking bigger picture than this immediate trade.

 

[VisionTrader]

Quote from monkey:

I just caught a nice 45 point move on the YM.... I bought the breakout from the straight line this afternoon.

Any news behind this?

I find all this information very informative. I do not know what the pros are doing. I would like to add my take.

Price made a double bottom on a key fibo level of the 50% retracement of the move from apporx 8970-9500. This was also a key long term MA.

Clear as mud, I think. Long. Crowd behavior just saw it too.

Maybe they covered because of it. Maybe the pros saw it as a buy.

Signed.
BubbaVisionTrader