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After hours futures going beserk
- Thread starter swtrader
- Start date
Quote from Ivanovich:
Yeah, so much for that "top is in" call, eh? Can I move it to chit chat now to burn in flames with all the other hundreds of top calls?
do whatever you like, after all, you're the moderator.
an after hours move, may or may not hold by tomorrow morning. based on today's close 1057, there are still 2 higher highs. the first post called the wednesday 2 weeks ago as the top, with an interday high of 1080. the pevious day's high was the highest closing high of about 1073
so based on closing prices, we're still about 16 points below it
based on intraday (and after hours prices, current ah ES is about 17 points below the intraday high
so, it's not broken yet, although i am surprised by the AH move. I have not been surprised by anything up until the close today
next key levels (IMO) would be 1067, last month's 20 month average, a sticking point for much of the month, the higest close or 1073, then 1080. i would consider the call wrong at that point, the top was either in or it's not. if it goes above 1080, or closes above 1973 the call is wrong. (Even if they close the month below the new 20 month average, and drop it like a rock afterward)
I started this thread knowing i'd take flack on the top call. if it's wrong, it's wrong. but it isnt wrong yet
http://www.elitetrader.com/vb/showthread.php?s=&threadid=177870
"09-30-09 09:02 PM
technical case is i this thread
the actual top was last wednesday, today's close confirms it
"
Money managers are supposedly chasing the market now because all of them missed their opportunity 60% ago. I have been hearing this from every analyst, trader, money manager etc, etc, etc,........
Both Joe Terranova and Tim Seymour are optimistic. "I think this is the last chance for underperforming money managers to catch up," says the Liquidator. "Guys that are sweating on the sidelines because theyââ¬â¢ve missed gains could stampede back into this market," adds the Ambassador.
HAHAHAHAHAHA
WOW is this funny, "SWEATING ON THE SIDELINES" how many times have we heard this one before, so lets push the markets up another 30% into the end of the year because those under performing money managers missed out, what a joke.
What goes up always comes down and in this market it will not take much at all for the markets to lose 1/2 of their gains. I remember this same type of child like giddiness back in 2007, back in 2007 there were millions more people working, houses selling left and right, retail sales were banging and GDP was growing 4%+, private equity was booming, 16 million cars were being sold every year, consumers were spending every last dime they could suck out of their 3000SQ FT piggy bank. Today that's all gone, millions and millions of jobs are lost, GDP is 0%, inflation is on the horizon, the government has to push programs for consumers to go out and spend, and everyone thinks the market is going to zoom higher, hahaha, keep chasing the markets higher like every fool is doing.
Both Joe Terranova and Tim Seymour are optimistic. "I think this is the last chance for underperforming money managers to catch up," says the Liquidator. "Guys that are sweating on the sidelines because theyââ¬â¢ve missed gains could stampede back into this market," adds the Ambassador.
HAHAHAHAHAHA
WOW is this funny, "SWEATING ON THE SIDELINES" how many times have we heard this one before, so lets push the markets up another 30% into the end of the year because those under performing money managers missed out, what a joke.
What goes up always comes down and in this market it will not take much at all for the markets to lose 1/2 of their gains. I remember this same type of child like giddiness back in 2007, back in 2007 there were millions more people working, houses selling left and right, retail sales were banging and GDP was growing 4%+, private equity was booming, 16 million cars were being sold every year, consumers were spending every last dime they could suck out of their 3000SQ FT piggy bank. Today that's all gone, millions and millions of jobs are lost, GDP is 0%, inflation is on the horizon, the government has to push programs for consumers to go out and spend, and everyone thinks the market is going to zoom higher, hahaha, keep chasing the markets higher like every fool is doing.
Quote from Uncle_Ho:
We are not taking off anytime soon with unemployment numbers coming in terrible and the rate at 10%.
I have a feeling retailers are going to do really poor in Q4 for some reason.
I;m short a nice little 10 lot going into tomarrow. 1064
I think retailers will do pretty good, as I said the bar is set low for these retailers and with back to school in favor for these retailers I don't think they will have a hard time coming in with good results. Aside from that retailers are extremely overbought. Some of these retailers are up over 300% from their lows.
Quote from spades434:
It's all about the $$$$$. I know SPX broke under major trend line, then came back to test it and several blogs were calling for a perfect short. I thought about buying puts, but just couldn't pull the trigger, knowing how almost every technical short has been failing. Time will tell, but for now the trend is your friend. And the boyz at top "need" this to higher.
I wish i could learn how to stick charts in here. It would depend on how a person draws trendlines of course -- i draw then exactly the way Victor Sperandeo did it in his book. I had SPX never closing below the trendline, but rather bouncing off it at the intersection of the 20 week MA and the trendline. I was waiting patiently for a close a few points below the line, but it didn't happen on my chart. Next resistance seems in the 1150ish area.