Anyone else think we make another leg lower here?

Only 0.2% on a 0.9% increase in food prices and "FLAT" number on energy...

"FLAT" ????????????????????????????????????????????????????????????????




The CPI moved only 0.2% last month, despite a 0.9% jump in food prices, thanks to a flat number on energy. (See: "Tame U.S. Inflation") A gallon of regular unleaded gasoline hit a record-high national average of $4.06 Thursday, up about 33 cents from last month, according to AAA and Oil Price Information Service. The year-ago average was $3.05 a gallon.
 
Quote from jack hershey:

You may want to add a few things to your scenario.
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You don't trade and SCT does not work!

That's why Spydertrader turns up to functions dressed like a bum and has to be escorted to the coat room to be given a decent pair of shoes

That's why you wear a ponytail with a tuxedo like trailer trash with delusions of grandeur

That's why you failed as an insurance salesman and have to live off your partner and out of her house

That's why your entire track record consists of a 24% loss in a trading contest you didn't have the integrity to finish
 
Quote from ShadowTrader_08:

Two dojis in a row after the drubbing of last Friday.

Our thoughts are that the last two days of market trying to rise on weak internals and these mixed days (where Dow goes up and other majors fall) is bearish in the near term.

We would have to close an hourly bar below 1350 however to send it. Check out the chart below. The lower squiggly line is breadth. Any readings under 50 are bears in control. Today's is especially bothersome as the market essentially was in an uptrend, yet breadth remained negative. Thats not good.

spy5.gif


If the market goes up by end of week without violating that 1350 at all, then our stance MUST stay neutral. Expect another 1-2 months of choppy crap as strength in oils dukes it out with weakness in financials for a long hot summer!

I'll flesh out this concept more in detail in tonites report which will be posted in the usual spot on our main thread here:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=125554
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Whats the maximum exposure to the downside? March lows? Ask yourself this question what will happen than? You will see rally upon rally sponosered by Bernanke and Company back to 1400 for the balance of the year IF that were going to happen.
 
Have to bump this thread, have some of the best and worst traders on the board, I'll let you guess who is who. Bullish into expiry too much doom and gloom for me. Just depends on how the market reacts to new information and spin. I would prefer to hit 1200 es in a day so the next bull can rise from its ashes.
 
Typical thread on ET.
No REAL discussion of technicals whatsoever . . . Instead, it's the old "If we stay about 1350 we will be NEUTRAL" and "just chop around for the next 1-2 months."

Puleeeeeeeze.

I could find a much better "in-depth" discussion of ES technicals at my local sports bar at half time of the Lakers vs Celtics on the back of a napkin.

15 handles down before a small counter-trend rally back up to nearly 1362.
Subtract 15 handles from that and you get a target of 136.50

Already 10 handles towards the objective.

:eek:
 

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