CL Redux
- Thread starter schizo
- Start date
After so many days of selling off this was bound to have some sort of relief rally today after the low was put in. This afternoon the best strategy was to Buy the f*ing dip.
<iframe width="425" height="349" src="http://www.youtube.com/embed/jllJ-HeErjU" frameborder="0" allowfullscreen></iframe>
Actually that video doesn't apply to this market, but it's funny so I reposted it. And it was up and down the last few hours. We'll see what the unemployment numbers bring tomorrow.
BTW the link below the video is not to the video but to my trades the last couple of hours. It's hard to read the ones in the middle there but they were all just 2 contract scalps for one or two cents. Decided to let the last half hour go as it was too volatile.
And it was up and down the last few hours. We'll see what the unemployment numbers bring tomorrow.BTW the link below the video is not to the video but to my trades the last couple of hours. It's hard to read the ones in the middle there but they were all just 2 contract scalps for one or two cents. Decided to let the last half hour go as it was too volatile.
Market Snapshot
Aug. 3, 2011, 2:19 p.m. EDT
U.S. stocks wobble as earnings back in view
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) â U.S. stocks see-sawed Wednesday, with the Dow industrials extending a slide that threatens to be the longest in more than three decades, as investors weighed worries about the two-year-old recovery against largely upbeat results from corporate America.
TODAY'S TOP INVESTING IDEAS | Research tools
Oversold conditions are building, but no buy signal yet.
Awaiting a buy signal from VIX
Oversold markets donât always translate into buying opportunity, cautions Lawrence McMillan.
⢠Mark Hulbert: Marketâs major trend now down
⢠The bull's back is broken, says James Brumley
⢠Time to dump Goldman, investment banks
⢠Trading Strategies: How to play August
âThere is more downside potential, but we have all-time high earnings, and stocks look cheap versus bonds,â said Stuart Freeman, chief equity strategist at Wells Fargo Advisors.
Of the 16 S&P 500 companies that reported Wednesday morning, 11 beat estimates, one matched and four missed, according to Standard & Poorâs and Capital IQ.
The count brings to 384 the number of S&P 500 companies that have reported, with 274 companies topping expectations, 33 matching and 77 missing, S&P researchers said.
Extending its longest losing streak in roughly three years, the Dow industrials (DJI-DJIA) fell nearly two points to 11,864.99. A lower close would be the blue-chip indexâs ninth straight, its longest losing stretch since 1978. The decline marked a recovery from a loss of about 166 points.
The Standard & Poorâs Index (SNC:SPX) , which cleared its gain for the year on Tuesday, rose 2.47 points to 1,256.52.
âIâm not real surprised weâre having a flat year, itâs not real unusual in a recovery, where you tend to have a period where investors think about earnings growth slowing, when if the Fed going to go in the other direction,â said Freeman at Wells Fargo Advisors.
After briefly slipping into negative territory for the year, the Nasdaq Composite Index (NASDAQ:COMP) was up 17.21 points at 2,686.48, putting it almost 15 points above where it stood on Dec. 31, 2010.
Click to Play
Fed sees recession risks rising
Three former top officials at the U.S. Federal Reserve, including Donald Kohn, tell WSJ's Jon Hilsenrath that the chances of a double-dip recession have risen to between 20 and 40 percent.
Decliners remained just ahead of advancing stocks on the New York Stock Exchange, where nearly 800 million shares traded as of 2:05 p.m.
Investors had drawn limited cheer from a better-than-anticipated report on the labor front before another round of economic data had factory orders down 0.8% in June and an index of the service sector slipping in July from the month before. Read more on ISM services.
âThe services number expanded, but at the slowest pace in 17 months, all not real bullish print,â said Freeman of the data.
Payrolls processor ADP reported that private employers added 114,000 jobs in July, with the count coming in better than many analysts had expected. Read full story about private-sector jobs up 114,000 in July.
ADP revised downward the prior monthâs results and did little to assuage worries about an apparent stall in the economic recovery.
Aug. 3, 2011, 2:19 p.m. EDT
U.S. stocks wobble as earnings back in view
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) â U.S. stocks see-sawed Wednesday, with the Dow industrials extending a slide that threatens to be the longest in more than three decades, as investors weighed worries about the two-year-old recovery against largely upbeat results from corporate America.
TODAY'S TOP INVESTING IDEAS | Research tools
Oversold conditions are building, but no buy signal yet.
Awaiting a buy signal from VIX
Oversold markets donât always translate into buying opportunity, cautions Lawrence McMillan.
⢠Mark Hulbert: Marketâs major trend now down
⢠The bull's back is broken, says James Brumley
⢠Time to dump Goldman, investment banks
⢠Trading Strategies: How to play August
âThere is more downside potential, but we have all-time high earnings, and stocks look cheap versus bonds,â said Stuart Freeman, chief equity strategist at Wells Fargo Advisors.
Of the 16 S&P 500 companies that reported Wednesday morning, 11 beat estimates, one matched and four missed, according to Standard & Poorâs and Capital IQ.
The count brings to 384 the number of S&P 500 companies that have reported, with 274 companies topping expectations, 33 matching and 77 missing, S&P researchers said.
Extending its longest losing streak in roughly three years, the Dow industrials (DJI-DJIA) fell nearly two points to 11,864.99. A lower close would be the blue-chip indexâs ninth straight, its longest losing stretch since 1978. The decline marked a recovery from a loss of about 166 points.
The Standard & Poorâs Index (SNC:SPX) , which cleared its gain for the year on Tuesday, rose 2.47 points to 1,256.52.
âIâm not real surprised weâre having a flat year, itâs not real unusual in a recovery, where you tend to have a period where investors think about earnings growth slowing, when if the Fed going to go in the other direction,â said Freeman at Wells Fargo Advisors.
After briefly slipping into negative territory for the year, the Nasdaq Composite Index (NASDAQ:COMP) was up 17.21 points at 2,686.48, putting it almost 15 points above where it stood on Dec. 31, 2010.
Click to Play
Fed sees recession risks rising
Three former top officials at the U.S. Federal Reserve, including Donald Kohn, tell WSJ's Jon Hilsenrath that the chances of a double-dip recession have risen to between 20 and 40 percent.
Decliners remained just ahead of advancing stocks on the New York Stock Exchange, where nearly 800 million shares traded as of 2:05 p.m.
Investors had drawn limited cheer from a better-than-anticipated report on the labor front before another round of economic data had factory orders down 0.8% in June and an index of the service sector slipping in July from the month before. Read more on ISM services.
âThe services number expanded, but at the slowest pace in 17 months, all not real bullish print,â said Freeman of the data.
Payrolls processor ADP reported that private employers added 114,000 jobs in July, with the count coming in better than many analysts had expected. Read full story about private-sector jobs up 114,000 in July.
ADP revised downward the prior monthâs results and did little to assuage worries about an apparent stall in the economic recovery.
5th time hitting the down trend line. i'm thinking a relief rally is due sometime soon.
Hello !
I have been reading this thread and those who participate in it and it is very helpful. But here I have a request to you BCE.
I would like to know more about your method and how you place your orders. Because for my trades I use price action and everything is fine, but in the days like today I am not so strong. I am neither winning or losing which is not so bad, actually it is very good, because I already know or at least I think I know exactly what to do, I have a system and I follow it. But I'm interested about your trades. You can trade CL even in tight amplitude of the price of about less than 40 ticks, whilst I am waiting for some congestion, double- triple top, false breakout and etc. The regular stuff. Which as I suppose you already understand, I need to see more much more price action to take a trade.
For the present day I had only 2-3 possibilities for trades like I take. First is the short from 93.20 and the second is 2-2.5 hours later from 92.00 and another one before an hour from 91.87 but hit my stop on 6 ticks because I moved it when the price drops 20tick.
Monday and tuesday were wonderful days for me, but what to do in such days like today ?
So please tell me more about the trading in tight ranges, how do you take the extremum of the bar ?
I have been reading this thread and those who participate in it and it is very helpful. But here I have a request to you BCE.
I would like to know more about your method and how you place your orders. Because for my trades I use price action and everything is fine, but in the days like today I am not so strong. I am neither winning or losing which is not so bad, actually it is very good, because I already know or at least I think I know exactly what to do, I have a system and I follow it. But I'm interested about your trades. You can trade CL even in tight amplitude of the price of about less than 40 ticks, whilst I am waiting for some congestion, double- triple top, false breakout and etc. The regular stuff. Which as I suppose you already understand, I need to see more much more price action to take a trade.
For the present day I had only 2-3 possibilities for trades like I take. First is the short from 93.20 and the second is 2-2.5 hours later from 92.00 and another one before an hour from 91.87 but hit my stop on 6 ticks because I moved it when the price drops 20tick.
Monday and tuesday were wonderful days for me, but what to do in such days like today ?
So please tell me more about the trading in tight ranges, how do you take the extremum of the bar ?