ES Journal - 2012

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Quote from Laissez Faire:

If this is not a bear flag culminating around maximum 69 for a dump into the close, I will become a perma bull. :)
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Are you a perma bull now, ES is closing at high of the day.:)
 
Quote from Laissez Faire:

If this is not a bear flag culminating around maximum 69 for a dump into the close, I will become a perma bull. :)
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Please recite after me the Perma Bull Creed:

I believe in the Bull.
If I short the market, it means I'm full of bull.
Bulls always win, bears always lose.
I only speak of bears when I speak ill of them.
I renounce any deeds, speech, or thought involving the words "bear," "sell," and "short."
I exist only to buy, and cast a plague on all bears.
There is one Bull, our master and teacher; we follow Him always.
 
Quote from JoshDance:

Please recite after me the Perma Bull Creed:

I believe in the Bull.
If I short the market, it means I'm full of bull.
Bulls always win, bears always lose.
I only speak of bears when I speak ill of them.
I renounce any deeds, speech, or thought involving the words "bear," "sell," and "short."
I exist only to buy, and cast a plague on all bears.
There is one Bull, our master and teacher; we follow Him always.
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That's funny.:)
 
Quote from Laissez Faire:

Leaving now, but also leaving orders to sell 1366 with a stop at 1369.
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Pull this for now. :)

Quote from ActiveTrader07:

Are you a perma bull now, ES is closing at high of the day.:)
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Pulling my earlier statement as well. :)

Not sure what to make of the price action today. Certainly no apparent weakness to me, but we made a 1 tick lower double top at the end of RTH and the globex high at 73,75 were not tagged.

If we were to trade above 70, I was sure we would at least take out the daily highs and the AH high.

But no, just consolidating here in this zone for one more day. Some probably perceive this as distribution, while others think it is consolidation before the next push up. For all purposes, the trend is still up and not yet broken. No apparent weakness on the daily SPX chart.

I`m soon ready to resume full-time day trading. Much easier to predict the next intraday leg instead of the next major swing. :)

Any takers on tomorrow`s action in light of what happened or not happened today?
 
Quote from Laissez Faire:

Any takers on tomorrow`s action in light of what happened or not happened today?
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I think the 69.25's area is the line in the sand for bulls. We should hold above that and then I feel really good about new highs either overnight or tomorrow. If we trade back into the "air" below 69.25's, then I'd be expecting at least 61's.
 
Quote from Laissez Faire:

Pull this for now. :)



Pulling my earlier statement as well. :)

Not sure what to make of the price action today. Certainly no apparent weakness to me, but we made a 1 tick lower double top at the end of RTH and the globex high at 73,75 were not tagged.

If we were to trade above 70, I was sure we would at least take out the daily highs and the AH high.

But no, just consolidating here in this zone for one more day. Some probably perceive this as distribution, while others think it is consolidation before the next push up. For all purposes, the trend is still up and not yet broken. No apparent weakness on the daily SPX chart.

I`m soon ready to resume full-time day trading. Much easier to predict the next intraday leg instead of the next major swing. :)

Any takers on tomorrow`s action in light of what happened or not happened today?
More...
I agree with your analysis. Could make a case for either scenario that you mentioned. I currently have a neutral view of the ES. I do think that the ES must take out 1350 before we can entertain a correction of longer than 1 or 2 day. I actually do not remember the last correction of more few hours much less a multiple day correction.:)
 
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