ES Journal - 2012

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Quote from Lawrence Chan:

The breadth reading was actually very bearish but no weaknesses showing from the ES chart.

Only hint was that NQ probably wants a deeper pullback.

But the real reason for the break out is this,
http://www.zerohedge.com/news/china...ng-bubble-will-actively-push-investors-stocks

It is a game changing / rule bending situation.

Will be difficult to deal with over the coming few weeks when normal mkt mechanism is not allowed.
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Which breadth reading? NQ be damned; I wonder if NQ traders pay such close attention to ES as ES traders to do NQ? I often see NQ diverging a little bit from ES, in the depth of swings anyway; sometimes ES goes with it, sometimes it goes with ES, so I pretty much just keep my eyes on ES, since that's what I'm trading, and the cash too, during the day.

Interesting article.... hmm..
 
FWIW, just need to say that it makes me a little sick that I bought 4 ticks from the low yesterday at 70.50, and got a whole 1.00 point out of it. Not as sick as I'd be if this were like the volatility we had last year and it was up 40 or 50 points, but still, 3 points max pullback in the whole move up, nothing but vertical, ugh.
 
Quote from JoshDance:

FWIW, just need to say that it makes me a little sick that I bought 4 ticks from the low yesterday at 70.50, and got a whole 1.00 point out of it. Not as sick as I'd be if this were like the volatility we had last year and it was up 40 or 50 points, but still, 3 points max pullback in the whole move up, nothing but vertical, ugh.
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You just never know though man! THe market could have finally stalled at 74.50's and peeled off hard from there. Honestly though the volume, and the grinding nature of the price action reminds me of the full on bull market we had in the second half of '09, and the last quarter of '10. Just slow, steady, and pretty much nonstop.
 
Quote from Trvlwanderer:

They are gonna drift it beyond the point of no return. Only chasers and top buyers and then a nice re-cock.

Seems I've seen this movie before. :confused:
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yawn...wipes eyes...turns on monitors...WTF? sure enough. Drift Well Above the Breakout Part II in theaters now.

:eek:
 
Quote from JoshDance:

FWIW, just need to say that it makes me a little sick that I bought 4 ticks from the low yesterday at 70.50, and got a whole 1.00 point out of it.
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love that feeling! think i get it once a week. least you made $
 
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