ES Journal - 2013

[trickshot]

The fed has effectively killed market volatility with their ZIRP and aggressive bond purchases, those things no longer look as attractive to stocks with the current depressed yields, there is just nowhere to go now if you get out of stocks.

You are either long SPY long term or flat in this kind of market, makes no sense to short or even try to time the small corrections by running in and out of the market. Wasnt worth doing that last year and it will be no different in 2013.

 

[tortoise]

Quote from Builder17:

think 78 will hold? (should we get there...)

Yes

 

[Builder17]

stopped -4

 

[gmst]

Quote from Builder17:

stopped -4

not sure stopping at this level is good.

I think we will revisit at least 85 for sure within next couple of hours.

EDIT: More likely we will revisit 84.

 

[tortoise]

Quote from Builder17:

stopped -4

just because you were early doesn't mean you were wrong

this is insanity


[EDIT:In addition to NQ/Tech not playing along, bonds aren't, either.]

 

[Builder17]

yeah thanks, agree with idea,
reshort 86.50 stop 89
t 78.50

 

[gmst]

Quote from tortoise:

just because you were early doesn't mean you were wrong

this is insanity

Agreed!

There is no reason not to keep the short over the weekend. We had such a huge runup, bound to take a breather.

 

[tortoise]

Quote from Builder17:

yeah thanks, agree with idea,
reshort 86.50 stop 89
t 78.50

Ok...but if you're going to do that, for heaven's sake, are you sure you want to put your stop right BELOW R!?

 

[gmst]

Quote from Builder17:

yeah thanks, agree with idea,
reshort 86.50 stop 89
t 78.50

Not to suggest you anything - just thinking aloud.....

I would say a safer bet would be a small profit target. The 950EST bar was so powerful, it is possible that bar set the low for the day and we are not going to touch 81 again today.

 

[Builder17]

appreciate all the input, no worries.
i understand this (86-90) is a key area.
my broker's gotta eat too, right??