ES Journal - 2013

Interesting day...a lot of movement but VIX doesn't really confirm a stronger move down. The down trend ended after a touch or two of 1751 broke to the upside then went back down. EOM settling as well.

I'm going long if we hit 48.5

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Quote from wiesman02:

out half @54.75. stop @52.75 now
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all out, -3 ticks 2nd half, +5 ticks first half.

Reverse short @52.50 stop @54


edit: All out +1 point

Think I'm done for the morning. Market smoked too much crack for my liking. Time to run errands
 
Quote from tstones:

don't you just hate these buyers?
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Especially when it is the fed reserves with their unlimited pile of liquidity. I don't think it is an even playing field given that the fed reserves can buy futures. No reason for it other then manipulation. It truly is no longer a free mkt.
 
Quote from Visaria:

It would be good and healthy to have a correction in the stock market. Say 5% or so, would remove some froth. I think we will correct starting now. Not a bear market by any means, you can't have a bear market when the fed is printing so much money every month, ceteris paribus. But a correction is quite normal. Would be perfect to buy in for the longer term.
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We just had a 5% correction a few weeks ago. I think we don't go much lower from here. Probably go over 1800 over the next few weeks. Then maybe a 5% correction in late Nov or Dec.
 
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