ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
While this is certainly ugly action, does anyone smell any hint of short hedgies pressing on the day the US exchanges are closed? I have no idea what the rest of today and tomorrow brings, but the odds for Tuesday morning rate cut must have just increased substantially. It just seems with the cash exchanges not open today, that it was the perfect day to create the maximum fear. Slash overseas markets and futures and give everyone a day to panic because they cannot do anything.
Media:
"Financial fears intensify"
"A global train wreck"
"Financial freefall"
"Odds favor recession"
"Stocks tumble on US recession fears"
Pay close attention to what the Fed does and what they say. An aggressive move will cause a very nice short covering rally, but if they again choose to do less than what the market wants and add in poor commentary as they did in December then this bear market will have much to feast upon.
Edit: I am not shorting down here for now. The risk of an early Fed move outweighs the reward of the market going measurably below 1250.
"Financial fears intensify"
"A global train wreck"
"Financial freefall"
"Odds favor recession"
"Stocks tumble on US recession fears"
Pay close attention to what the Fed does and what they say. An aggressive move will cause a very nice short covering rally, but if they again choose to do less than what the market wants and add in poor commentary as they did in December then this bear market will have much to feast upon.
Edit: I am not shorting down here for now. The risk of an early Fed move outweighs the reward of the market going measurably below 1250.
Never heard of an economist making it as a trader. Good luck.
We are crashing in slow motion....with or without fed intervention.
We are crashing in slow motion....with or without fed intervention.
50% retracements on longer term charts.
The attached chart is a weekly continuation. (I do not know how reliable, nor in what fashion TradeStation compiles continuation charts), ...
but 50% retracement of entire move off the lows in 2002 would mean a move to print 1198.00 (light green line running through the bull flag that occurred at the beginning of 2004).
I'll post a shorter-term chart in a couple of minutes with a confluence of fibs for a likely support zone.
Blue dots on the chart are just outside down weekly bars.
The attached chart is a weekly continuation. (I do not know how reliable, nor in what fashion TradeStation compiles continuation charts), ...
but 50% retracement of entire move off the lows in 2002 would mean a move to print 1198.00 (light green line running through the bull flag that occurred at the beginning of 2004).
I'll post a shorter-term chart in a couple of minutes with a confluence of fibs for a likely support zone.
Blue dots on the chart are just outside down weekly bars.
here's a shorter-term perspective, still weekly charts.
I was looking for confluences of fib retracements.
there was/is a confluence at 1263-1251, which so far is the bounce zone for today. I also like it when there is a price point of interest like the reaction low in the cyan colored circle) adds to the potential strength)
also notice, next confluence is 1235.50-1229.00.
on a daily, today's price swing has a 50% retracement level at 1294
I was looking for confluences of fib retracements.
there was/is a confluence at 1263-1251, which so far is the bounce zone for today. I also like it when there is a price point of interest like the reaction low in the cyan colored circle) adds to the potential strength)
also notice, next confluence is 1235.50-1229.00.
on a daily, today's price swing has a 50% retracement level at 1294
- Status