Nasty day tomorrow, very nasty. 1.29.08. Short es at 1380.50 with a 50 pt target, stop 86.50.
ES Journal Archive (2006 - 2008)
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bout that time
T day crew send their early thanks
:eek:
You are most welcome, 666!
Alright.. back to the daily grind. I went away for a week during the holiday and decided to change my itinerary and stay longer. You dont realize how much you need a vacay until your on one... Hope you guys have been bangin out some nice profits the past while.
For tomorrow.. very critical day.. the most important for the next few weeks if you ask me. If we break higher and hold it for over an hour or 2 we are most likely headed for a big breakout to the upside to at least 1430 at a minimum. The market is overbought on the lower timeframes so if it does break to the upside here there will be some big dips along the way to work this condition off, but overall the trend will most likely continue higher.
The other side is where I am licking my chops... a break of yesterdays low would be a clear sign of weakness and look for pros to start flooding the gates. If this happens definately look to put on a short position in the morning and hold for a larger target.. If we break yesterdays low I will be selling call spreads like crazy above the 1400 pivot. Tight risk for large reward is how the short side will play out if they can take it lower. I will be looking for 1300 as a minimum and look to carry runners for new lows.
Looking at soybeans right now for a possible major reversal to the downside... no positions as of yet but watching carefully..
Take a look at a wheat chart... holy shit.. as blackguard says.. that day could definately end trading careers with volatility like that.. I took a couple stabs early on but when I saw that the market was just utter chaos it was just not worth the risk..
For tomorrow.. very critical day.. the most important for the next few weeks if you ask me. If we break higher and hold it for over an hour or 2 we are most likely headed for a big breakout to the upside to at least 1430 at a minimum. The market is overbought on the lower timeframes so if it does break to the upside here there will be some big dips along the way to work this condition off, but overall the trend will most likely continue higher.
The other side is where I am licking my chops... a break of yesterdays low would be a clear sign of weakness and look for pros to start flooding the gates. If this happens definately look to put on a short position in the morning and hold for a larger target.. If we break yesterdays low I will be selling call spreads like crazy above the 1400 pivot. Tight risk for large reward is how the short side will play out if they can take it lower. I will be looking for 1300 as a minimum and look to carry runners for new lows.
Looking at soybeans right now for a possible major reversal to the downside... no positions as of yet but watching carefully..
Take a look at a wheat chart... holy shit.. as blackguard says.. that day could definately end trading careers with volatility like that.. I took a couple stabs early on but when I saw that the market was just utter chaos it was just not worth the risk..
these crazy moves in commodities make me think we are seeing a blow off top in all commodities across the board.
when the general public starts talking about investing commodities over stocks or bonds you know the top is here, or very close.
like I said yesterday, commodities are where real estate was 2-3 years ago, and where tech stocks were in early 2000.
once this bubble starts to deflate I think all that money will come piling into stocks and seriously I can see ES 2000+ some time next year.
when the general public starts talking about investing commodities over stocks or bonds you know the top is here, or very close.
like I said yesterday, commodities are where real estate was 2-3 years ago, and where tech stocks were in early 2000.
once this bubble starts to deflate I think all that money will come piling into stocks and seriously I can see ES 2000+ some time next year.
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