ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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While the market appears to be dropping I've seen a strong underlying bid on it all day today.
In all likihood a short-term bottom is being put in and we'll see a nice lift from here ... interestingly enough, the sooner our financial problems come to light and are taken care of, the sooner this will all be behind us.
From where I'm sitting right now it looks like the bottom was put in at the Open.
Good trading
In all likihood a short-term bottom is being put in and we'll see a nice lift from here ... interestingly enough, the sooner our financial problems come to light and are taken care of, the sooner this will all be behind us.
From where I'm sitting right now it looks like the bottom was put in at the Open.
Good trading
I don't think prices can move higher unless money stops moving into the bonds. I'm watching the $TNX.x (10-yr yield) and as long as yield is falling, money is not supporting equities.
FWIW: Floor trader pivots based on AH using reaction swing high of 1279.00 for H has an S1 of 1247.25, I woudn't be surprised to see prints within 1.5 (+/-) of that level.
FWIW: Floor trader pivots based on AH using reaction swing high of 1279.00 for H has an S1 of 1247.25, I woudn't be surprised to see prints within 1.5 (+/-) of that level.
Margin call selling across many stocks today and probably tomorrow - aftermath of BSC.
And then we'll see some selling. I remember margin selling afternoons during 2000-2002, and the declines were breathtaking.
From around 87.50 to 57.50 (rule of 10 times 3), and then 57.50 to 77.50 (rule of 10 times 2).
Trading so smoothly for the last two hours it is almost creepy.
EDIT: S2 is 47.25, approx 30 points down from 77.50. Measured move.
Trading so smoothly for the last two hours it is almost creepy.
EDIT: S2 is 47.25, approx 30 points down from 77.50. Measured move.
Your comment about the bonds is correct.
But use the ZN/TY futures instead of the $TNX.x so that you can get a better correlation with the ES ... there was a trader here who had mastered reading the ES by using the ZN as a proxy (his name is on the tip of my tongue, nice guy).
Well, here's were we are, maybe we rally into the Close, maybe not, I was able to capitalize on the bullish move off of support (as anticipated) to good effect, so I'm done for the day.
Good trading.
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