ES Journal Archive (2006 - 2008)

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Quote from MandelbrotSet:

The overnight gap should probably be faded on this one.

I would be short @ 1259.00, with a stop @ 1263.00, looking at support to come in at 1252-1250 area.

This is a papertrade for Journal purposes.
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This position was stopped out for -4pts.
 
08-05-08 08:59 AM

08-05-08 07:47 AM

Long 20 contracts 1258.50

Initial stop is 1254.00
Sell stop raised to 1255.25
Sell stop raised to 1260.25
 
Quote from Buy1Sell2:

Were I making that trade, I would be putting the stop at 1345.00:)
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Jump over the 1267 and 1300 hurdles first.

The jury's not in on 1267. It's hung up on the 144 EMA in the 4 hour, to the tick, and isn't budging.
 
its not the correct time in the macroeconomic cycle to be playing longs....

1) auto industry under
2) banking sector still limping along
3) american consumer broke
4) currency debasement is the solution being used
5) politics of taxation
6) summer countertrend, sept/oct trending reaffirmation
7) gold at close to 1000
8) inflationary pressures working into end products
9) new war on the horizon

next year is the time window for a possible bottoming out process once the politics and other unknowns are known.

from now till then, markets will suck in people hoping to catch bottoms.
 
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