ES Journal Archive (2006 - 2008)
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This is all irrelevant to intraday trading of course, but I'm expecting consolidation in the 1050-1150 range for several weeks before a move back up to the 1200s, possibly through the end of the year. We're going to see a massive PR campaign surrounding the bailout, and as individual banks sell their garbage to the Treasury we can expect rallies in those stocks. Moreover there will be huge pressure on the Fed to cut rates or do something to encourage the market, especially with the election. IMO we'll need to start seeing bad news from a different quarter before heading lower. More bad news is definitely coming - unemployment, NBER announcement that recession started earlier this year, poor Xmas sales - but perhaps not for 3-4 months.
Tomorrow (or early this week) might well establish the temporary bottom for us in the 1050s region. Almost needless to say, I won't be putting my money on any swing/long-term longs...
Tomorrow (or early this week) might well establish the temporary bottom for us in the 1050s region. Almost needless to say, I won't be putting my money on any swing/long-term longs...
Every so often I look at a weekly 12-year chart of SPX over at Stockcharts, it's cool to see where we are in the 'big picture.' Also useful to compare the action of this market to the previous bear. Interestingly, in both cases we've now seen 3 major legs down with the third occurring roughly a year after the highs. Not really scientific but it does reinforce the notion that we're in for a drift up to the 1200s.
This is excellent information for any position trader/investor looking to take on some of the beaten down financials ... not my game anymore, but some of them have excellent balance sheets, but just got smacked around in the general "throw the baby out with the bathwater" mentality that permeats this business.
Said the same thing to a friend of mine last week who belongs to an investment club, hope she takes my advice.
We may start drifting higher. I usually see this happen in the very early hours of globex, pre 1:00 am, usually a sign before a larger rise up. The 1min showed 28,000 on volume.
Lower range 61% pivot held (1072) they will attempt to get at the higher range pivots. They have to crossover 1106 before they get up to test 1115, 1120 or higher.
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