ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
Not going to watch the market today in the afternoon ...
Notice good strong market bottoms always come from expanding day range with a finale melt down.
e.g. 2% down, 3% down, then a 5% finishing move
This time, we have 7%, then 5% yesterday ... not even close to the definition of an expanding range to the down side.
With the 7% day as a yard stick, we need something in excess of that to call a good short term bottom. Since we hit 1026 this morning, a 7% drop from there is 954. If we do what Japan did yesterday at 10%, it is 923.
If we end up going higher today, we then haven't seen the low yet for this swing.
Notice good strong market bottoms always come from expanding day range with a finale melt down.
e.g. 2% down, 3% down, then a 5% finishing move
This time, we have 7%, then 5% yesterday ... not even close to the definition of an expanding range to the down side.
With the 7% day as a yard stick, we need something in excess of that to call a good short term bottom. Since we hit 1026 this morning, a 7% drop from there is 954. If we do what Japan did yesterday at 10%, it is 923.
If we end up going higher today, we then haven't seen the low yet for this swing.
This is one of those WOW moments. I have never seen this before. A worldwide interest rate cut. Fed intervention into the markets i.e. no short selling allowed. Financial companies and banks going belly up. No more brokerages on wall street. What next the Dow closes down 2,000 points?
I've never had a problem with slippage; I'm just amazed at the current market conditions. A record slip by a factor of 5 is a police escort to the sidelines...
- Status