ES Journal Archive (2006 - 2008)

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Good discussion and participation today even with Mr A away :D

Keep it up!

GEN: On The Fly: U.S. Market On Close Wrap-up for Tuesday, July 31st - The major indices closed substantially lower Tuesday, as credit concerns returned, after subprime lender American Home Mortgage (AHM) said it might have to liquidate its assets to meet margin calls... The Dow closed down -146.32 to 13,211.99, the Nasdaq closed down -37.01 to 2,546.27 and the S&P 500 closed down -18.64 to 1,455.27. The Russell 2000 closed down -8.11 to 776.12. Fresh Del Monte (FDP, +2.79) closed up +12.20%. American Home Mortgage (AHM, -9.43) closed down -90.07%. CURRENCY: U.S. dollar strength closed down -0.11% against the Yen and up +0.08% against the Euro. COMMODITIES: Light Crude Oil closed up +1.40 to 78.23. Natural Gas closed down -0.308 to 6.191. Gold closed up +2.700 to 679.300. ECONOMIC DATA due out Wednesday: MBA Purchase Applications, Challenger Job-cut Report, ADP Employment Report, ISM Manufacturing Index, Pending Home Sales Index, EIA Petroleum Status Report, Motor Vehicle Sales. EARNINGS: Notable companies reporting Wednesday include: Starbucks (SBUX), Disney (DIS).

Source: FOTW
 
Quote from Spectre2007:

look at the probability shifts in the trend, the trend held up pretty well till the 1st resistance zone, then it printed the first 60 minute bar lower high then tried to test resistance again and failed, and extended the 60minute bars with lower lows, and then from there the probability increases for a downward move to major support.
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I traded a short off a correlated 5 min chart between ES & DAX, entered off a lower time frame.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1551132>
 

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tomorrow is likely to be another decline, too good of a formation, there is too much bearish sentiment right now, p/a has to calm down a bit

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1551263>
 

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200 da ma around 1448. this is setting up like1987. three 200 pt down days last week and 150 today. once we cut threw 1448 we head to 1400 fast as panic sets in. there's $200 billion of mortgages at risk right now with more by the day. you ask why this matters. hedge funds are selling stocks to meet mortgage fund redemptions. It's truely a perfect storm that was set up by eyars of greed and overleverage. now that leverage is being reversed and with it comes pain.
 
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