ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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I love the ol' market could go up or could go down from here analysis 
Quote from optioncoach:
I love the ol' market could go up or could go down from here analysis
My analysis is that we have more downside and the 1490 area is a place that we could reverse from if we are going to. I believe that we must test that area before the market can move higher. Intraday bias favors more downside. Bottom line is I am out of the market right now as I am in a state of "don't know" .
Which is one level better than being in a state of "I'll be damned!"Quote from Buy1Sell2:
Bottom line is I am out of the market right now as I am in a state of "don't know" .
(That was the state that I was in yesterday afternoon when Apex called his long entry, I didn't have the cajones to follow suit, and then the ES took off like a rocket while I kept muttering...well you know.)
Quote from mbusch:
Not in ES, but right after I posted that note about getting short (just before NYSE RTH close), I bought 2,000 shares of SDS at 51.27. (SDS is the ProShares Double Short S&P 500 ETF which tracks -200% of $SPX.) SDS actually continued down in post-market trading to 51.15 before heading up. Last trade for SDS in the pre-market is 52.30, for about a 2% gain overnight on my $100,000. Now I've got to decide whether to liquidate all or part of this position at the open or to hold it in the anticipation of lower prices ahead. I'm leaning toward the latter -- SDS isn't really a great daytrading vehicle -- but I'll entertain suggestions.
take a small piece off so you can trade this position comfortably. LET THIS ONE RIDE! you owe it to yourself. If the market breaks 1526 then close out and reassess at a later date. This could be the homerun we dream about.
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