ES Journal Archive (2006 - 2008)

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Quick update.

Just as the good big bears expect during the holidays, we are having a nice little rally on low volume into 2008. They know exactly how to position the market and themselves for the seasons, impressive.

It looks like we will be extending this run into mid January, will know better after the 1st.

I was expecting a shakeout in Gold but it seems we will not get it. If 815 holds and looks like it will this time, we should rally with ease to 940 as a minimum profit target.

As you guys know, in this business anything is possible....so always trade accordingly...

Cheers :)
 
Possible resistance zone on SPX at 1487-1490... 1498-1501 on ESH8. A couple overlapping fib levels, 2 significant MA's and the fact that 1490 has been the level of at least half a dozen tops/bottoms over the past 6+ months.

These zones always react differently during AH, but it should definately be one to watch during RTH if it remains un-violated.
 

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Short here with a stop 1 tick above the high. Nice looking H&S with a selling tail top... I'll take it. Target @ 1493.25... I doubt we'll get much more movement on Xmas Eve.

:edit: Stopped.... I'll re-enter if we get a reversal bar... otherwise it seems like they'll use today to jump the resistance level and take it higher.
 
I have a question that's so basic, I probably should know the answer by now. Having said that, here goes...

When we speak of stops needing to be run, etc., it implies an unseen hand working, behind the scenes, to effect some kind of master plan. Now, I realize that with stocks, the market makers can and do play these sorts of games. But the ES is a different beast. So, who is it that decides stops must be run on the ES, etc.? And who is it that has the wherewithal to act on this decision? Thnx...
 
Quote from tortoise:

I have a question that's so basic, I probably should know the answer by now. Having said that, here goes...

When we speak of stops needing to be run, etc., it implies an unseen hand working, behind the scenes, to effect some kind of master plan. Now, I realize that with stocks, the market makers can and do play these sorts of games. But the ES is a different beast. So, who is it that decides stops must be run on the ES, etc.? And who is it that has the wherewithal to act on this decision? Thnx...
More...

http://en.wikipedia.org/wiki/SAC_Capital_Partners#_note-bw
 
I always figured it was the big institutions that needed to free up liquidity and do so by triggering the stops. (Not only ES liquidity, but whatever stock liquidity thats created by basket orders etc. triggered off ES price and the main underlying stocks prices.)... and the fact that some traders wont jump on the move until some sort of climactic top/bottom is made on volume....

but I really have no idea.
 
12-21-07 10:36 AM

1503-1508, we turn or we burn higher.
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Have a Happy.
 
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