ES Journal Archive (2006 - 2008)

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Quote from CPTrader:

Come on Spectre....

I appreciate your insights on this thread.

However of recent, there seems to be no consistency to your posts apart from "Buy Higher, Sell Lower"
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its the same mental battles.. looking for rate cuts.. at certain times, past behavior patterns..

the only thing you can do is trade and if wrong get out...

a lot of traders were looking for the same things, but at each juncture the market failed those expectations...voicing those expectations gives a framework..and capitulation follows...
 
Quote from rc5781:

what are you looking at the may 06 high?
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yes philly fed was a RECESSIONARY #.........even the strongest of bulls cannot be in denial any longer that we're in a recession and in a bear market.........that being said the most powerful rallies occur in bear markets............market just waiting for an excuse to rally 100 points..........maybe its the retest of may 06 highs (technical reason) or a surprise cut by the fed (fundamental reason).......or better yet both........either way............from these levels we can go 100 points higher without doing any technical damage whatsoever to the bear market.
 
IBM up 5 bucks in after market, futures ticking higher...Some of the talking heads are saying buy if we gap lower at tomorrow's open but it seems unlikely to me that we're going to have a rally before a 3 day weekend when some indices have just hit bear market territory. I know expirations can be a bit weird but a rally tomorrow strikes me as unlikely. Am I wrong?
 
food for thought, if youre 30 and married with child and your 5 year arm came up ,you sell your 401k and take the cash to ride this out,or you got laid off and there are few jobs and you cash out ,either way there is a lot of dumping going on,so stocks are cheap right now but the momemtum is still strong down,add to that a lot of bad earnings and more layoffs looming...best to wait and let this settle, or sell the rallys and keep tight stops,there will be better trading ops,less risk,keep your discipline
 
Quote from mbusch:

On ES daily chart:

10/11/07 high: 1555.75
11/26/07 low: 1375.75
decline: 180.00

12/27/07 high: 1511.00
Measured move low: 1511.00-180=1331.00

Today's LOD: 1334.00
Close enough for government work. :)
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A few days ago I posted the calculations of another measured move that had 1310-1311 as a downside target.

In any case, there will be plenty of time if one wants to buy/cover all shorts. Bottoms usually require retest and confirmation. Patience in this business is indeed a virtue.
 
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