ES Journal Archive (2006 - 2008)

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damn would I like to see a strong rally here these last 2 hours.

that would make my day.

send all these shorts scurrying back to their ratholes.
 
Mixed signals:

1. Trend for the day is up, and the 50% retracement overnight suggests that the 1370's are imminent (I tried to get off a number of butterflies at that target but could only get 1 filled at my price);

BUT

2. I see a rising wedge on my 3 minute and 5 minute charts. There is still plenty of time today for a 1-2-3 reversal (failure swing). Target would be Friday's close of 1334.

Until then, watching and waiting.
 
Quote from Spooz Top:

tricky PA this morning.....sellers recognized fridays bearish omen/dark cloud cover & drove PA down in premarket........buyers now looking at a 30 min buy signal & am looking for price to move into fridays range......short term bully.....mid/long term bear here.
More...

PA climbing right back inside fridays range........dark cloud cover/outside day is not negated until we trade over that 1471 hi.....so plenty of room to move around in here.

typical pre fed pa......staircase northbound.
 
Here is a vix chart. Looking at the daily chart I find it interesting that the highest daily close was only $31.01, previous high daily close in november was $31.09. Bottom line is that the market soundly rejected a closing volatility over $30.00. Thinking vol may spike over 30 again but it will eventually trade to 26.
 

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