ES Journal Archive (2006 - 2008)

[detective]

All the variables that you take into account, are all correct, the market should have sold off but that can all be trumped by a little thing called a program.

Programs often make the last 2 hours of trading a crapshoot, and you can never really tell how deep and long the program will run. But it is often suicidal to try to fade it. Best way to play it is get out of its way or go with the flow but only for the very nimble. I have seen a lot more buy programs than sell program over the past year, funny considering its a bear market.

P.S. - I'm looking for a gap down tomorrow as this program move is totally artificial.

 

[kinggyppo]

Quote from kinggyppo:

long spy here

long from $134.80 out $135.15

 

[storm121]

a day like today just feels good.

people were shorting this market all day long only to cover at higher prices.

hopefully we will have many positive announcements between now and tomorow's open.

look at those shorts run.

 

[StockyIrishman]

gap up or sell off for lower open tomorrow? Maybe a test of 1375-80 is.

bullish tape with low volume maybe trying to assure 50bp move by fed is baked in by Wed.

 

[kinggyppo]

Can't fight the tape. I have been short biased all day but money is on the long side. No real good news here and yet the market grinds up.

 

[StockyIrishman]

Quote from kinggyppo:

Can't fight the tape. I have been short biased all day but money is on the long side. No real good news here and yet the market grinds up.

I think mkt is trying to bake in fed move b4 hand, so any upside when the news comes out on Wed. can be sold into for longterm bear trend.

 

[apex82]

Quote from kinggyppo:

Can't fight the tape. I have been short biased all day but money is on the long side. No real good news here and yet the market grinds up.

they need someone to unload their supply into...

all the better anyways, it means higher prices to get short at and then cover into storms panic...

 

[StockyIrishman]

Quote from StockyIrishman:

AARGH!. Selling at 43 looked tough, was curious about a long that would test the open from Friday of 55, went long at 44.25 and closed it out at 48.

well, live and learn. I get unsettled in the last 1/2 hour to see trading go my way with volitility high,

I just need the VIX symbol for esignal.

Good call, just need to trust my gut and interpretation of my tech analysis more often. After 2 yrs, I should be more confident.

I think i can, I think i can, I think i can, I think i can... I know I can, I know I can, I know I can, I know I can...

 

[apex82]

they finally hit 55.. nice probability of 1300 being tested from these levels.. waiting to get short until this bull move starts to fade.

 

[tommymoose]

Quote from StockyIrishman:

Good call, just need to trust my gut and interpretation of my tech analysis more often. After 2 yrs, I should be more confident.

I think i can, I think i can, I think i can, I think i can... I know I can, I know I can, I know I can, I know I can...

Check out one of Mark Douglas's books... I'm reading "Trading in the Zone" right now. I haven't finished yet, but I can tell you that if your having confidence issues it could def help.