ES Journal Archive (2006 - 2008)

startraitor · Feb 13, 2008

Sing fat lady, sing it loud!!!

smilingsynic · Feb 13, 2008

Quote from smilingsynic:

Market retested Friday's high and S1 today, and yet is still hanging around up there.

Semis are up; homebuilders are up--strong. Nasdaq, too.

All are bullish signs to me (2-5 days).

When ES broke out below 68 congestion, bought back bear put spread (had sold itm puts and had bot otm puts as hedge) and sold otm calls to close positions opened Monday.

Neither bullish nor bearish at this point.

atticus · Feb 13, 2008

Quote from storm121:

max pain is at 1370

but 1380 or 1390 a viable targets as well

thses weeks are truly a gift.its like a bundle of money falls out of the sky and lands in your lap.I feel sorry for anyone shorting this open.

Right, like in Jan08 when the SPX closed expiration week 2 sigmas below the high OI strikes. It's a lock, Bros; a lock.

gwac · Feb 13, 2008

This thing wants to go up and as long as the news remains positive 1400 test is very possible this week.

I am playing this from the long side but watching for any negative news.

Quote from smilingsynic:

When ES broke out below 68 congestion, bought back bear put spread (had sold itm puts and had bot otm puts as hedge) and sold otm calls to close positions opened Monday.

Neither bullish nor bearish at this point.

RsX · Feb 13, 2008

Quote from RsX:

OK, shorting here at 1369.00 now with a stop at -3.5pts. Will look to re-enter tomorrow if stopped out on this one.

Position reached +5.00pts, reducing the risk here a bit, down to -2.25pts (1371.25 stop). The 1367-1371 zone that I had on ever since monday, was finally hit and served it's purpose, so to speak.

The trend is still up, but from these levels, the market is truly vulnerable to a quick and brutal downside move to at least 1350 and after that, possibly 1337-1340 area. There's also a rising trendline from jan. 22th lows, which was successfully tested this week and last week as well. That among other things, acts as a magnet for the price.

smilingsynic · Feb 13, 2008

Quote from gwac:

This thing wants to go up and as long as the news remains positive 1400 test is very possible this week.

I am playing this from the long side but watching for any negative news.

I see 1450's, in a month's time, and then tears, not of joy, but of heartbreak.

For the bulls, that is. Indeed, Cramer may go legit mad.

50 points in 3 days suggest an imminent pullback, and I like those. But I am not buying up here at 1370: risk/reward not acceptable to me.

Lawrence Chan · Feb 13, 2008

Guys,

I find it amazing many of you monitor ES like 14+ hrs a day.

Personally I can only commit a few hours a day trading in RTH.

How do you do that?

p.s. maybe I am growing old ...

storm121 · Feb 13, 2008

a day like today just makes me feel good.weeks like this are a godsend.

max pain is 1370 and here we are sitting at 1368.

coincidence?

limit · Feb 13, 2008

Quote from storm121:

a day like today just makes me feel good.weeks like this are a godsend.

max pain is 1370 and here we are sitting at 1368.

coincidence?

Why is 1370 max pain?

trader_arb · Feb 13, 2008

Quote from atticus:

Right, like in Jan08 when the SPX closed expiration week 2 sigmas below the high OI strikes. It's a lock, Bros; a lock.

Its true... the max pain crowd doesn't shut up until this happens (a couple times per year), but it JUST happened last month. Short memory I guess

This reminds me a few months ago how people were reading into OI; thinking the market would crash because someone had bought (sold) some SPX puts at 700 or so.