ES Journal Archive (2006 - 2008)

[Lawrence Chan]

Quote from tommymoose:

I have significant support on NQ at 1851.75 - 1854.75 .... not that it even means anything since its been blowing right through everything... not a good day for us counter-trend guys. Which especially sucks because I know better than to go CT on gap-n-grind days. I'm sidelines for now.

:edited from 19xx to 18xxx:

Yes, NQ 51 area is the bottom of the gap.

The problem is that if it is reached, we would be down 80 pts for the NQ ...

It seems like the mkt is holding up fine, probably waiting until after 3 pm ET, so that there is no more limit down rule to deal with

 

[vertigo3]

crude 139.87 up $5.32

 

[wave]

Pull up your shorts once we break 1275. Hate to see ya bears get caught with your pants down.

 

[opt789]

For anyone interested, pull up a monthly SPX chart for the last decade and put on a 50 exponential moving average. It is easier to see if you make the chart a line chart. I am not posting a chart to avoid coloring someone's view. Any comments on what you see?

 

[vertigo3]

crude $140.34 + $5.69

 

[Anna K.]

Quote from smilingsynic:

I wrote this about a year ago under the thread "How not to blow up trading stock index futures":

"Don't trade countertrend on a trend day.
...

Based on the above 5 criteria, I would surmise that today is a trend day.

1. Large gap down that did not even try to fill.
2. S2 is way up there, like the top of the ceiling in a cathedral.
3. Support? 1270-1280 on the ES. That is a ways away.
4. Lunchtime rally = tight channel., Strong trend + consolidation = probably continuation.

thanks for the excellent summary

 

[JSSPMK]

Long 1288.25 off 1, stop near 1287, hard -5

 

[smilingsynic]

Quote from wave:

Pull up your shorts once we break 1275. Hate to see ya bears get caught with your pants down.

Between two pivots.

 

[kinggyppo]

Quote from kinggyppo:

long spy 128.93 .30 cent stop, last trade today.

stopped out, fading me is very rewarding today.

 

[wave]

Quote from kinggyppo:

stopped out, fading me is very rewarding today.

Humilty is a sign of strength my friend. Stay strong.

A little dose of it every now and then serves us all well.