ES Journal Archive (2006 - 2008)

[smilingsynic]

Quote from wave:

07-16-08 10:23 AM

You think that bounce off 14.25 was random, first target for today 1244. The best part is how they play both sides by a tick lots of times.
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about 40 pts for the day.

No, of course it was not random. Markets often go back to the open before tipping their hand as to the direction of the day. After testing yesterday's low, the market went on to test yesterday's high. Both are consistently repeating patterns.

I'd be careful about blindly shorting this afternoon. Yes, 1234-1238 is a key level, but it looks at this point that it is a level that has not failed. What was once resistance seems to be support.

 

[wave]

1244 should see some selling out.

 

[vertigo3]

wave,
I don't think price can print above 1243.75

 

[tortoise]

Quote from vertigo3:

wave,
I don't think price can print above 1243.75

price can, and will, do whatever the f&*k it wants to do. Having said that, if we;re going to have a reversal, it will happen here.

 

[vertigo3]

tortoise,
my comment was supposed to be a joke

 

[smilingsynic]

Quote from tortoise:

price can, and will, do whatever the f&*k it wants to do. Having said that, if we;re going to have a reversal, it will happen here.

Yes, but it usually gives some hint about what it is going to do first.

 

[gwac]

There will be no reversal.

Quote from tortoise:

price can, and will, do whatever the f&*k it wants to do. Having said that, if we;re going to have a reversal, it will happen here.

 

[tortoise]

Quote from vertigo3:

tortoise,
my comment was supposed to be a joke

sorry...long day

 

[wave]

covering longs @ 44. That was fun.

 

[tortoise]

in all seriousness, though, what the heck is going on anyway?