ES Journal Archive (2006 - 2008)

[MandelbrotSet]

Quote from MandelbrotSet:

This Opening is sooooooooo bogus, they're going to drop it down hard as soon as they're fully positioned with their shorts.

Well, the hard part hasn't come yet, but I got what I needed so I'm off.

Have a nice trading day.

 

[Lawrence Chan]

Quote from vertigo3:

LC,
pardon my ignorance.

could you please offer a little of the rationale for under 1200 (related to SEC short-sale jazz).

as to current intraday market,
even though there is a (what appears to me to be a bearish wedge on the 60min), but the lower TL has not been broken. Price intraday might have to push deeper into resistance and print 71.50-74.00 before reversing.

S&P has 35% of its weighting related to the banking sector.

If we have only 1/2 the # of shares available for plain short selling, then most traders who trade these stocks are forced to either stay on the sideline, or, pick bottom.

That means, it is no longer a cushion for slowing down a further drop in the financial sector. Instead, like a trend sell day, those who pick the bottom get kill along the way.

So the financial sector can slide back down at double the speed we've seen over the past 2 months. At the same time, oil stocks are suffering due to weakness in oil price.

1200 was printed with the 2 sectors balancing out each other.

If both are going down, we would see 1200 very fast.

The big if is that the # of shares available for short is not artificially reduced by any means, then the new rule would make no difference ...

 

[wave]

Very interesting how they chose not to take out 1269.50. Was short from 1257 with 1% stop. Back to 1257 was a given.

57 will offer a bounce.

 

[ammo]

56 is fri nip(avg value area )on market profile(mp),57 is daily tl from 6/6 and 6/25 highs edit 30 min chart

 

[ammo]

long at 57,51 stop

 

[wave]

There was a very valid reason they didn't take out 69.50 and bounced it at 57.

 

[ammo]

Quote from ammo:

long at 57,51 stop

out 61

 

[jjf]

Quote from wave:

Back to 1257 was a given.

57 will offer a bounce.

WTG
What made you so certain of 57

 

[Lawrence Chan]

So far 12.25 pt range for RTH ...

What are they trying to pull off here?

 

[smilingsynic]

Quote from jjf:

WTG
What made you so certain of 57

After the open, the market fell around a point short of the overnight high. The overnight low was 1256. A failed test of one extreme suggests a failed test of the other, extreme meaning R1/S2, yesterday's high/low, overnight high/low.