heres the updated 240 tic.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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According to my unreliable crystal ball, this ain't the bottom. However, we might get a bounce once we touch 1250 (1247 to be exact).Quote from Anna K.:
anybody is holding positions overnight?
gold is up over 11% (highest one day ever)
silver is up 15%
vix is over 36
treasuries are selling at a negative yield
credit spreads are through the roof
we had a fake out today
the charts do finally look ugly
it definitely looks like a lot of panic now
is fed going to do something tonight?
is this the bottom?????
âMay you live in interesting timesâ Chinese proverb
OP STORIES
US STOCKS PLUNGE AS BANK GLOOM PERSISTS
Stocks plummet despite investors' relief over the Federal Reserve's $85 billion rescue of American International Group, which will allow a key cog in the financial system to continue to function. Traders are questioning whether the AIG bailout will effectively help stem the ripple effect failing banks are having on world markets. DJIA drops about 340 points.
FINANCIAL STOCKS TUMBLE AS CONCERNS MOUNT
Investors continue to show disdain for the sector in the wake of the AIG bailout as financial stocks in the S&P 500 are the worst performing, sliding 8%. None of the sector's stocks are higher. Morgan Stanley and Goldman continue to get pounded, with Morgan down 37% and Goldman off 25%. AIG is down 38%.
SEC SETS STRONGER LIMITS ON SHORT-SELLING
SEC issues three new rules aimed at curbing "naked" short-selling that Wall Street and others blame for driving down financial stocks, in order to tighten up the existing rules and to make it more difficult for traders to manipulate the market.
FED STEPS IN TO RESCUE AIG IN $85B PLAN
The U.S. government announces emergency rescue of AIG, with the plan likely to involve a short-term "bridge" loan of $85 billion. Private equity firm Blackstone is said to be advising AIG on the bailout. Loan spurs calls for US to regulate insurers rather than states. AIG shares are down 39%. See at a glance.
OP STORIES
US STOCKS PLUNGE AS BANK GLOOM PERSISTS
Stocks plummet despite investors' relief over the Federal Reserve's $85 billion rescue of American International Group, which will allow a key cog in the financial system to continue to function. Traders are questioning whether the AIG bailout will effectively help stem the ripple effect failing banks are having on world markets. DJIA drops about 340 points.
FINANCIAL STOCKS TUMBLE AS CONCERNS MOUNT
Investors continue to show disdain for the sector in the wake of the AIG bailout as financial stocks in the S&P 500 are the worst performing, sliding 8%. None of the sector's stocks are higher. Morgan Stanley and Goldman continue to get pounded, with Morgan down 37% and Goldman off 25%. AIG is down 38%.
SEC SETS STRONGER LIMITS ON SHORT-SELLING
SEC issues three new rules aimed at curbing "naked" short-selling that Wall Street and others blame for driving down financial stocks, in order to tighten up the existing rules and to make it more difficult for traders to manipulate the market.
FED STEPS IN TO RESCUE AIG IN $85B PLAN
The U.S. government announces emergency rescue of AIG, with the plan likely to involve a short-term "bridge" loan of $85 billion. Private equity firm Blackstone is said to be advising AIG on the bailout. Loan spurs calls for US to regulate insurers rather than states. AIG shares are down 39%. See at a glance.
Yeah but if Asia follows us then that will have the Emini's following Asia in the overnight. They follow our day session but Our night session follows them. Also, don't you find it parculiar that the market sold off rather hard during the final few minutes of trading after a huge run up?
that tells me that there is still a whole lot of violence left in the market to the downside. I'd be very carefull of going long here. A short position should be in order.
that tells me that there is still a whole lot of violence left in the market to the downside. I'd be very carefull of going long here. A short position should be in order.
I was lucky enough to catch the USZ8's above 123 for some sells.. but if you notice bonds didn't trade back up to the highs.. even though equities tanked.
sold 64's at 70+...
trade blotter for 1 acct..
Heres an SPX weekly chart.
You can see we're trading at the bottom of a channel. Although its not on the chart, everyone is aware there is a some serious capitulation volume going on. Every time we have ~2X-2.5X the average volume on the index products (ETFs, futures, actual shares, whatever) a bounce is right around the corner. Stat studies also show that the probability of being able to sell at a higher price 1 to 2 weeks out is very high. All that said, I don't think we're going to drive too much lower from this level... bear market rally is due.
Weekly MACD histo is bullish in the same way it has been in the most recent market tops and bottoms, however it lacks the same on the monthly (which the others have had).
From a long-term investment perspective, I'll refrain from jumping the gun and trying to get long here... a smart (and lurking) trader that used to post here said something smart to me just a little while ago... "bottoms aren't an event, they're a process". Its not worth getting steamrolled trying to catch it the first time when you can get in on a retrace to the "bottom". It'll take some time.
You can see we're trading at the bottom of a channel. Although its not on the chart, everyone is aware there is a some serious capitulation volume going on. Every time we have ~2X-2.5X the average volume on the index products (ETFs, futures, actual shares, whatever) a bounce is right around the corner. Stat studies also show that the probability of being able to sell at a higher price 1 to 2 weeks out is very high. All that said, I don't think we're going to drive too much lower from this level... bear market rally is due.
Weekly MACD histo is bullish in the same way it has been in the most recent market tops and bottoms, however it lacks the same on the monthly (which the others have had).
From a long-term investment perspective, I'll refrain from jumping the gun and trying to get long here... a smart (and lurking) trader that used to post here said something smart to me just a little while ago... "bottoms aren't an event, they're a process". Its not worth getting steamrolled trying to catch it the first time when you can get in on a retrace to the "bottom". It'll take some time.
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