ES Journal Archive (2006 - 2008)

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P, where is the 1st downgap if today was 2nd? Maybe I am not understanding something.

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Quote from Pekelo:

The reason why you need to create newer and newer ignore lists is, because you keep creating new handles Blackguard. Also I have to keep putting YOU on Ignore, so could you just stick to one handle? Thanks for your consideration....

Going back to topic, we have the 2nd downgap in a row...
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You're talking about the futures being down right now correct? As in "if tomorrow morning we gap down..."

Bad play today. Overtrading and deer in headlights (that and my quotes aren't exactly real-time) caught me off. Risk management made the loss manageable...

Today's lesson: *ALWAYS* set up the brackets...
 
Quote from princessa:

i've been away for a few days. figured tuesday's gap and crap was my last chance to sell my bottom-feeding longs, and it's interesting how i managed to nail that one on the head.

50% fib retracement leaves us at 1065, the high of tuesday. (actually, 1067 was the high, but who's splitting hairs)

kind of surprised to find so many folks trying to pick a bottom after tuesday. i figured that we'd have to see AT LEAST 800's before another bounce and possibly lower. hate to bust anybody's bubble, but i think AT LEAST one more down day before a bounce. we may even go below 800, but probably not on this drop (i.e., later). i'm sidelined for now....

kind of keeping volente's smart money/dumb money 3-4 day rule in my head.:D
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I'm thinking more T day theory and the theory about the low or high for the week of OE is usually made on the weds of that week. This volatility is killer and you are either wrong and lose small or you are right and kill it big from the large moves. Nice little mean reversion move towards the cash gap at 899 from last friday's close is very healthy in order for the market to move up in the next 2 days.


http://finance.yahoo.com/echarts?s=^GSPC#symbol=^GSPC;range=5d

or 88.5 spy gap which is pretty close equivalent to where futs hit in ah
 
Quote from JSSPMK:

P, where is the 1st downgap if today was 2nd? Maybe I am not understanding something.
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Right on the chart. This morning!! :)

This morning's downgap was the first one and right now we are down again, making it a 2nd downgap in a row...
So tonight's gap should be played long...We already came back 10+ pts from the lows...
 
Quote from ammo:

LC posted an example of 10 million shares of stock needing to be sold and the broker waiting all day for bounces to sell into,common sense would have told us,if we weren't hanging on every little bit of news,that if the banks won't lend and are going broke,then so must be their customers,there must be hundreds of smaller outfits with under 500 million in capital that are liquidating for margin reasons,today was an orderly downmarch,no panic,until the close ,when LC's imaginary broker dumped the balance he had to be out of by the end of the day,I am not making any calls here,but that may have been liquidation and if that customer is done,we could rally tommorrow,there must be a ton of short stock out there that needs to be bought back for expiration of options
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If the dumping I mentioned is true, then, there is no tons of short out there. Instead, there are tons of small traders who bought from the institutions' liquidation and are now holding the bag.
 
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