ES Journal Archive (2009 - 2010)

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Quote from ChkitOut:

Oh, I see. You're a swinger now..:p


and i read your blotter wrong, it hasn't gotten away from you..
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Turned out I was a swinger by a hair. Took off part of position last night @ 1199.50 because I couldn't just poo-poo a 5pt gain, then before I went to sleep, I placed a trailing stop, hit for 1199.50 shortly after midnight. Nice way to start the day :cool: (Boy I woulda been pissed had I left that original stop in place...)
 
The market currently has the exact same look and feel it had last earnings season in January when it had made a long run up, hit new highs mid-month, had a pullback to the 20-day MA, kept finding very shallow support with buyers attacking every small dip, then it broke down. This happened in Oct, too.

I'm guessing because it happened twice, this time we'll break out to all-time highs and head straight to 1300 :p
 
The move this time is quite different from Jan or last Oct.

There is no real test of support levels on this mini-dip - none.

And it is very similar to the last few mini-dips where the selloffs are contained within previous week upper 50%.

If SPX still does not close below 1198-1200 zone today, we may get a blast off run up to 1250 zone as most sell power are trapped.
 
Quote from Lawrence Chan:

The move this time is quite different from Jan or last Oct.

There is no real test of support levels on this mini-dip - none.

And it is very similar to the last few mini-dips where the selloffs are contained within previous week upper 50%.

If SPX still does not close below 1198-1200 zone today, we may get a blast off run up to 1250 zone as most sell power are trapped.
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Yes, and Monday is ... well, Monday, and Mondays have been, almost invariably of late, UP days, so even a close today below 1200 -- doubtful, I think -- is quite likely to serve as next week's launch pad.
 
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