ES Journal Archive (2009 - 2010)

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Quote from Lawrence Chan:

3. Podge is ok. He needs a channel to talk, thats all. I understand.
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offtopic, but for a good reason: agree with you here. i have changed my stance re porge and i owe him a public apology for slagging him off weeks ago... read between his lines and there is indeed some wisdom to be found, i came to realise this and happy to admit it...

ontopic: today is crucial for SPX! close below 740 ===> meltdown towards 550 in the coming weeks.

watch gold pop up again soon if SPX stays here or trades lower, as its out of sync now. forget yen, it has decoupled from ES... for now.
 
Quote from Nagelis:



ontopic: today is crucial for SPX! close below 740 ===> meltdown towards 550 in the coming weeks.
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What is your projection of 550 based on? TY!
 
For the ones that are bullish on stock markets have a look at USD weekly chart vs SPX (2008-2009). Right now USD is about to start (already started to) climbing towards next resistance level on the Weekly time frame, yet SPX is floating around a major support area. To me that is a bearish indication as far as stocks are concerned.
 
Quote from JSSPMK:

What is your projection of 550 based on? TY!
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Good question. 600 is a much better SPX target for the bottom. Just under 600 was the low in JAN 1996 with a test at 605 in JULY 1996.
 
Quote from jeb9999:

Good question. 600 is a much better SPX target for the bottom. Just under 600 was the low in JAN 1996 with a test at 605 in JULY 1996.
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You're better off sticking with 550 pal, as the chart below amply shows. But haven't I already posted this chart in the past? :)

Anyway, I hope that helps.


<center><img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2324174" height="600" width="800">
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid= 2324183" height="600" width="800">
Click to enlarge</center>
 
Quote from JSSPMK:

What is your projection of 550 based on? TY!
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sal's given the answer already.

also, GS setting this as target (not that they are better traders but a lot of ppl follow them.... so it becomes self fulfilling prophecy...) if 740 breaks decisively. Mind you, GS equally say, if we don't break this level soon, a very quick run up could happen, like in 2002 with rejection of 768...
 
Nice charts Sal, TY!

Nagelis Cheers!

I've got my eyes set on brake of 745 for a short today.

There is a rather obvious horisontal support @ 600 SPX, also a round number (LC)
 
i'm bearish but can't sell ES here (754), as i still think u can see better entry level today.

but, i bought gold already at 940 as a proxy with better value... because gold has lagged and went lower on profit taking. if ES goes lower from here without intraday rally, gold will catch up fast. so this is a bit of a relative value play.
 
Quote from saliva:

You're better off sticking with 550 pal, as the chart below amply shows. But haven't I already posted this chart in the past? :)

Anyway, I hope that helps.

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could you explain where the blue line comes from in your chart- seems pretty random. 'if' it gets down that way, the chart dictates a spt @ 600, as the other poster said.

btw, you're not really serious about your 130 2013 target, are you? i believe that's below tangible book value. kinda silly.
 
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