ES Journal Archive (2009 - 2010)

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Quote from Lawrence Chan:

It's been bottom picking at this level since yesterday.

People buying like there is no tomorrow.
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Yup. Definitely don't overthink it though, the sell-off should be coming soon. This has been one hell of an impulsing rally, so even when it looks like its obviously going to roll over we'll get another push up. I actually wouldn't be surprised to see one more high briefly made before a sharp selloff. Thats why I'm only taking half a position at the 75% retrace level of yesterdays high, then I'll add the other half if a new high is made with a tight stop expecting a quick rollover.
 
Quote from tommymoose:

Yup. Definitely don't overthink it though, the sell-off should be coming soon. This has been one hell of an impulsing rally, so even when it looks like its obviously going to roll over we'll get another push up. I actually wouldn't be surprised to see one more high briefly made before a sharp selloff. Thats why I'm only taking half a position at the 75% retrace level of yesterdays high, then I'll add the other half if a new high is made with a tight stop expecting a quick rollover.
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I am not that bearish. :)

The 750 buyers are "early birds".

If a push to next support level holds, we will get a div. buy across all intraday time frames ... signalling new highs.

So, it is all up to what is going to happen next.
 
Quote from Lawrence Chan:

I am not that bearish. :)

The 750 buyers are "early birds".

If a push to next support level holds, we will get a div. buy across all intraday time frames ... signalling new highs.

So, it is all up to what is going to happen next.
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I'm expecting 735-745 to hold pretty good after 2:15 p.m. If we get a push higher (which I hope we do), I'll be dumping my hedge in bits and pieces. :)
 
Quote from Pekelo:

After 2 hours of trading so far it has been -4 and +7
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Best case for bulls today - a dump to 42 then end the day up at 62.

Best case for bears today - a run to 62 and then drop to 42 by close.

I will take +/- 8 pts from open. :)
 
Quote from Lawrence Chan:

I am not that bearish. :)

The 750 buyers are "early birds".

If a push to next support level holds, we will get a div. buy across all intraday time frames ... signalling new highs.

So, it is all up to what is going to happen next.
More...

Just to clarify, when I'm saying "rollover" and "selloff" I'm staying within my longer term bullish bias (I think we go to 850+) but saying we'll sell off to the 720 area. This is just a hedge trade.

When you say you're not bearish, do you mean just not for today or that you think this rally will continue without a significant pullback?
 
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