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ES Journal Archive (2009 - 2010)
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Quote from volente_00:
Or maybe vice versa
Too many put buying activities in the underlying across all near term months since 750 was reached.
That should put a floor on all 3 indices and drift them higher.
A pullback from here may not take the indices much lower ... short of a significant event to drive price lower, 740-750 area will hold.
It is counter-intuitive but the public always do something funny.
Charts indicated to me that the selling pressure had virtually dried up and there was potential for some upward momentum on a time frame that was a bit longer than the ordinary short term daytrading frames. I didn't want to hold and wait for it to resolve. I am a trend follower, so I look to short again at some point.This should also answer volente's question from several pages back.
I have outlined the way that I analyze charts in detail, so it should be very easy now for all to see what I am doing and why.
Quote from Lawrence Chan:
Too many put buying activities in the underlying across all near term months since 750 was reached.
That should put a floor on all 3 indices and drift them higher.
A pullback from here may not take the indices much lower ... short of a significant event to drive price lower, 740-750 area will hold.
It is counter-intuitive but the public always do something funny.
Watch for put interest to decrease on the rallies and you will get the pull back. 735 is still in play. 750 highly likely.
April indicating 700 - 850 range
Ask yourself what has changed fundamentally in the past 2 weeks other than a bunch of shorts covering ?
Absolutely nothing.
There is still an unfilled gap at 826, but we can still print 630-640 as we approach mid april due to tax selling and then the dreaded month of May.
Those T day boyz will not be able to hold the gains.
Comparing open interests across all those symbols day after day.
There is no shortcut. =)
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