ES Journal Archive (2009 - 2010)

[wave]

Read it and let your teenagers read it.

http://www.amazon.com/Poor-Richards-Almanack-Gift-Editions/dp/0880889187

 

[rock34748]

Quote from smilingsynic:

Not necessarily. If price fails right around Friday's high, then Friday's low has a chance, if the daily pivot point does not serve as strong enough support.

If this week is supposed to "set the tone" for 2009... institutions and govmt are fighting hard to float it. At least I guess.?.? I cannot view this week on purely technicals. (Obama = tax cut; who'da thought it 6 months ago!) I see anything over 910/11ish as bullish weekly (50% retrace of the "artificial" two weeks of holiday trading, etc...) Others might need DOW at 9,000, don't know.

 

[Lawrence Chan]

Extreme buying has not subsized at all even after the drop to opening range top.

Based on the price action and extreme tick reading since last week, a hard sell off is not out of the question now.

The problem is that if the high is in place already or not.

Remember many people talk about first week of year indicator, first 3 days of year indicator, etc. They got one already as the first week of year has only 1 trading day.

 

[Lawrence Chan]

Quote from rock34748:

If this week is supposed to "set the tone" for 2009... institutions and govmt are fighting hard to float it. At least I guess.?.? I cannot view this week on purely technicals. (Obama = tax cut; who'da thought it 6 months ago!) I see anything over 910/11ish as bullish weekly (50% retrace of the "artificial" two weeks of holiday trading, etc...) Others might need DOW at 9,000, don't know.

The spin is simple - because that does not count due to the fact that Obama is not in office until after Inaguration.

So must sell off to an extreme low to get as much inventory as possible ...

 

[vertigo3]

LC,
The stocktrader's almanac study is first 5 trading days of new year as predictor of Jan performance. Jan supposedly tells the year. I don't think it's anything worth following.

 

[Lawrence Chan]

Quote from vertigo3:

LC,
The stocktrader's almanac study is first 5 trading days of new year as predictor of Jan performance. Jan supposedly tells the year. I don't think it's anything worth following.

Media needs something to talk about

Opening range hold, new high can happen now.

 

[volente_00]

850 to 1000 range for now


http://finance.yahoo.com/q/bc?s=^GSPC&t=6m



how about we get near 1000 in Jan, then a fall back to ~850 to set up the ihs that then runs from ~850 to 1100 during the rest of the year.

 

[vertigo3]

Quote from volente_00:

850 to 1000 range for now


http://finance.yahoo.com/q/bc?s=^GSPC&t=6m



how about we get near 1000 in Jan, then a fall back to ~850 to set up the ihs that then runs from ~850 to 1100 during the rest of the year.

I think that makes the most sense... but whoever thought markets make sense

 

[Lawrence Chan]

Quote from volente_00:

850 to 1000 range for now


http://finance.yahoo.com/q/bc?s=^GSPC&t=6m



how about we get near 1000 in Jan, then a fall back to ~850 to set up the ihs that then runs from ~850 to 1100 during the rest of the year.

Gee ... then those predictions among those analysts are good then?

 

[Lawrence Chan]

Scenario is clear now -

1. Break down trendlines from the peak, going to R1 at 40

2. Break uptrendline + VWAP + open range at 24, going to S1 at 04