s/r's
trendlines
fibs..
ma's
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trendlines
fibs..
ma's
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ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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I agree 100%. Why are "they" always in such to fix things? (rhetorical question, politicians are idots) Isn't the cme and others trying to create a more liquid market for these assets that would in time give them some sort of value in m2m. Plain and simple there are to many frickin houses, we just need more indians to move to the US.
Although as traders shouldn't we want them to create another bubble that will in time cause mass hysteria.
shrug ... it may not be the bottom.. and if it is.. its cool too.
can we head lower sure especially if you look at the montly inverted 'W' or double top on the chart..
but if you look at other chart analogs, you will see that the monthly supports are usually taken out and consolidation occurs at the new zones for a bit...
recession is being forecasted to end by Big Ben..if the FED has the most data on the economy and more people crunching numbers then you and I.. for his to go on record, could lead to testimony ridicule publicly..
usually markets bottom months before visible signs are seen (6 months).. in the economyl, usually the banks frontrunning the impending turn.
massive injections in money supply will lead to a economy that survives on inflation... the market and yields will rise in tandem, and people will question why the market is rising in the face of such bad news..
just some things to think about.
Yesterday I left this question at the time of market close. After today's market actions, it is easy to know the answer:
There are a lof of acumulations at 670 level to support the price ahead of the Citi news...Charts usually don't lie...
Charts and news are cyclical and well timed, christ I sound like porge.
Don't get me wrong, I think its very possible this market goes lower than 666, but if it does, I don't think it'll be within the next couple weeks. We've been in a severely oversold condition, with many 'wild-cards' coming up that could shift the market mentality. Several technical setups on larger time frames of different indices creating synergy too.
If a trader decides we "finally turned the corner" once the market is 20% off the lows, they're most likely buying into a good shorting opportunity, or at the very least, not getting nearly as good of a risk/reward setup.
I realize anything could happen. The market often doesn't react to zones as strongly as I expect, and sometimes it turns and runs farther than I could have predicted. Because of this I stagger my targets. I'm not saying it'll reach 1000, but I'm prepared to make some money if it does with 1/5 of my position for very little risk.
If you're shorting into this at this level looking for new lows you better have a very good idea of what you're doing since this is a very impulsive move occurring in an oversold environment.
Vol would tell ya that I've been bullish since yesterday. So no need to worry on my account. But not for the next couple weeks as you suggest. It's more like the next couple days. Plus, if there should be a genuine rally, we will most likely revisit 666 to put in a double bottom.
740-750 is about as high this rally will take us in my myopic view. Good trading to ya nonetheless.
Pretty close there tranny lover.
volente_00 wrote on 03-05-09 09:47 PM:
i honestly don't know why but the edge is there to exploit with the right money management. There is a huge short squeeze brewing from these levels, notice how the 68 put is swelling.
volente_00 wrote on 03-08-09 01:45 PM:
As of right now interest is growing on puts at 65 to 68 which indicates we can get a bounce from these levels as the current open call interest is low til you get to 72 - 75
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