ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Longer term players working the market today. Usually they are done by 11 am.
Daytrading crowd got caught in the middle, that's all.
The rest of the day will be the fight of the day traders pushing it lower while resting long term orders defending the 790 level (or higher).
Yeah, Tommy got too bearish on the market yesterday, so the boss at GS decided to nail his short positions.
Part of today could be the impact of money coming into the market (401k IRA type). Typical for first day of the month - ESPECIALLY given the rally in March. This hasn't occurred for several months but can be a useful tool when market acting better overall.
Go back and look at the first trading day of April in 2008. Obviously if you are in from there is sucks - but short term it was a solid up day without much back filling. I know because I fought it and lost all day. Left a mark.
Go back and look at the first trading day of April in 2008. Obviously if you are in from there is sucks - but short term it was a solid up day without much back filling. I know because I fought it and lost all day. Left a mark.
ISM Mfg Index came in slightly higher than consensus same with Construction Spending (both showing slight improvement over their previous numbers). This perception of improvement was sustained by the Pending Home Sales and demand for Crude dropping.
Lack of bad news in a Bear Market is perceived as being good news and we have a 20pt rally in less than an hour!
Ok, I feel better now.
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