ES Journal Archive (2009 - 2010)

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I was a bit concerned when the trannies pushed it up to 86.75 but it's an encouraging sign to see the shorties are taking it in stride, something which I haven't seen for some time. Although it's still premature to declare victory, the PPT ain't much of a consolation. We shall see where we'll end the day.
 
Quote from Lawrence Chan:

what a mess again ...

881 area tested 4 times now ... amazing persistencies for the bulls.
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This has been the long hold from hell.

Got a 3 day downtrend fighting a longer time(frame) uptrend line.

We get an 7 pt range for the afternoon.
 
Quote from Lawrence Chan:

what a mess again ...

881 area tested 4 times now ... amazing persistencies for the bulls.
More...
Nah, on the contrary. The persistence is on the side of the shorties. Had this been just 2 weeks ago, the bears would have fled for their lives by now. They're no sissies today.
 
I did rebuy the half and resell the half again for a gain but never had a chance to post it. Anyway I still have half with a stop at the LOD. No problem holding it overnight if it doesnt stop out. See you guys tomorrow.
 
Quote from saliva:

Nah, on the contrary. The persistence is on the side of the shorties. Had this been just 2 weeks ago, the bears would have fled for their lives by now. They're no sissies today.
More...

They smell blood...
 
This is not distribution. Bears should have broken this low big time by now, after taking out the uptrendline. We are still holding the up trending channel and the buyers have not stopped.


20p3ev6.jpg


pink line is properly drawn uptrendline
 
Quote from trackstar:

This is not distribution. Bears should have broken this low big time by now, after taking out the uptrendline. We are still holding the up trending channel and the buyers have not stopped.


20p3ev6.jpg


pink line is properly drawn uptrendline
More...

I do agree with that... if distribution was in fact complete, we should have seen the death knell already. For the amount of selling effort they've applied, we should be at 800 if there was no support in the market.

That said, bulls are no exactly stepping up to the plate either... in terms of "responsive" buying.
 
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