ES Journal Archive (2009 - 2010)

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There was major bear capitulation on Friday last hour, and again today at the open.

This is the final phase of the bear market rally with a top at about 950. may go as high as 970 in a final suckers' buying frenzy.

But this is it, end of May, sell and go away. Today, and possibly tomorrow, will see the final start of month and quarter buying.

I would not recommend intraday shorting unless you have wide stops.
 
Quote from mTrader09:

There was major bear capitulation on Friday last hour, and again today at the open.

This is the final phase of the bear market rally with a top at about 950. may go as high as 970 in a final suckers' buying frenzy.

But this is it, end of May, sell and go away. Today, and possibly tomorrow, will see the final start of month and quarter buying.

I would not recommend intraday shorting unless you have wide stops.
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Note the VIX intraday low at 28.45 and then rallied, now at 29.86, UP by 0.94, on an UP day. It should be about flat or down on a up day. Retail buyers will be left holding stocks bought during the past few weeks, as is usually the case.
 
A very important development here.

Today is taking out exactly the 20 days consolidation. As if we are reading a text book.

Tomorrow, if gap up and sell back into the 20 days range, an important top is printed.
 
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