ES Journal Archive (2009 - 2010)

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Quote from Pekelo:

that meant only 3% for your account.
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No. using the math provided, it was a 15% gain for my account. 3% for TLNW. One cannot obtain 15% gain on their money from a bank. :)
 
Just to be clear, my posts about the 1000 level applied to yesterday and today, but don’t have as much relevance for tomorrow. Any intelligent trader whether retail or market maker will hedge off or get out of expiration risk before expiration Friday. Optioncoach has explained that many times on this website, and everyone was given a very stark reminder of that when the Fed lowered interest rates right before SPX morning settlement and we were treated to one of the biggest gaps in market history. So options strikes with significance will continue to act as a magnet, but many other factors can easily outweigh that going into the final day.
 
Something to notice about the sell off.

SPX 1st peak 1018 2nd peak 1013 neckline 992.5

Target was at 992.5 - (1013 - 992) = 972

We stopped short of the target by 6 pts

And then as JSS pointed out, we now get a double bottom.

ES bottom 977 neckline 990 target at 1003 and it is already tagged in AH.

Bullish patterns are still working better.
 
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