ES Journal Archive (2009 - 2010)

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a little more downside in the morning to pile on some more shorts....then we go higher and trap them bears....be careful shorting this market..it wants to run higher
 
This is what I am looking at on the ES. It was as simple today as a diagonal line. Lets keep in mind the last time the ES hit this diagonal and each time it did then it ran up up up. However, this time appears to be different. It hit that line, bounced up and then continued to go down. I dont trade during non-market times so all I do is look and observe. We will see what happens in the morning.

 
Here is the big picture $SPX. Look at the blue oval on the left. It took 9-10 months to get up to July 20th 1998 and then 1 month to erase all of those gains. If there is any position you should take, then its short...to be shorted when price breaks that trendline in my previous chart.

 
It sure is a big picture..or a broad view of things.

One trouble that I have with the scenario of a double top thingy ..is that it would precede a very deep recession ..but we know that as long as Treasuries are selling in a predictable way..and money printing is paying for all of it ..
The timing of another crash happening as we climb out of this one isn't realistic as long as conditions remain as they are..but there is talk of China overheating in some sectors out of sync with western economies..maybe that'll slow sales of treasuries if it happens, a chain reaction of some sort..I've seen that huge double topper..a big scary looking thing.
 
I wonder if anyone is up reading this. I am waiting for 1173 for buy point. I think its going to poke right through 1173 and then wait for rebound. It keeps inching closer, but I have a feeling it will rebound at trend line watching hard and waiting...
 
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