ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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I like how they said we have not a 10% pullback through the whole rally.
Was the author sleeping when the s&p moved 9.3 % down in 3 weeks back in jan ?
I thought this was it in the morning and we would see that big daily red candle down, but then it bounced once again off the bottom trend line.
I think we are slowly losing liquidity. The $SML and $MID closed in the red. At the end of the day, we dumped down. On the ES you see how its curving over. That curve over could be what is called an inverted bullish "scallop", but I doubt it. 50% of the stocks in today's market were decliners. The NYSE McLlend just went through zero today which is a bearish sign.
The $NYA NYSE Composite made a lower low in February and I think its going to make a lower low very soon. I do see how the COMPQ and the NYA are both moving up their 10 day moving averages.
I am only trading opportunistic swings via 3x etfs like I did today with the TNA once I saw it broke upwards. I will not get short until there is a two-bar break of the 10 day moving average....timing a correction is very difficult and so my rule of thumb is two bar break off the 10 day to get short the ES.
Now you might be reading this and saying Im crazy and how you thought we just had a bullish day. I do see all of the bloggers and financial news hollering how everything is so bullish. However, it looks to me like only 50% of the market is bullish. There are quite a few stocks off their highs and etfs like the IYR and XLU looked like they were not swinging with the market today.
We did put in a lower high and lower low today then the last few days. I only saw the xly put in a new high, but thats at a key resistance level...
As we lose liquidity and traders start jumping aboard only select stocks this will eventually have a nice slide and it will probably happen I say in the next few days...you wont know it until it does. A few stocks like MGM had that blowoff top evidencing that its about to happen.
I think we are slowly losing liquidity. The $SML and $MID closed in the red. At the end of the day, we dumped down. On the ES you see how its curving over. That curve over could be what is called an inverted bullish "scallop", but I doubt it. 50% of the stocks in today's market were decliners. The NYSE McLlend just went through zero today which is a bearish sign.
The $NYA NYSE Composite made a lower low in February and I think its going to make a lower low very soon. I do see how the COMPQ and the NYA are both moving up their 10 day moving averages.
I am only trading opportunistic swings via 3x etfs like I did today with the TNA once I saw it broke upwards. I will not get short until there is a two-bar break of the 10 day moving average....timing a correction is very difficult and so my rule of thumb is two bar break off the 10 day to get short the ES.
Now you might be reading this and saying Im crazy and how you thought we just had a bullish day. I do see all of the bloggers and financial news hollering how everything is so bullish. However, it looks to me like only 50% of the market is bullish. There are quite a few stocks off their highs and etfs like the IYR and XLU looked like they were not swinging with the market today.
We did put in a lower high and lower low today then the last few days. I only saw the xly put in a new high, but thats at a key resistance level...
As we lose liquidity and traders start jumping aboard only select stocks this will eventually have a nice slide and it will probably happen I say in the next few days...you wont know it until it does. A few stocks like MGM had that blowoff top evidencing that its about to happen.
Quote from retaildaytrader:
I thought this was it in the morning and we would see that big daily red candle down, but then it bounced once again off the bottom trend line.
I think we are slowly losing liquidity. The $SML and $MID closed in the red. At the end of the day, we dumped down. On the ES you see how its curving over. That curve over could be what is called an inverted bullish "scallop", but I doubt it. 50% of the stocks in today's market were decliners. The NYSE McLlend just went through zero today which is a bearish sign.
The $NYA NYSE Composite made a lower low in February and I think its going to make a lower low very soon. I do see how the COMPQ and the NYA are both moving up their 10 day moving averages.
I am only trading opportunistic swings via 3x etfs like I did today with the TNA once I saw it broke upwards. I will not get short until there is a two-bar break of the 10 day moving average....timing a correction is very difficult and so my rule of thumb is two bar break off the 10 day to get short the ES.
Now you might be reading this and saying Im crazy and how you thought we just had a bullish day. I do see all of the bloggers and financial news hollering how everything is so bullish. However, it looks to me like only 50% of the market is bullish. There are quite a few stocks off their highs and etfs like the IYR and XLU looked like they were not swinging with the market today.
We did put in a lower high and lower low today then the last few days. I only saw the xly put in a new high, but thats at a key resistance level...
As we lose liquidity and traders start jumping aboard only select stocks this will eventually have a nice slide and it will probably happen I say in the next few days...you wont know it until it does. A few stocks like MGM had that blowoff top evidencing that its about to happen.
TOO MUCH PUT INTEREST OPEN
Quote from BA_Trader:
It's just awe inspiring how main street is getting pumped by the media now. Holy fark.
There is a decent documentary on the 1929 crash on Netflix instant play... it's eerie to watch.
10% - maybe they missed a zero
Just keep doing what the chart says to do....
what's the name of the documentary?
thanks.
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