ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Quote from NoDoji:
Have a good long weekend all, I'm positioning myself to the outta town side!
Guys... now that NoDoji is gone let's build a fort or something...
With all of this (awesome) volatility it is easy to forget that memorial day weekend typically kicks off a slow season in the markets until labor day.
As I posted before - I (still) believe that we get a triple bottom on the daily... with the 3rd touch around 1050 coming in near contract expiration.
Overall ...I think we get 3 months of up and down on declining volume/volatility... with extremes at 1050 and 1150..ish ... basically swinging up and down around 1100. This would create a HUGE year-long HS pattern easily visible on the weekly chart.
Of course we might have another flash crash or flash meltup but I don't think anything will stick until Autumn.
Good luck all - I'm tired after buying dips since late last night... see ya on Tuesday.
Or they'll just bail before 2:45pm EST
Disclosure: I'm neither short nor long. I am just in Petty's camp that this market isn't going anywhere yet with conviction anytime soon. In this market, I believe you buy the biggest red bar, and you sell the biggest green bar. Both longs and short are on pins and needles. That's how I'm playing it until she doesn't work.
Given the gap up in the futures market, you would have expected a face-ripping rally off the open, we got none of that. However, I still like that pretty IHS that projects to 1115, and I also still believe we get 1150 this option cycle for the longer term HnS. Will those two pretty formations play out? you'll have to ask somebody smarter than I am.
Quote from kinggyppo:
Hey LC nice to see you back, hope all is well.
Been busy with other things in life.
Not much time for posting here.
*Lets look at the next 5-10 trading days*
Here is another way to look at what is happening in the ES right now:
[UNTIL OIL] hits $80, this bullish undercurrent will keep the ES from dropping and dropping...watch CL or QM and look for $80 to be reached, when it does, IF 1032.50 on the ES has not been revisited between now and then watch that level as a downside target.
Here is another way to look at what is happening in the ES right now:
[UNTIL OIL] hits $80, this bullish undercurrent will keep the ES from dropping and dropping...watch CL or QM and look for $80 to be reached, when it does, IF 1032.50 on the ES has not been revisited between now and then watch that level as a downside target.
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