ES Journal Archive (2011)

[Picaso]

Quote from macho grande:

would YOU buy or sell here..for a scalp

for the love of god.. this is overbought.

See my charts. When you posted, to me that's a buy.

IMO, you're letting your position cloud your judgement.

Overbought is an oscillator concept, yes at some points throughout the day we've had extreme buying (and selling), but what you're looking at here is an uptrend that can go on for longer than you or any of us can stay solvent.

Cut your losses or work your position like Ammo, but simply insisting on it being overbought isn't going to help you.

 

[Laissez Faire]

God, this market is not showing any mercy to the shorts.

SPX up 3,7% now.

 

[ammo]

God's got nothing to do with it,it's the other guy, GS

 

[Picaso]

Quote from trickshot:

With my limited chart reading skills I can see that there isn't any significant resistance between SPX 1285 and 1345. Shorting is pretty risky right now.

Right here

1290 lows

1300 round number

Congestion area

Upper trendline

Plus nothing goes up forever in a straight line

Keeping an eye on the clock to see what this does at the turn of the hour

 

[Picaso]

Quote from ammo:

God's got nothing to do with it,it's the other guy, GS

Ammo, I'm shocked... You didn't go to Sunday school? It's a trinity (you're missing the Holy Ghost of the FED)

Give'em hell!

 

[bigsnack]

Watching 81.50 for a bounce.

 

[HedgeItYourself]

Done for the day?

 

[Laissez Faire]

Finally some weakness showing up?

Double top on NQ? :eek:

As usual lately, it is probably just a trap.

 

[JoshDance]

another TL touch at 1281 .... this hasn't rounded at the top yet, not that it has to to move down

 

[PushPull]

The next 200-300 ES points are on the downside. Beginning this week, welcome to the Crash of November. I give liquidity to Goldman Sachs and others...says Mokele Mbembe. I'm just a follower.