ES Journal Archive (2011)

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Quote from Visaria:

Out at 1226, 26 point gain

11-30-11 01:13 PM

gonna regret it, should have waited

11-30-11 01:26 PM

This may be the trigger for the long awaited Xmas rally.

11-30-11 01:33 PM

long at 1230, small position though
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Out at 1245 :D
 
Quote from Lawrence Chan:

All lined up for that to happen so far.

As long as 42-47 acts as resistance, the scenario is in play

Waiting for open to determine the strength of ES.

Where they position the open tells a lot about the intention.
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Here we are.

See if a top develops from here, if so, we get 1215.

=)
 
Quote from ASusilovic:

BINGO !

Now that all psychopaths in the investment arena are long like there is no tomorrow:

Short 1242.50, target below 1226.50. The next European "crisis" is just lurking around the corner ;=)
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Any shock will be good enough to bring this back down 2% - 3%

But does it worth the risk to go against the official positions from the authorities?
 
Quote from Zr1Trader:

My fire alarm won't stop going off....

Shorts burning in the oven again :)
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Haa, I laughed. I don't get why people want to fade moves all the time. Doesn't get much easier than just lifting on the news this morning, that was worth 30 handles.
 
Quote from trickshot:

I wouldn't be so sure about that, the market can run up another 50 or even 100 handles before it comes crashing down again, would be difficult to not get a margin call unless you are trading a very small size.
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well said, however improbable this possibility should never be ignored. There might be some joint eurobond announcement tomorrow and if that happens, we will see ES at 1180 tomorrow itself.

I guess one way to take and hold swing trades on ES fading psychological extremes is to establish a core position of lets say x/4 of what you will normally trade during a day and then keep it for 1-2 weeks or so. Meanwhile, take 3x/4 remaining position and continue to day-trade with it.

At least I have found above approach helpful as far as fx trading is concerned, and I don't see any reason why it won't work in ES.
 
Nice couple of days we've had this week. I'm currently long a mix of ES, NQ, and TF. I decided to hold on to my contracts after being close to the breaking point last week, so this is welcome news. The only problem is I turned them into covered calls on Monday which I priced at around 3% above the market value at the time. They were all Dec 16 expiration and I received something like 1.25% in premium for it, which I thought was a pretty good deal at the time and it would allow me to get even for the month if we reached the strike price. We've already exceeded that point so I have no more upside besides reducing the time value of my short calls. Pretty soon I'm going to have to start hoping it goes down so when my options expire and I need to buy 2012 contracts I don't do it at an inflated price.

Crazy how quickly things can change, for the good this time at least.
 
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