Holy CRAP

Quote from waggie945:

Of all the morons and talking heads on CNBC, Art Cashin is without a doubt one of the calmest, shrewedst and smartest guys around.

If you listen to him very carefully, he will give you a great heads-up. Art is awesome.
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too bad we dont get enuf of him throughout the day.
 
If this is so easy how come you're still posting on bulletin boards and not buying Microsoft with your pocket change?


Quote from Grob109:

Any one doing their homework is prepared.

I do not no how to post a reference thread but how to prepare as simply as possible is noted.

Pre open you had bonds. (8:30)

Preopen you had the ES run from 54 to 47 for a 7 point way to start the day.

You knew that the IT trendline on ES had been broken for the thrird time in two days!!!!

You knew the ES top of R was 160 to 162 and it had been hit three times this quarter. This means you are in a Flat Top Pennant and there would have to be daily volatility compression. This means the intraday would be banging away.

Look at yesterday's action. The market was centering on no volume. You know everyday starts with high volume an thus there had to be a BO from the centering.

THe preopen 7 point drop in an hour plus lead to a FBO at open. Very high volume took the price to a predictable high 162. several people posted the number before it was hit.

A failure to BO of the FTP was obvious. Why? the channel of the IT failed to traverse. The ITleft line was above the FTP top line at the top of R. This is not rocket science.

People made a lot of money by the FBO at the top. Well they took profits and cascaded the stops of slow witted "long" traders who didn't respect the reversal at the top of the R.

similarly before that, you probably noticed that the unemployment news was zilch...as usual it got ploughed into the political news ahead of time. Only jerks were betting on news today. You probably noticed them (they were short) getting taken out on the upward cascade of stops at 10:00 and the next two bars when the talking heads were saying blah on unemployment.

The "S" curve, down before open, up at open, FBO down after reversing on the top of R, all combined finished the day at about the closing price of yesterday. We simply had a high volatility stall for the rest of the day to trade along.

Fora while a gap oriented thread has noted how to prep for the next day. WTF, everyone who targets 10 to 20% of margin/contract does this stuff as a routine.

This was like any day in the Fall after Summer trading.
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Quote from Grob109:

Any one doing their homework is prepared.... This was like any day in the Fall after Summer trading.
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Sure, just like any day in the fall after summer trading, I remember those days well. 15+ pts runup straight off the opening, no pullbacks, and then an immediate 82% plunge, all within the first 2 hours. Not.
Quote from mmillar to Grob109:

If this is so easy how come you're still posting on bulletin boards and not buying Microsoft with your pocket change?
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Pretty well sums it up. But then again it's all so very easy after the fact.
 
Quote from mmillar:

If this is so easy how come you're still posting on bulletin boards and not buying Microsoft with your pocket change?
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The vast majority of my capital is in equities. I do not buy MSFT because the float is out of my range (5 to 30 million) I require a repeated cycle (6 to 8 days) and a H/L of the cycling to be at least 20% 5 times in the last six months.

I limit any specific holdings to 100,000 shares. I find the ratio of blocks for buys to sells to be 20 to 30. My greatest net on this limiting trade level is 17 net points (dollars). The hold was a long one (6 months). You can google the trade discussions or someone here will help you perhaps.

I post on bulletin boards because it is fun to do. Approximately 4 out of 5 peoople do not agree with my views. I see you do it for the same reasons.

I spend my pocket change with a CC that have low six digits credit level.
 
Quote from Magna:

I don't buy it. Granted there was an NR7 day yesterday and so a wide-range day today (possibly a trend day) was likely. But are you suggesting that we should have "expected" a 15.25 pt runup in the ES straight from the open, with essentially no pullbacks, and then an immediate 82% plunge (12.50 pts)??? Puhleassssssssssssse. :eek:
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You definitely should have been expecting some extreme volatility today if you were paying attention at all to what happened to fixed income after the econ data release an hour before the open in the S&Ps.
 
Well I lost money today. I went in thinking we were going down and as much as I know better I couldnt shake it. I shorted premarket and twice more on the way up. I knew I was f**cking up as I was doing it but kept on. Ever been there? Fortunately I got most of it back when a EUR short worked out but even it was a trade I wouldnt normally have taken. I lucked out. I really thought I was beyond this sort of crap.
 
Quote from easyrider:

Well I lost money today. I went in thinking we were going down and as much as I know better I couldnt shake it. I shorted premarket and twice more on the way up. I knew I was f**cking up as I was doing it but kept on. Ever been there? Fortunately I got most of it back when a EUR short worked out but even it was a trade I wouldnt normally have taken. I lucked out. I really thought I was beyond this sort of crap.
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only idiots lost money today :-/
 
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