John's Intraday Market Analysis

looking to short in the next 15min. Looks like the news scared some shorts. I'm hoping to be done trading before bernanke speaks.
 
This is pretty crazy volatility on ER2, the most I've seen.

Looks like we could start selling off again, SMH and big caps headed south.
 
I'm done for the day. I would like to trade the close but have to go. I'm proud of myself for taking one of my prefered trade setups and not hesitanting for a second. As soon as 772 broke, I watched for the retrace and shorted and got a good pt in the prefered time of 3min.
 

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Quote from john99:

Thanks, I don't have much profit to prove from it though. I saw the breakout at 785 on er2 but was hesitant to take it and wanted a retrace which never happened. So I entered late.
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Yeah, I know what you mean, I was expecting a turn also, but not such a fast drop with very little retracement to it.

We might have to get used to getting onboard fast when the Bear comes back in town.

Regards,

JJ
 
Well, there are a ton of #'s today and futures are up big. Resistance on ER2 is at 787 and support at 776 now. When futures are up this much, I would expect an up day. I would keep an eye on SMH. If all indices are moving together to the upside, then that will be the indication we got a trending day. I would expect ER2 not to drop more than 5 pts today from the open, with the potential of hitting 787 today. I would expect an attempt at a gap fill this morning, but I may just sit on the sidelines with all these #'s coming out.

edit:
Volume at the open looks low to me, I'm skeptical if the gap up will hold.
 
Gap fill on smh, NQ is now starting to play along with the other indices. I think we will move up now. Volume coming in stronger. Will watch homebuilders.
 
I was short overnight and took some heat, but it worked out this morning. Unfortunately I covered too soon and was then too scared to enter again from the extreme volatility. I put in a buy cover on 1 of my contracts and by the time I was filled ER2 had dropped another .3pts(but they gave me the higher fill). I'm happy I had the courage to hold overnight on my thoughts of what was going to happen today.
P/L $700+
 

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