S&P daily pivots and break-down & up Targets

A mega-bear at Societe Generale,analyst Albert Edwards, warns of a deep recession caused by the fallout from the unwinding of the debt bubble. The ensuing sell-off, he says, will knock the S&P 500, now trading at 1262, all the way down to 500. That equates to a drop of 60% from current levels.
 
I remember waking up everyday and seeing the futures in the green and a closing to new highs for months on end back in 2007. Now the opposite is occurring, the market is selling off just like it made new highs back months ago when it ran to 14,000, but where the bottom is, is of course anyones guess.
 
I mentioned last nights video that to 1261 area should hold today

Plus CRAMER told people to SELL>>>>>>>>>>>LOL
you know it is time to buy

Remember it is not the NEWS but how the market reacts to the news

I was just speaking to one of my traders and he said how can they rally the market with oil @ 145 and ECB raised rates 1/4

My reply was: Who cares just be on the right side

Never put your bias in to your trades, Yea we may go down much more but when you trade futures you just have to know where
it is going the next 5-25 min............... LOL
 
S&P went right to the Sell ZONE and bounced

Those of you that watch my videos I mentioned the market will sometimes stay in the range of the buy zone and the sell zone

watch for a break over 1263.50 settlement # for yesterday
to get any buy sig.

I also said they could move this market anyway they want today
due to light volume so please be careful
 
With Joe (God bless him), S2007, Cramer getting excited and seeing professional portfolio managers start threads like "I'm scared" we are getting close.

I look at it like this - unless I am vested in stocks and very near retirement. . .averaging into stock as a routine couldn't care less if the US Market/Economy toggles on the way to forging newer and newer highs, as it has always done.

That being said DO NOT be a trader on the wrong side of the market or you will get eaten alive. You never truly know what the market is doing and I (and many traders) find their success in trading what they see as the highest probabilities with time-worn methods.

So the market tanks further than YOU think it should and then rises farther than you'd think. <b>These are the most opportune times to profit!</b>

paysense

(on that note - wow. . .my shorts are looking good again;)
 
Wow! Of all the numbers I just wrote down Joe, we are already looking toward the bottom target. A decidedly UN-successful retest of the 1261 level:D

You were right in that the lightened trade wants to take this thing down so as to profit more on the upside.gA
 
PAY$$$
I have no charts this morning SHIT>>>>>>>>>>>
TS down

I had a target 1251 I mentioned a few days ago

be careful if that is not take out this could be it for the downside

I am calling Tradestation to see what the hell is going on

was short charts froze and had to get out with market order

LOL

what a fucken day LOL

Did not want to be in a trade without charts

ANYONE out there have Tradestation
 
I don't think I'd "day-trade" days like this (1/2 traders, shortened session, Fed, etc.).

Sorry to hear about TS - SUCKS!!!


:cool:

Meanwhile I might add some SHORT at 1268 level.

gA
 
I added another 2 NQ contracts (1 ea. in separate accounts) at market and got filled at 1232.25 (right after a 1236 print, lol)

but, again thanks to Joe's analysis (and my quirky interpretation), this went well today - good for 10+ points!

pay$



So we open again at 16:30 pm EST. . .




ense
 
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