S&P500 made a double bottom today!!!

[AMT4SWA]

Quote from AMT4SWA:

Sold additional QM at 144.00 and will cover my 143.75's at 143.50 level. ECB decision will be the fireworks tomorrow!

Sold additional QM at 144.25 and will cover my 144.00 at 143.75. The ES did puck out and I got my last intraday trade short cover at 1261.50.....the overnight session is now only getting more interesting for a watch.

 

[Landis82]

Quote from S2007S:

Is this a signal that oil is topping out???

I don't really see any correlation.

Meanwhile, Crude is getting squeezed once again in the electronic session ($144.13) as shorts are forced to cover due to the higher 6% margin that goes into effect tomorrow.

Who would have thunk?
:eek:

 

[S2007S]

Quote from Landis82:

I don't really see any correlation.

Meanwhile, Crude is getting squeezed once again in the electronic session ($144.13) as shorts are forced to cover due to the higher 6% margin that goes into effect tomorrow.

Who would have thunk?
:eek:

Something has got to give, its going to be either oil dropping 20% in a single session or the dollar collapsing.

This rubberband is beyond stretched at this point and everyone knows what happens at that point, if oil just pulls back 10% it could provide some relief for the market, the only catalyst I see right now is oil correcting at least 15-20% in order to prop equities higher, oil making new highs is going to lead to new lows every single time on the market.

 

[bh_prop]

Yes, the "bottom is in" crew from yesterday was selling late today. Decent fear now, especially with all the news due out tomorrow, oil, you name it.

Quote from AMT4SWA:

Yes....great observation.

On a side note....do we see all the LONG's off the 1261's puke them up today before the close or do they hold again overnight.....LOL!

 

[AMT4SWA]

I agree...Auction Market Theory played out as weaker hands gave up the goods prior to the overnight session. I will be up to trade through the EU session tonight for all the various positions I have....should be some action tonight.

 

[Ivanovich]

I'm a forex guy mainly, but I bought a few hundred SPY and DIA right at close. Could prove to be unsettling tomorrow, but that's life.

 

[taodr]

It looks to me Cheney(gov) and oil giants are going to ramp up oil , force stock market down until Congress panicks and allows drilling all over the States.

 

[paysense]

answer (to thread title): right!

 

[robbie380]

Quote from taodr:

It looks to me Cheney(gov) and oil giants are going to ramp up oil , force stock market down until Congress panicks and allows drilling all over the States.

hmmmmm....you might want to keep up with the news and realize there is already a ton of shale drilling. i somehow doubt me telling you this will matter since you are already living in your own little world.

 

[Landis82]

Quote from S2007S:

Something has got to give, its going to be either oil dropping 20% in a single session or the dollar collapsing.

OTC Coal Contracts for delivery in Q1 of 2009 that clear via the NYMEX fell 16% today.
That's why all the coal stocks got murdered.