S/R Emini Journal

4re · Sep 21, 2006

Quote from princessa:

my puts expire in december. wanted to give myself plenty of time....

My opinion os that you should be able to make your money on them by the end of October. Then get ready for a Santa rally, if we get one this year.

BoyBrutus · Sep 21, 2006

Quote from 4re:

My turn to ask opinions. This appears to be a bearish wedge but the angle is extremely steep. What do you guys think about it?

The way I reason it is, unless we have broken some significant support levels and there is some real fear in the market we dont seem to close at the lows on a extended range down day. So the last half hour is either a short covering rally or chop. m2c

tradequicker · Sep 21, 2006

my opinion is a bearish wedge with a steep angle........thanks

princessa · Sep 21, 2006

Quote from 4re:

My opinion os that you should be able to make your money on them by the end of October. Then get ready for a Santa rally, if we get one this year.

i agree. my target date for mkt drop was october. bought them for december so that the time premium wouldn't erode too badly before i had a chance to sell.

romik · Sep 21, 2006

Quote from 4re:

Romik,
Since you might not hear it from a lot of other people I will say that you made and held on to a good short here. I can't say for sure if this is going to be a reversal or not but I have been watching the strength of this rally decline even as price seems to be inching upwards.

My opinion is that I would have liked it to move briskly up past 1345 in order to continue the rally and unless this is a slight pullback we didn't see that. If it did break 1345 then I could have seen it move up to 1360 fairly easily.

Good job,
Gary

Thank you, let's wait for the fat lady

princessa · Sep 21, 2006

Quote from BoyBrutus:

The way I reason it is, unless we have broken some significant support levels and there is some real fear in the market we dont seem to close at the lows on a extended range down day. So the last half hour is either a short covering rally or chop. m2c

good call....

tradequicker · Sep 21, 2006

very excellent call...........

4re · Sep 21, 2006

Quote from romik:

Thank you, let's wait for the fat lady

Yeah, I don't want to be your jynx. But I have been watching this closely for a few days.

volente_00 · Sep 21, 2006

Quote from romik:

average short 1328.87 now and stop reduced to -1.25% of TC

When did you add ? So 2.5% of TC would be greater than a 15 point stop, so right now your stop is around 7-8 points ?

romik · Sep 21, 2006

Quote from volente_00:

When did you add ? So 2.5% of TC would be greater than a 15 point stop, so right now your stop is around 7-8 points ?

1333.00 and yes