Super Strong Volume Today 08-28-08

[newtothis]

I was short citi from the end of the day yesterday, this gdp fffd me good today, but i'm not getting out cause after a pop like this I need to see some people come in and take some profits
I don't know if I'm right but i'm sticking to this

 

[Bowgett]

Quote from newtothis:

I was short citi from the end of the day yesterday, this gdp fffd me good today, but i'm not getting out cause after a pop like this I need to see some people come in and take some profits
I don't know if I'm right but i'm sticking to this

Good luck with that but start learning how to spell "short squeeeeeeze"

 

[newtothis]

maybe i'll cut my position in half

 

[Aaron Copland]

There has been some great action in the indexes after 11:00 am cst. Boy this is a day traders heaven.

 

[bh_prop]

Exactly what about today meets "super-strong" volume criteria? To me it seems more like sellers left the building after Monday's close.

 

[Aaron Copland]

ES has been is a nice wide 4 point range for the last 4 hours great action indeed. I'm certin we will close on the highs.

 

[Aaron Copland]

Quote from bh_prop:

Exactly what about today meets "super-strong" volume criteria? To me it seems more like sellers left the building after Monday's close.

Not a seller in sight, the push up will be super easy. Friday and Monday we push over resistance.

 

[The Swordsman]

Right, there is no "super strong" volume today, hell there isn't even strong volume. Its a slow drift higher on average volume.

Copland, get your head out of your ass

Quote from bh_prop:

Exactly what about today meets "super-strong" volume criteria? To me it seems more like sellers left the building after Monday's close.

 

[BlackBison]

Quote from Aaron Copland:

Not a seller in sight, the push up will be super easy. Friday and Monday we push over resistance.

well we will see what happens tomorrow. if tomorrow is a trading range (most likely) or even slightly up monday holiday should be a move higher all day if recent holiday patterns history is anything to go by.

if tomorrow is a massive selloff, which is unlikely but possible, then i think monday will continue the selloff and take out the recent strong support at 1262.

 

[Mvic]

Quote from The Swordsman:

Right, there is no "super strong" volume today, hell there isn't even strong volume. Its a slow drift higher on average volume.

Copland, get your head out of your ass

Good volume in financials likely due to short covering, the rest of the market was anemic at best in terms of volume. The credit markets are not buying this rally and the drop in commodities suggest that not everyone sees a resumption of demand anytime soon. I exited longs a few weeks ago at higher levels than where we finished today and I suspect many others are like me sitting oin the sidelines waiting to get short again. We are smack against resistance here and I think what is most likely is that we will see it breached on weak volume next week and then with some new longs sucked in by the apparent break out the rally will fizzle and we will start back down below 1300 again and that will be the time to go short ES.