The Surf Report

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Quote from T-REX:


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would you not agree with his analysis?
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I have no idea if your analysis correct or not but the drama is kind of over the top, I should say bravo instead, bravo.
 
and a very important question also! WHY? If you can tell me your why, then I will give thought to your theory for a big drop in the markets.

Chris

BTW, Surf I understand no targets at this time...OK, thanx for the info! I will be watching the 1041.50 area on the ES like a hawk for signs of support if we have continued drop Monday. Below this price level I am looking at the 1030 area as the next test of major support and the area I will most likely cover half of my position. Now below this could the ES make a run to test 1016.25, you never now. If the markets have a solid pullback here there is a strong possibility that the 1016.25 area would be a major support challenge. Wednesday night I will be flying to Vegas, so this day will be key for my play on this trade...lets see what happens!
 
1035.00 should be a good number to watch for ES as it is the .618 retracement level of the 10/24 low as well as the .318 retracement level of the 9/30 low.
 
We had the ES overnight (05:05 a.m. EST) already test the 1041.50 area with a drop to the 1041 level...sitting in the 1042 area as I type this. Looks like things may start off down today at the markets open.

Good Fortunes!

Chris

BTW, fan27 thanx for the heads up about the fib level possible support at the 1035 area! I will watch this also.
 
a nice drop at the open occured with the djia presently flirting with the 9697 neogann support level. we are holding all shorts at this time. short indexes, short bbi.

best,

surfer:)
 
Looking good today out of the open...1041.50 break for the ES so far! :cool:

Good Fortunes!

Chris

BTW, still holding my ES SHORTS position from end of day Thurday.
 
the critical djia figure of 9697 has been violated. we are holding shorts at this time. finally, we get the break !

i am placing stops at 9703 at this time.



best,

surfer:)
 
I was watching with much anticipation for this puppy to roll over and play dead.

You called it a little early but stuck to your indicators.

Great Job.

:)
 
Quote from ZenProf1t:

I was watching with much anticipation for this puppy to roll over and play dead.

You called it a little early but stuck to your indicators.

Great Job.

:)
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thanks !!! i am psyched !! still holding all shorts here, stops at 9703. caught a nice nice wave . the djia is sitting right on the 50day MA here--let's see what happens.

best,

surfer:)
 
A good gut indicator for this action is how the wildly bullish news of the past week or two has been met with chop or even small losses. When you have bullish news after bullish news and market has already run, and it doesn't want to go for another leg-up on wildly bullish news releases, it might be a good down-swing point. I am waiting for real evidence of trend reversal though, I'll let marketsurfer play the highwire until then. Looking good surf, best of luck!

-TD80
 
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