Trading the Pivots

Quote from Lance Carson:

15:00 ET Dow +70.20 at 12202.08, Nasdaq +13.22 at 2419.60, S&P +7.39 at 1391.81[BRIEFING.COM]

The major averages spike to session highs within the last 30 minutes. Since no specific news can be attributed to the renewed wave of buying interest, it looks as though some big buy programs are behind the recent surge. To wit, the S&P 500 recently broke through a crucial level of technical resistance at the 1389 level. The Dow is now above its all-time closing high after breaking through resistance at 12,190.

Why the big buy programs at 13:38 ? Any body has a clue?( very late reaction to the Econ. Reports !)
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There's a theory floating round-abouts that it was big SHORT COVERING. I know it wasn't me ... I got my 7 pts out of the morning move (and happy for it), and then watched in astonishment (uh, along with a few others), as the market bounced off of S1 and delivered over 3 times as much. :eek:

The BEARS are pretty much rope-a-dopeing as hard as they can ... the only guys who are going to be around to catch the drop are the ones with deeeeeeeeep pockets

Regards,

JJ
 

Attachments

R1 - 1404
PP - 1393
S1 - 1387

The market is easing down during the overnight session, I anticipate S1 or S2 (1377) to provide support for (yet another) up move.

Regards,

JJ
 

Attachments

Quote from JimmyJam:

R1 - 1406
PP - 1401
S1 - 1397

The uptrend continues unabated.

Looking to Buy at S1.

JJ
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Just so you know what you're looking at.

The market gapped up and never hit the S1 pivot. Seeing as how we are in an extended up move, and the price action is oscillating below R1 it is going to try a breakout, but I think it will fail (could be wrong, just my thoughts).

I'm not playing for that move, and will wait for the failed breakout (if it does), or catch myself a decent short on another day (don't want to play the long side from this high-up).

Regards,

JJ
 
OK,

I'm pretty much involved with my own trading these days, and working on a new project for next year.

You've read the thread, you know how to define trend, and you know what to do with it:

BUY DIPs and BREAKOUTS in Uptrends

SELL RALLIES and BREAKDOWNS in Downtrends

It's all been said before.

R2 gave a sweet Buy today, I'm current holding Long and expect a tad more upside action before the market peters-out into the Close.

We'll see.

While I won't be posting every day, I will leave the journal open for any other questions/comments about trading off of Pivot Points.

Best Regards,

Jimmy Jam

:)
 

Attachments

Quote from JimmyJam:

OK,

I'm pretty much involved with my own trading these days, and working on a new project for next year.

You've read the thread, you know how to define trend, and you know what to do with it:

BUY DIPs and BREAKOUTS in Uptrends

SELL RALLIES and BREAKDOWNS in Downtrends

It's all been said before.

R2 gave a sweet Buy today, I'm current holding Long and expect a tad more upside action before the market peters-out into the Close.

We'll see.

While I won't be posting every day, I will leave the journal open for any other questions/comments about trading off of Pivot Points.

Best Regards,

Jimmy Jam

:)
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Yeah! :D :D :D
 

Attachments

R1 - 1407
PP - 1403
S1 - 1400

Price action has gapped-down to find support at S1.

Coincidence? :p

While the Bull is long in the tooth, so long as S1 holds, I'm going to be a Buyer ... but if it doesn't, I ain't making any promises.

JJ

P.S. Anyone remember what a good sell-off day looks like around here? :confused:
 

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