Wednesday 12-05-2007

... post em if ya got em

My gut says that we break down and go for a gap fill.

(I have an appointment, will be back later. Good luck guys.)

ok thanks DT

so far so good on that short Bruce, nicely done

my concern is that the last two days have seen breakouts of the hour high to be met by selling so it could be a "true" breakout today if they run out the high of hour range to the upside which will make any additional shorts more risky

ER2 showed a bit of relative weakness but is now regaining it's footing, otherwise market is coiling ... have established a long trade in the NQ

quote:

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Originally posted by BruceM

my concern is that the last two days have seen breakouts of the hour high to be met by selling so it could be a "true" breakout today if they run out the high of hour range to the upside which will make any additional shorts more risky

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good point which I had not considered... 60 minute chart still pointing higher to me... let's see how the ES handles this 82 level...

target reached for the NQ, exiting Long here

ER2 stuck in it's IB, short in the ER2 might make sense here

edit: ER2 did subsequently punch thru it's IB to the upside... a reversal back down into the IB would be a short term bearish signal in my view

Entered a little short in the NQ here on the high tick

shorting into 86.25....will try for 83.50 first.....this tricky..triples sit at 81.25 and are due to not get filled...lol!! This big volume spike means one of two things to me...

either buyers have entered strong or the smart money is unloading..lunch time may see the buying so this needs monitoring closely..the fact that they blew out the hour high and the 78 zone held on that retest down is concern

I agree - you guys did a great job of a difficult situation and turned a profit at the same time.