Friday 01-11-08

How I played it so far...

Market opens and drops down to within one tick of the minus 4 ( which would have been 1410.75) So I was a buyer got filled at 1411.25...I covered some at the opening range low of 1414 and trying to get into the 1417 area....

Key: we have single prints in overnight and the previous days close on the upside to help as a magnet so I felt we could get something out of it

so if you see a market drop down to within one tic of the minus 4 would you buy the minus 2.5? Yes..especially under these circumstances with the singles and previous close above...ok...17 just hit as I type........23 sits way up above which is overnight high but we hgave previous days close to target also....

we've gone 2.5 below open price and 2.5 above so Pitbull strategy in it's purest sense is done The "window" is run

notice the plus 4 number stopped it on the upside...so far...so may be selling the plus 2.5 to target 1.5 points...oops too late they did it already...concept is there though

with 6 minutes to go before the hour is complete we need to fiqure out which way hour range will be run....Volume is pointing to upside and price is right in the middle of the range........so long side is preferred......I think a break of hour lows if it happens is a buy ..I forgot to look for reports so I assume there is something at 10:30 EST

targets are still the overnight high or low depending on which way you have a bias...still long side for me...so the 20 and 23 area come in...on downside we have that 1206 number waiting...

what made this trade so cool is that the Dow ( only 30 stocks) had broken it's hour low to the downside while the S&P ( 500 stocks) did not. The other thing is that the S&P POC for today was/is 1409 and the current hourly low was 1409.25..

The 1420 printed with the hour break out to the upside...however the dow is currently trading into what could be looked at as a selling tail....it's always better to have these things going the same way which they are not....I would imagine the hour break out to upside is limited in range

unfortunately this seems like the type of day where they may make new lows for the day in the S&P and trade on both sides of the hour range..we need to have trade above 1418.75 otherwise this will roll over..in glancing at the NQ it is currently at its' lows so the odds donot favor further upside in the S&P...in otherwords the weakness in the two other markets will not help the S&P go up

they tried to break out the hour high up at 1418.75 again on lower volume then the first time and so far only got to 1419....this is the markets way of advertising as if to say "anyone want to buy above the hour highs"..seems like not many are interested so far...dow and nasdaq are obvious drags on the market but seem to be trying to base...dow cash down 151 compared to S&P down ONLY 10.......dow should only be down 80 - 100 points......in theroy....

markets seem to be basing so my rollover to downside idea may be wrong....they're trying at the hour highs again as I type..interesting day..dow was trying to lead that down........so 23 may still happen

there goes 23....overnight high on my data is 23.75..market went to 23.50 so far....I didn't participate in this move but that is why I called for the 23 target earlier..always best to get out a point or so before a key number in case sellers front run ...leave the point or so on the table...for someone who needs the money..value area high comes in around 24 so it would be wise to be cautious up here..

that entry was right off the key zone I mentioned earlier....whole just filled..anyone need a picture....?