es on 8-14-08

covered my short at 1277.75. Got really lucky here. 15.25 handles on an overnite swing trade.

Exhaustion rally. I shorted the ENTIRE PLASTIC RUN at 93.75 and I wont let it go until a) the blasted thing runs out of positive numbers b) European Democratic Socialists officially anounce they've highjacked U.S. Capitalism for the good of the entire planet.

Did you see that 12 point bar? Yeah. Crash up next.

ugh... minus 2.25 handles. Have 2 run some errands, probably a good thing. C ya in one hour.

if they can get below 90 - 91 now the shorts may have a shot...but these types of volume pushes can really suck ya in when they trend it..they tend to just act as support as it trades higher...this to me is where my work in volume falls short...no pun intended

quote:

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Originally posted by SPQR

Exhaustion rally. I shorted the ENTIRE PLASTIC RUN at 93.75 and I wont let it go until a) the blasted thing runs out of positive numbers b) European Democratic Socialists officially anounce they've highjacked U.S. Capitalism for the good of the entire planet.

Did you see that 12 point bar? Yeah. Crash up next.

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And here it gose, SPQR 93.75

I feel the same way bruce, shorts might look good below 1289.75, and we got a naked POC @ 97.5 and 97 is one of my fav. sq nine's. Its only 11:30 and the ES has already matched the range of yesterday from low-high are we going to get a two sided market today or up up and away??

The thing I find odd about this ralley , short covering, or buying whatever you want to call it is that they didn't trade below 8/13's low which is odd to me, but they did trade above yesterdays high hmmmm. I really don't see the ES doing any kind of big move without first seeing whats below the last low to clear out all the long stops, plus sellers came in yesterday @ 94ish lets see how commited they are.

I broke even. lol. You can't lay this thing down. On the 5 & 10 minute it's poised to spring.

seems like lots of numbers sitting at that 97 area....would be nice to see a nice spike into it but this may just be the slow grind up into the 1305..gap close area

quote:

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Originally posted by CharterJoe

I feel the same way bruce, shorts might look good below 1289.75, and we got a naked POC @ 97.5 and 97 is one of my fav. sq nine's. Its only 11:30 and the ES has already matched the range of yesterday from low-high are we going to get a two sided market today or up up and away??

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Bruce,

I am trying to upload a .bmp thats a hand drawn chart that I scanned, it want let me upload it. Any suggestions on how to get it up here?

you can go back over a month and you won't find the TICKS responding the way they are today...just seems like no selling and barely a few minus 500 readings....sure seems like a "go with" the flow trade....my additional concern is that it seems like price is accepting the high volume area from yesterday. I personally would have expected a selloff reaction from here already

Hold my feet to the fire if I'm wrong but by my count the 3rd wave of the 2nd impulse of the bull failed on its 5th wave. If I'm right we're due a triangle in three moves ending on the C wave/impulse 1 wave 1 of the bear. It's hung up in the leg cross-channels of the chop after the 2nd impulse 2nd wave pullback dropped from 1313.50.

I'm not saying short the market just yet. But it's lookn' good! ROTFLMFAO