COMMENTS: I expect the market to be down hard today. Yesterdays impressive 340 point turnaround in the dow had a negative advance- decline! Although i suppose i could claim victory at the achievement of my long sought after 1210-1211 being hit(1211.25 basis sept.)I just dont see the signs of a real tradable bottom. The vix never made it past 26.25 and on a good bottom it should spike over 30. Im expecting a general trend up into the election, since this whole bear market we havent tested the 200 day mov. avg.(currently at 1350) even once. So has the 45 day cycle bottomed? have we started our expected rally? Time will tell, but one last thrust down would not surprise me.
long one at 1248.25, 3 point stop
exiting 1250.50,plus 2.25 for the day
PPI and retail sales report soon. Expect it to disappoint people and take the market down as kool said it would.
long one 1244.75,2 point stop
Yeah , but like a fool i played my oversold technicals and payed the price! Flat on the day.
sold 2@ 1244.00 3 point stop. looking for 1240 area
ill exit 1242.00
There it is! plus 4.5 on the day. Im chickening out here because were too shortterm oversold and the market would normally gravitate upward into the pit open.
New kid, be very careful going agaist the trend(down) like i often do on shortterm scalps.If ur short here youll want to take profits around 1237.50.For scalps youre just trying to get small (1-4) handle runs! You have to be very nimble.
I got burned bad already. Holding back for now.
I agree Bruce. I work a full time job and do trading only on the side since I am still learning the ropes. All you guys have so many great ideas but usually I have to sort through the trading posts to try and learn them. I know that all of you are busy trading in the day but even if you can impart some knowledge at the end of the day in a separate thread, it would be very useful to novices like me.