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ES- 09-26-08

Ugly open coming.I still believe a intermediate term bottom is forming the last several days. And i would still be very careful trading position trades or puts here.Remember there is strong support 1172-77.
There were very nice positive divergencies on the 15,and 30 min. charts during the globex session.
Reply from globex;
I remember Gann in one of the course's I was taking he said that 2006-2015 will be another depression to rival 1929....And this was in his own words, I know it was on his parliament charts but I cannot seem to find the exact quote, I'll find it and scan to this thread, I think he said it in the 40's....

Were coming off the globex lows nicely because of that RSI divergence, looks like the sideways action will continue until IB breakout like normal.
Ill buy a pullback to the avg. but only briefly, cause sentiment figures come out at 10:00 and they will surely suck!
Good point, Joe.(hes refering to a comment on last nites globex thread)
Looks like a nice breakout to the upside, Tick indicator pointing higher. Long at 1200
MINI peak coming 10:10 or so, better one around 10:50? avg. plus 10 on that little peak hit at9:57 which was nicely telegraphed by the 1 min. chart
There were single ticks from yesterday between 93.75 and 03.75.
expecting this gap to fill by 11
neg. divergencies beginning to appear 1, min. chart. wish 5 min. was alittle more oversold tho
I just bought some SPY 119 oct calls at 4.5 (ES was at 1201)
Wow what an end to the day!

Joe, you are welcome & thank you for sharing your knowledge here.