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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.
selling the next little uprush
sold one@1200.00, 4 point stop. cause im up 2.5 from globex
quote:
Originally posted by CharterJoe

I just bought some SPY 119 oct calls at 4.5 (ES was at 1201)



When you buy better november (if something goes wrong, U have time to change your position)
October if you sell cause time decay is by your side
exiting 1198.5 area
Thanks Max,

The reason I traded front month is because you don't lose as much time and it moves more with the stock, an extra month would be good for me only for longer term like 2weeks, I don't usually hold longer than a couple of days, but I'll watch the Nov's it seems they are more steady.
out at 1198.50, plus 1.5.. up 4 so far. Early exit cause i just dont have a good handle on this thing yet.
nice triangle forming on the 5 min. chart. good move coming .... up?
Dow broke to the upside. Longs looking good...
Joe i believe we will see your 50% ib today (at a minimum)
For longer term investors not that once again, Republicans scuttle the bailout plan, WAMU finally dies last night, and the housing news this week was at record lows, yet the market is still at 1200! IF it wanted to break 1136 its sure had lots of chances!
Wow what an end to the day!

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