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es - 9-29-08


I'm begining long campaign down at 1183.25.I may be early and I may even be wrong....but we had the low tick s and high volume thrust.....real key numbers are at the 79 - 84 area....1202 has overnight single and part of fridays key volume zone.....no doubt a hard trade to take..good luck to all today
My SPY 120 puts up over 2bucks, fixing to buy some calls in a few min.....I want to see what the IB breakout does.
Bought some SPY 118 calls at 4.95 (ES at 1173) and sold those puts from Friday...
"Normally" when oil drops 6% overnight, the ES finds a bid ... bit of a flight to quality into the 10 year treasury notes...

I suppose the chaos of "the bailout", AAPL -15%, and Wachovia, and Fortis and, and, and ....

...maybe a little inverse H&S low on the 1 minute charts ??

anyways, logic says the ES is poised for a pop when the bailout bill passes the house...
fantastic Joe......this forum seems to be lacking in option information...well done indeed
quote:
Originally posted by CharterJoe

Bought some SPY 118 calls at 4.95 (ES at 1173) and sold those puts from Friday...

any one knows when they will announce bailout news?


this is what concerns me though PT...the logic ....seems too logical and obvious.....time will tell of course..I'm hoping I'm on the side of the smart money by buying into the lows today.......tough trade though
quote:
Originally posted by pt_emini


anyways, logic says the ES is poised for a pop when the bailout bill passes the house...

akola,

there were supposed to pass it last Thursday lol
I think they have a roll call @ 12:30est then announce but I'am not positive
Bruce... the only fly in the ointment is this drop in AAPL, otherwise I would suggest the morning weakness is a classic bear trap setup for the reaction to the house vote on the bailout bill. The AAPL trade is causing me to hesitate on the long trade setup this morning.

Akola... house vote should commence anytime now... not sure what the hold up is ??
thats y am i on the sideline

market might move 10 to 15 pts in either direction.

i was searching blogs and found this xtrends.blogspot.com site where this guy is predicting 1030 by next week.

thats 150 pts from here..
Thanks Charter Joe, I will work with them and ask questions along the way, if you don't mind.