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Globex 10-16-08


Well gang, we certainly went true to form yesterday,plunging thru 920 and my downside objective at 912. We are definitly in crash mode! On the plus side, closing ticks on the nyse are more indicative of a rally than a crash at -700. Ithink we had a Lowry 90% down day and my price proj. from 1067 at 878.50 can be considered fullfilled by tonites globex low at 880. On the negative side, i have outstanding sownside proj. from the weekly charts around 815 and monthly charts to around 777 not yet achieved. Oil is down again at 72 or so , as investors worry about global recession, and the libor is still around 4.5& indicating the credit freeze continues. Not a rosy scenerioby any stretch. Lets be very careful out there and remember, its a bear market!
short 2 at 908.25, 5 point stop, looking for 899 area(will exit sooner as usual)
covered one at 906.00 to lower risk.. holding remaining
covering 904 on bal.
stopped on bal ... up 1.75 sigh...
selling 912.75, 3 point stop
covering both at the 1 min. avg
covered (too early) at 910.25..plus 2.5, back to plus 6.75 on the session... watching
selling 2@ 926 area
whats ur target kool

short 2 @ 926.50, going for 2-3 handles
switching to es thread