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Globex 10-17-08


Hey,gang, just afew thoughts. The closing ticks were positive again, just like yesterday but not excessive(over 800). This would tend to indicate the rally might continue. Also the nas , as i pointed out, outpreformed the dow and s&p which would also be judged to have a bullish bias. Interestingly enough the nas was lagging tonite on globex so we should see some down side tonite and possibly into tomorrow.However ,rally or no, we would be wise to keep in mind always that we are in a bear market,and volitility rules, still. the vix hit a record intraday again today meaning a 100 handle range is entirely possible. Also even if we are lucky enough to stage a rally the oil market is telling us that we are in a wicked recession, and i believe longer term this will cap any rebound to 1100-1150,longer term. As i have explained before there is around an 80% chance of a retest or new low at some point in the future. Just a few random thoughts from an old trader.
stop @ 939.25
next try about 940.50 or so. Just did my home work and price proj. is there
out @ 934.00
so today u r leaning towards short side?

Actually, no , not by the close any way. see above comments on this thread. i just think we'll test 900 at a minimum first.By the way, nice scalp!
if it goes to 934 and breaks its making Head and shoulder pattern...


remember my'forecast' for yesterday? early weakness follewed by afternoon strength? Same thing, but today is expiration day so any thing can happen.
wow it just broke hard..

oh ya 8.30 news...
Housing,LOL
NQ is down more even after good GOOG reports...

whats going on
thanks Rd...should be a good magnet if we can get a good entry..
quote:
Originally posted by redsixspeed

quote:
Originally posted by BruceM

we know they will take the overnight high or low over 90% of the time so it will be interesting today as usual



projection to upside 955.50 / so9 954.50 / overnite hi 955.00
sq. rt. from 9:15est 15min lo + .618 954.30