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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.
what's coming first today..the 907's or the 950's.....? I'm leaning towards the 950's....
I'm starting longs from 23.50..no add point yet
first comes 900(purely a gut feeling), later 950 plus
man, my option i bought yesterday at 62.00(times 50 bucks) is now over 74. Not bad for a nites work. Ill be unloading it soon.
got the 18's working now too
we know they will take the overnight high or low over 90% of the time so it will be interesting today as usual
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
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