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GLOBEX 10-20-08


Hope everyone had a great weekend. IM short one from 932.25. Numbers im watching on the downside are 922-23, 916, and 896 area. Since im back at work this week ,i plan to go back to basics and be much more selective on the scalps i take. Good luck to all!
out at 926.00, dont want to overstay my welcome.... plus 6.25 on the session
hi Kool. I think the market will retest that prev hi last friday and eventually break it. Then it will attempt to close that immediate overhead gap. Whats your thoughts?
I would agree, check out the trading strategies section, market update for my longer term views, bottom of the page,dated 10-18-08
40 - 41 is my first number then the 56 - 57...then 67-69 and then 84-87....I was wondering if any would be interested in tracking what happens when the Dow closes off 1.4 % and the S&P only .5 or so.......basically when the markets close at a divergence...any ideas here..my thoughts are that lower trading will be met with higher trading...IF S&P had led down then I would expect downside follow through.....I'm in the bullish camp based on how Friday closed....
Long @ 938
+2 on that one. MAs and RSI is magical in the overnight....
Short 1@941.25
Covered @940.00
Bruce ,ive always felt the a more important divergence is when the nasdaq and dow or s&p diverge. The nas has been leading the last day or two, after lagging for a couple weeks. This would have to be construed as slightly bullish. Also the advance-declines have begun to show positive divergence lately.And lastly, the cloing ticks has been positive , but not excessive the last two days, indicating a positive bias.It is for these 3 reasons that i believe we will see a rally before we break the 837 low(which i still think may happen some time from now.)There has never been a significant rally without leadership from the nas and russell, that i can remember.
long one from 956.25, the initial price proj. low from the 1 min. chart. 3 point stop, looking for 959, but will exit around 958.25
quote:
Originally posted by Akola

read on many forums and blogs that 880 is monday target as its forming some triangle. i am currently up 8 pts and i am short 1 es and long 1 ym.



The 880# posted on Monday was right on. May have been lower vol caused it to come later than expected. I had 885 area and a prime support @ 874.75 so I was very interested in their projection.

Thanks Akola if you read another projection let us know