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Globex 12-12-08


Well obviously I missed something news worthy...
bloomberg just said the senate and somebody(WHITE HOUSE?)IS TRYING TO WORK OUT A DEAL TONITE
you long KOOL
READ THE POST PALMER. long 2 from 857.75
STOPPED AT MY ORIGINAL 856.75 NUMBER..LOSS OF 2 TOTAL. BUYING AGAIN ONE MORE TRY!
ILL PROBABLY TRY AROUND 853.75 OR SO
i really believe there is a decent bottom somewhere around here and possibly a major bottom!
Nothing in my work says 600 or some ungodly number and its just to early for the expected retest,plus the 'boyz in the pits'will want to run it up till the holidays at least, for year end bonuses
That 15 min is very oversold
also look very closely at the daily chart i posted. the candles on every other 'top' since Aug have long bodies(large daily ranges) by at least the day after the top giving large downside projections. you dont see that this time ,leading me to believe this is more like a 'normal' correction(my original opinion last week would have been 840-860
daily cycles have a wicked bottom, and probably the legit retest mid JAN but thats still a ways away
flat and selling 60 area I hope