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ES 8-15-2008

Looking for buys around 95, and shorts around 1301.5 as long as theres no range extensions.
Hear here on the tricky wacky Friday. You'ld think lack of volume meant that investors aren't satisfied with risking capital for price increase. But how are we to know that the lack of volume isn't that but rather evidence of non-committal short? And increase of volume, incidentally, short, usually implies panic trapping longs. We may yet see signs of that today, though for trend direction, I'm looking for signs at the beginning of next week.
True, today reminds me of a typical summer friday in the old days.Its just that this year had been so fun with the massive volitility.
I concur. 4% volatility in August is like playing in the snow in June. Unheard of. That in itself points to something mindblowing walking this way.

Did the fifth wave 2nd impulse fail? We're in the triangle I forecasted last night. The question is: is it a flat for long or short? I wish I knew. But if it's short, a conservative volatility reading for two moves puts a correction due at 1208.22. We know where longs want to go, but man they just look hung up on the ropes to me.
Once again the ES traded out of value @ 94 then shot back up VWAP and POC
The VA is so small today, smallest since the half day on July 4th, thus far.
What's more is that it could be a "p" or "b" pattern. Both look like they could deliver huge profits. I'm not betting on a solid breakout in a decided direction though. Scalping corners for a few sessions to play it safe seems apt.

I would say that the chances of a P or B day are very slim. This is a normal day (nothing normal about it though) were the price action fails to break the IB. I have come to love these days now, because they can be detected early on and capitalized on by buying low and selling high. This is a narrow day looking for a good trend day monday.
I'll give ya a 60/40 cut your weight if you tell me which way it'll trend monday. ;)
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