ES 10-16-08

wow, a crazy globex session basically coming out flat. Volitility is very high, so entries and exits have to be quick! looking to buy near the open

selling 895

Short again avg 885

heres the 880 test cycles not due to let for at least 5 min. tho ... previus sell cancelled...watching

downside press from cycles subsides some where around 10:54 or so(give or take). As i suspected ,first retest of 880 is holding but i dont believe it will last all day!

good call kool, I don't look for it to hold either. Like I said yesterday 750 is a modest projection I had for this week or early next week. This thing is sick, but cannot slide south for ever.

current upside proj.(unless we touch 891.50 again) is around 903.50. currently 5 min. boll avg is 900 and falling fast, and the 54 avg. is 907 and falling

I'm looking for buyers to step up to the plate today and would like them to start building value above that 893 - 899 area....I was / am expecting 950 today.....if only I could get something going on the upside.

Igave a sample of longer targets last nite on globex... and there both below the current low.(originally i thought it would happen in jan. but now im not so sure!)

very short term i see 874 area, just hoping we rebound to 903-5 first!

boom!

a friend sent me this tonight so I thought I'd ask you folks:

"These are for the November options.
Do you have a clue what the catch is?

Sell 94.00 puts 94.00 SWGWP make +$9.48
Short the SPY at $94
Buy 94 calls 94.00 SWGKP pay -$4.73
Net profit $9.48- $4.73= $4.75
This looks like a risk free trade to me.

What's the catch?"

Thanks

Bruce