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ES 11-07-08

I know Koolblue normally starts this but as he is away for a while I thought we could maybe start ?
1m is @ 910...I think we send a wave 5 up...look at the 5m from the morning lows - beautiful wave structure
well i wimped out at 921.00 for small loss... heres why ..see that 5 min bar at 10;45 i think? Also when we went below the 5 min boll at 920.50 i figured id get stopped soon at 918.75 so i bailed
since we broke out past the UVA and have now fallen back into value across two periods I think we have a whatever % rule in effect to 900.25. I am not sure what to make of it so this is just a fwiw.
Another reason im so cautious on longs today is A:the looming influence of the approaching 45 day low. B: the fact that thedow is right at important resistance.. and C whoever was talking about the 860 area is going to be proven correct in my opinion. tho maybe not till next week ill explain in afew
GM's cash flow was -6.9 billion last Q and they say their liquidity is near the minimum needed to survive
prestwick...what are thoughts on the VA's and globex trade?
Is GM going to be another WB?
when i was young i started following an unknown analyst from a backroom at Merrill Lynch who had just written a book on his ideas. His name was Robert Prechter. I remember him writing in his news letter that on bigger waves he liked to use % instead of srictly using price for his fib. retracements. As you know i never had much luck interpeting the waves ,but i fell in love with fib. and of course use it in my work to this day. Any way the move from 825 low to 1008.50 was a gain of 22.24%. A typical .618 retracement of that is 13.746% and 13.746%of 1008.50 is 138.63 points. a 138.63 retracement from the 1008.50 is...869.88! GUESS WHAT A .50 RETRACEMENT IS?(in terms of%)... 896.35! PRETTY COOL COINCIDENCE,
VO - If I understand your question right, my MP teacher said she ignores Globex due to low volume. An exception would be on days where Globex goes crazy like when Lehmann went belly-up. She proves to be right far more often than not so I go with that. That's why I do not wipe out pit session singles that fill during Globex.
Thats why i feel the 865-70 area is a line in the sand for bulls! And i believe we will see it next week! time will tell
Thanks Redsix and Kool..

Kool, I am at that section and I see advancing, declining, unchanged total etc etc.. How do i interpret that ?


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