It's a bull market you know..

Top of the hour another auction, which the market has really been watching closely latey. Regard it like an important news report, as far as open positions, and hold only with great care, in my opinion.

thanks for the heads up. I will answer your question regarding short setups in a moment

I think 56.50-57 is the next area I'll be watching. Of course the previous high areas swing highs on the way are to be watched, too. But the rollover also distorts that a bit.

I guess they love the rapid rise in crude and rates. It won't slow (my words: crush) the nascent recovery (my words: illusionary nascent recovery) at all, it is implying the recovery is strong. What will bring this market down is when the illusion can no longer be sustained.

chart

Okay, auction was awesome, they still want treasuries bad, they can keep the game going no problem, and up we go! Wheeeeeeee! I love it. Look at that long go!

Jim, as far as the short setups I tried to play a Wave 4 down. Because of the limited downside potential I minimized my risk on those plays.
First entry at 9:56. Division line of large set on ES U9 and the 886. I kind of looked at it as a potential large 4pt with at least some reaction.
Second entry at 11:31. This was on ES #F and the chart I posted above. I really would have liked it to hit that upper // and 886 but it fell short. I attempted a short after it did a potential Wave 2 TD.
I literally broke even on both including commissions :)

quote:

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Originally posted by jimkane

Okay, auction was awesome, they still want treasuries bad, they can keep the game going no problem, and up we go! Wheeeeeeee! I love it. Look at that long go!

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Curious reaction. Thrust up. Thrust down.I guess they are trying to take as many out as they can

so the auction came in at the highest yield in two years. Wonder if they really like that...

Cash S&P, INDU, COMPX, and NDX all set new 'bull' market highs today.

SPY, too. Well, I admitted that although I follow both of those on the higher timeframe very closely, today I just didn't check them, and rollover is the most important time to check them. So, don't feel too bad, I did it too, and had to try to catch the move on the W2 because I didn't see it. I was waiting for a little higher. That's trading, you miss things sometimes. Live and learn. No big deal.