ES discussion for Friday 7/31/09

They are just crushing the USD. Amazing, it was 6% bulls at this last low, and 93% bulls at the top aways back. Hard to drive something down with 6% bulls, that usually implies a major bottom. Maybe we see it go down even at 0% bulls? Is this the start of the collapse in the USD?

Okay, back to the TL, as the EUR ramps once more, and the USD sits on the low for the entire move down. Imagine the stops under that USD level.

Everything next for me on ES is 995-1000.

Amazing, long ES, long EUR, long crude, and long treasuries, all at the same time.

USD breaking down big-time. A few ticks from the low for the move level.

There it goes, new low for the move, stops hit.

What a wild, screwy day. I've been spending all my time on CL, EUR, and treasuries, while the ES just chops. Just unreal action in those.

ES just can't hack that TL. What a coil that's building.

It's amazing how many times that TL has been tested.

I think this time it gives way, let's see...

Sorry, BBJ, you are one of the handful that follows along and participates, and you get the short end of the stick, but there just has to be more people like you for it to make the effort worth it for me.