ES discussion for Friday 7/31/09

Crude is just going nuts. That's it, I'm done with the ES, CL is just insane. I can't even spend the time glancing at the ES chart anymore. Look at CL! Look at a 13-tick chart!

CL just moved about $1, that's $1,000 per contract in about 2 minutes. That's like 20 ES points! It's done this more times than I can count today, and more. The ES has sat all day, and the CL has made equivalent moves of like 20-40 point ES swings! This is like last Oct and Nov in the ES.

I think I may start doing a daily commentary in here on CL instead of ES, even though almost everyone in here is follow ES. It's just all about CL now for traders (until they change the regulations, and the trading goes to junk).

Wow, ES now dumping hard off that POC and TL area.

CL then makes another move bigger than the last one on the downside now, over $1,000 per contract size move. 20 ES points. Wow.

And now CL has made another move up of size. Smooth, beautiful trends, great triggers. Look at a 13-tick chart. ES has done nothing all this time of any real use. CL is incredible.

GLOBEX and upper // area. Key spot. Roll, or 1,000???

Look at how it saw that.

Pretty freakin' cool, right off that area, which I mentioned way, way back as the next key spot over that POC and TL area. It drops like a rock off the first one, rockets up to the second one, and drops again like a rock. Even on a junk day it just goes area to area.

Now we come into an area in here, which should be obvious to everyone. If they can't hold this, it could sell wicked hard into the close.

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.