ES discussion for Friday 8/21/09

Wow, the futures just took a big dump there. How can that be? It seems impossible. Bringing them down so they can gap it down and then run it straight up 20-30 points, starting from a better price, like they like to do? Or will they just run them up from here, like they also like to do? GLOBEX fun at its finest...

so it hit the 1012 dead on and reacted. Now a little check back and off we go to new highs ?

we should start a competition 'the steepest median line set you can draw'....

a retracement, a retracement !

watch the 4pt that could be forming

quote:

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Originally posted by jimkane

Wow, the futures just took a big dump there. How can that be? It seems impossible. Bringing them down so they can gap it down and then run it straight up 20-30 points, starting from a better price, like they like to do? Or will they just run them up from here, like they also like to do? GLOBEX fun at its finest...

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They decided to basically run it straight up from there, and it was 22.25 points higher at the high there. So, once again, they followed the script.

22.25 points higher from the close yesterday, it was almost a 30 point run up from that GLOBEX low.

So, will this congestion break to the upside for an even higher new bull market high today? Or will that near 30 points off the GLOBEX low be enough for them today? Any of my students who recall my 'ending signature' pattern think we just had this here? Is that daily setup still within tolerances? Anyone want to step in front of the freight train (I know, the next response will be M, saying 'Not me')?

I am watching this bullish 4pt right now.

Now it's a flat/4PT/standard hybrid looking thing, but surely looks corrective. So, you're not buying the bearish scenario premise at all in here?

quote:

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Originally posted by mreiserer

pop goes the drone

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That's awesome, I love that saying! Just goin' with the flowin'. Another day where it did exactly what one would expect.