Here are my lines for today:

Call me crazy, but I got a long trigger on a nice weekly setup in BP (setup this AM, trigger in afternoon), at 48.63. If one really was confident in this setup there was an awesome pattern trigger at 47.96. The setup, and the triggers, should be easy for any of my students to find in their own workup. Hmmm, buying a crushed stock that looks like they may potentially be liable for not only the biggest environmental disaster in the world's history (one estimate said soon it may be leaking one Exxon Valdez every 2.5 days), but possibly the actual end of life on earth (one extrapolated viewpoint). Without considering the ethical issues involved, my point is, how could a long in that stock even remotely be a possible winner???


BTW, it's exploding now, just hit 50.50...

So far 51.19...

3D, though, so being very cautious short-term.

My first real area of concern is just shy of 53.

Meanwhile the ES is still saying to me 'stay on the long side' and let it run.

Price flow change on BP on the 1-min after that 3D. Is the play the weekly, or the 1-min? Each call for different management, of course.

ES still struggling with this key area around 2. We'll see.

BP update (before I could even post this). They are coming in strong on that bigger dip after the 3D. Can't wait to see what they do with this one.

It's gonna blow...

Thar she blows!!!

Way more than I expected. Must be a news item. Wow. Good thing I had long since given up on it (my interest was on the 1-min).

Four tries at 2 on the ES and it just can't hack it. That area is something. If they don't give up and they try again I'd actually take that as a bullish sign, a sign of strength, not weakness and imminent failure. But if they quit here, watch out.

Hmmm, the ES may have just been a stop run and right back up. If they try 2 again after a big stop flush, I think it will give way. I would find it amazing (and nuts) that they could drop it that fast and hard that much, and then right back up and take out a level that turned it away four times, but this market is insane, so all is as it should be. What I'm saying is that in a sane world, this should drop from here, like a rock.

Originally posted by jimkane

... What I'm saying is that in a sane world, this should drop from here, like a rock.

It is not droping like a rock but there could be some sanity left :-)

Jim and George - thank you for the compliments. Your efforts here have always been a real inspiration for me