Welcome back everybody! I just returned from my longest holidays in many years. And it looks like the best trading action of the year started just after I left and lasted for whole that period... Coincidence? :-)
Fortunately charts tell us, that it should last for at least some time to come:

Originally posted by jarek

...Was this spike up a joke!?

If this bearish KZ 4PT on 1-min plays out as usual, than quite probably:

Our bearish 4PT rather wasn't a W2, so bulls aren't doomed yet:



Nice morning we have: 10 points down, 15 up, 15 down, what next?

Well, I was not prepared for that sharp price move up at 9:00 AM, presmably caused by the ISM manufacturing report. And I even read ECONODAY! Back to the drawing board.

Good Trading,

Al Kamego

That .447 is kind of a magic number - bulls gave up after 3 unsuccessful attempts:

I was thinking the same thing jarek

Originally posted by jarek

That .447 is kind of a magic number - bulls gave up after 3 unsuccessful attempts:

I use this Al:

http://www.briefing.com/Investor/Calendars/Economic/

I find it misses very little. I always want to be ready for a big report.

Originally posted by albert

Well, I was not prepared for that sharp price move up at 9:00 AM, presmably caused by the ISM manufacturing report. And I even read ECONODAY! Back to the drawing board.

Good Trading,

Al Kamego

Al, I just looked at Econoday, and it showed the ISM. Did you mean you just didn't see that, or didn't expect such a response? I generally don't 'intraday swing trade' (i.e. 'daytrade') trade through any potentially 'big' report. An exception might be if I already have a lot of cushion and I expect the response to more likely be in the direction of my play. I don't do it often.

finally...