This is already 70 points straight down. If this rising TL doesn't stop this, it could go much lower:

Personally, I doubt it will do anything but rise until close. Top of the hour is the FED's 'Tan book'. You never know. But I am always wary to fight against huge trend days. We'll see, though. If they sell, I'm ready.

Now let me explain something that may be very hard to grasp. I am long-side bias intermediate-term and short-side bias shortly after that HOD there, on the very short-term. How might this work? Long SPY calls and short the ES (after being long the ES intraday up to that high). It would then take a lot of checkback to fully trigger the calls to close, and if this drops the ES play stays on, and once they 'hit it' back to the upside the ES play rapidly ends. Simple. BTW, that may happen right in here on the ES. We'll see.

Watch right here in the ES.

Originally posted by jimkane

You beat me by one second!!!

And with chart

Yep, with chart...

And up it goes, with vigor. I'm surprised. Not. Let's see if it can sustain as it hits the first critical little spot here, as the report time draws near.

Originally posted by jimkane

Watch right here in the ES.

And there's the sustain.

The report should be very bullish, as I suspect it will show the need for lots and lots more FED action.

How funny, a report that shows the economy is in the tank is very bullish because it will mean more FED stimulus. And a report that shows the economy is doing great is very bullish, too, because a good economy is good for stocks. No bearish options...

Notice I pointed out the exact spot the ES resumed its uptrend.

I think they want up, big up, real bad. Just a sense I get.