I have no life... I'm starting this topic early because I am sitting around, waiting for Sunday night GLOBEX and my world to begin again...

Watch 66.50-67.25 area here, but this may be ready for the next leg down...

Watching 56.50-57.50 area next if it dumps (well, watching the GZ on the way down, of course).

Carl Futia for today:

"A fast move back above 1287 is likely and if it occurs then the short term picture will be very bullish. Given the heavily bearish market sentiment I think that a big rally is imminent."

The market hit 81.50 and then dumped right back to near the GLOBEX lows. I wish he provided more detail. Given it shot for his 87 and failed miserably, does that imply the opposite? Very bearish? I wish he'd spell out more scenarios. And how to use some of this info. I mean, if it rallied 25 points off the low, do you get long there??? How do I use this info? Help me understand, Carl!

If they do get this going here to the upside, I'm looking at an area around 86.00-87.50.

Originally posted by jimkane

Watch 66.50-67.25 area here...

I've been feeling that a tradeable low comes into play into the close or the overnight.....every move down seems to have less energy

Honestly, though, I am going to be surprised if they can, indeed, move this up. I would not be surprised much if it set new lows for the move.

Yes, recall my time factor on this key area was today into tomorrow. It needs a bounce, and it will likely get it. And the 'bulls' will scream 'I told you so', and 'The correction is over, new highs coming', and 'See, too many bears'. They will be the ones to be trapped by the move, I think.

Originally posted by rat89

I've been feeling that a tradeable low comes into play into the close or the overnight.....every move down seems to have less energy

Interesting:

http://slopeofhope.com/2012/06/going-long-crude-oil.html

67.25 was it. Now 'on fire'.

Originally posted by jimkane

Watch 66.50-67.25 area here...

Watch the possible bearish ABCD right here.

Loopy Jim. I need more sleep. Lots more sleep. I was just sitting, watching the news on TV, pondering my day with the markets, when it hit me I had been off by one cycle in identifying the ES contracts in my posts. I was saying Mar like it was the ending contract and June like it was the upcoming rollover contract, when I meant June and Sept, respectively.

No one called me on it (if you see something like this please post a comment so I can get it straightened out). I'm sure everyone knew what I meant, and the highs I mentioned, with their numbers, would have made it clear which contract I meant, but anyway, I fixed it in the posts where I saw it. I think I got them all, but if not, feel free to point it out to me.

When I was much (much) younger I was into motocross racing. Like all the major endeavors in my life, I do things 110% or not at all. I had a T-shirt back then that I still remember word for word what it said: We eat, sleep, ride, talk, breathe, dream, live and love motorcycles. I need a new shirt now that says: We eat, sleep, ride, talk, breathe, dream, live and love the markets. The 'ride' part is especially apropos. I thought of this because before I remembered my Faux Pas with the contract dates I was going to post:

Like I mentioned last week, I have no life outside the markets. Here I sit, on a Friday night, my better half sitting there probably wishing I'd come up with something for her and I to do, and all I can think about is how am I going to make it to Sunday at 3 PM?...