Just getting ready...

Nope, not even close. I was totally off on this one. And that surprises me. It indicates, to me, the likelihood that that was, indeed, a manipulation based on my 'they will suppress oil until the election, then let it go and it will explode' theory. I'll still watch over the next few days for this anyway, but usually, like the flash crash, it happens very quickly.

Originally posted by jimkane

This is just a thought, not a technical perspective. I think the chances of crude being right back where it was by tomorrow, say around $99 or so, is essentially 100%. We'll see. Just 'stoo-pid'.

This market sucks. It sucks beyond belief, to me. It has sucked since the Knight fiasco at the start of August. I'm not saying I've never seen action like this, I have, and it is not uncommon in the summertime, just not so much since the manipulators showed up in '09. There are setups here and there, but mostly I think the right move is to stand aside. I can't recall feeling the need to stand aside so much as the last month and a half. I just don't see the risk being worth the reward potential. Call me 'Stand Aside Jim'.

ES looks ready to launch up. But 'I never try to guess my way out of a range'.

Dear Mr. Market,

You suck!

Sincerely,

Stand Aside Jim

5.75 point range for the day, 2.50 point range for over four hours. Mr. Market, you suck!

So, while waiting for potential ES setups that look half way decent (like the bearish ABCD 'scalp' last night with the 3D finish, which went right to the line and 1.272), I am keeping a close eye on CL, GC, SI, 6A, 6E, and the grains, looking for the occasional great setup.

ES 'making its move'. It's at 'resistance' right here. A break above, if it's not a head fake stop run, would give it clear sailing to new highs, in my opinion. Or it may just chop endlessly with no direction, as its been wont to do lately.

And it breaks above and is smokin'. New 'bull' market highs by tomorrow, almost a certainty in my book. Yeah, I said that about crude, but I can't get every read right on. I think the highest odds are this hits new highs tomorrow (or before the open). We'll see.

Originally posted by jimkane

ES 'making its move'. It's at 'resistance' right here. A break above, if it's not a head fake stop run, would give it clear sailing to new highs, in my opinion. Or it may just chop endlessly with no direction, as its been wont to do lately.

I'm watching 59.75-61.25 next. I'm also watching around 64.00-.25. After that it should all be blue sky.

No posts? What happened to everyone? Got tired of me?

That was a nice finish in my opinion. Nice grind down all day. Get in, ride until close. Boring, but a good plan if one implemented it.