Just getting ready for tomorrow.

Short-term short side bias.

Requires a real 'ready to scratch in a heartbeat' mentality.

Now watch the bounce here, it may be done. That would 'suck', but one has to accept what the market does. Hopefully it gets going to the downside for a bit.

Quiz time. Quiz for ES 'daytraders'. What was the earlist 1-min bar where price action said a continued impulsive drop was getting pretty unlikely (and hence I would almost surely look to close any open countertrend trade)? Answer in the next post so you can go to the chart, see what you think, and then come back and look at the answer.

Answer: 14:36 PM.

For those that didn't notice, new 'bulls#%&' market highs for the S&P, the MidCaps, and the Dow utilities, and a new all-time high for the Dow composite today. Russell, trannies, Dow industrials, and others, should follow suit very shortly, I suspect. BTW, here's what the boring old utilities look like, for all those bears out there:





Chart created on QCharts, courtesy eSignal

a long time ago roofer taught me to watch for when a trade sets up against your trade. I still don't always catch it, and as a trader it is my most frequent error. in this case there was a perfect 3 swing highs at a simple line with 1.27 at both highs....a great setup to trade down to the median line. what roofer taught me is that if price doesn't hit the minimum target at the line (red circle), it is going back to the upper line. my trade was to enter at the second low, with a 15¢ stop, and trade back up to where the median line of the green set meets the upper line of the failed set.

CRUCIAL CRUCIAL TIME TO DECIDE.... THIS SHOWS THE ALTERNATE WHERE MY THOUGHT OF A NEW HIGH IN BONDS MUST FAIL...

on yesterdays close the geometry once again invited traders to short with a rare 106 redline green set

the potential is in the geometry for a 5th diag to form.... so will be exiting portion NOW with tight stop on rest

I am curious to see if they do a blast after cash, but otherwise, I'm just in watching mode, no interest in anything regardless.