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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
This has been one of the best days I've seen in the ES in a long time. 1134.50 will give us a limit down on the day I believe. I'm still watching to see if we get to 1171.00 area of course. I haven't broke a sweat trading the ES in a long time. This is amazing!
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Also, have a look at the USD. Pretty crazy! This of course could be from the BOJ's shenanigans but this is getting very interesting. There's two ways to look at the USD from a big picture perspective. One would be that it dropped below it's wedge pattern and is now testing it's previous support trend line and the second perspective is that it was a trap and there was buying interest at the low's. The next few days should give us a further indication of what's happening.
Of course, it's because of the Japs - they bought dollars! However, intervention rarely is rarely effective. This wasn't a coordinated move and even if it was, the yen is now a bargain compared to the swissy, and will probably be bought up. Further easing by the Fed, which is almost assured after today's equity sell-off ,will only serve to weaken the dollar once again. Everybody and their brother was short the dollar - that's why Jim Rogers got long the dollar, in spite of the fact he thinks it's worthless , so it shouldn't be much of surprise that there would be a shorts paying up.
Assuming Kbit is right, and it makes sense, on a bigger picture we could be in a 3 hills and a mountain pattern (Suri Duddella). If the H&S will be correct its base would be below the 200 EMA and would lead ES to retrace on 61.8% Fib level from it's …
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Well, looks like the Barton Biggs indicator/sell signal has worked again. Lol! I remember when he was at Morgan Stanley. He seemed so much more respectable back then. Maybe it's time he enjoyed a nice, wealthy retirement.
Market could easily test 1150 tomorrow, with non- farm payrolls on the docket, although a disappointing number almost certainly has been priced into the market. Nevertheless we could see a washout on the number and then a huge rally, if we test 1150.00 There is a confluence of support there, with the weekly 100 SMA, potential right shoulder( albeit, a very loose interpretation of an inverted H&S), and the 45 degree angle trendline off the low.
99% down volume on NYSE today - only 5 previous occurrences 10/19/87, 2/27/07, 12/1/08, 5/20/10, 6/4/10
Only 2 other times $VIX was up 35% to a one-year high - 10/19/87 and 10/13/89. S&P was up +5.3% and +2.8% each of the next days.
I have a feeling that if volatility will calm down some and then come late Sept, then onto October we will see some really really nice movements. I am leaning one direction, but it doesn't matter what I think, I believe it is more important now in my trading career to evaluate market conditions vs. direction.
Thats why i didn't buy yesterday..... Glad i didn't have any positions on today.. looked pretty brutal for people that were long.
I might stalk shorts if the market has a rally for a better entry. As of right now, im planning to go out of town, camping for a few days with the family... Enjoy your weekend everyone.