Out

A very large entity holding the market desperately at 276.70. What all the money in the world can do...

When I see stuff like that on the tape, it just really aggravates me. I mean, how can we have a free market when there are only a couple of entities controlling its actual direction/indirection? I don't care what anyone says, I see the same games and the same footprints on the tape every single day.. this is not happenstance. And this is not a collective group of savvy investors who decide to coordinate their efforts at non-random numbers. This is a big bank (central or otherwise) with an agenda and unlimited resources. If they can control the broad market by manipulating an index, how convenient.

Sorry for the rant. I suppose maybe I wouldn't care if my position weren't getting obliterated.

No commentary from me on this, just a lot of buying, no selling that I can see. There was some battling up around 277.70 and the powers that be have created a nice illusion of safety at the round number 277 for everyone to put their stops, so for me, that is the weak point. Even moreso beneath 275.50 but we're $2 over that number right now in an optimistic market, so it's unlikely we'll get there without a serious downmove.

What an absolutely nothing day. Spent the entire afternoon aimlessly scalping for ticks, for goodness sake. The only move I made money on was the close where I pulled out maybe 7pts. Blech. Onward and upward.

Yeah that was my day yesterday, was glad to pull out what little I did. I like the fact you read the tape, I just started looking at it recently and it certainly gives some amazing insight around areas of interest. Been enoying your commentary. Can you post some charts?

Rrrracer 

Yeah that was my day yesterday, was glad to pull out what little I did. I like the fact you read the tape, I just started looking at it recently and it certainly gives some amazing insight around areas of interest. Been enoying your commentary. Can you post some charts?

Sure. With what purpose do people normally post charts? Like, with trade markers?

I agree the tape shows me things that I'm not able to see otherwise and to a lesser extent in equities, level 2 also. I don't know how one would trade without the tape and/or a fundamental view.

edit: and for what it's worth, some tape is easier than others. I find the SPY 'easier' in the sense that it's thin enough that when someone tips their hand, I can see their cards pretty readily. In thicker markets the tape is diluted and difficult to read. The mini nasdaq also has a good tape.

MarkB 

Sure. With what purpose do people normally post charts? Like, with trade markers? I agree the tape shows me things that I'm not able to see otherwise and to a lesser extent in equities, level 2 also. I don't know how one would trade without the tape and/or a fundamental view. edit: and for what it's worth, some tape is easier than others. I find the SPY 'easier' in the sense that it's thin enough that when someone tips their hand, I can see their cards pretty readily. In thicker markets the tape is diluted and difficult to read. The mini nasdaq also has a good tape.

Actually, after re-reading your first few entries, I see that you trade the tape almost exclusively. Kinda hard to share that

I was thinking more a traditional bar chart because my data package doesn't support SPY so I can't track what you're seeing at certain levels, etc. The battle between the two large entities you were talking about yesterday sounded pretty compelling lol, I was trying to visualize it, it was like listening to a basketball game on the radio where all you have is the commentary and your brain gets to fill in the rest

It's not a big deal. I'm still getting used to the idea that one can "see" what they need to off a bunch of numbers rolling by instead of having it visualized for them.

Rrrracer 

Actually, after re-reading your first few entries, I see that you trade the tape almost exclusively. Kinda hard to share that I was thinking more a traditional bar chart because my data package doesn't support SPY so I can't track what you're seeing at certain levels, etc. The battle between the two large entities you were talking about yesterday sounded pretty compelling lol, I was trying to visualize it, it was like listening to a basketball game on the radio where all you have is the commentary and your brain gets to fill in the rest It's not a big deal. I'm still getting used to the idea that one can "see" what they need to off a bunch of numbers rolling by instead of having it visualized for them.

Hm, okay, I see. I'm not sure if some of those things can be seen on a chart but I'll dig through my comments when I'm home this evening and pull up a chart and see if I can thresh an example out for you.

I look at charts in the morning to give me areas of interest but if I stare at them too long, I start seeing things that aren't really there, developing a bias and that usually leaves me fighting the market all day. Like yesterday.

Are you a chartist then?

No worries man, and thank you. As someone really new to this business (1.5 yrs,) I find one of the more fascinating aspects to be the wide array of methods people use to accomplish the same goal.

Yeah, I trade solely off charts but this week I pulled up a T&S window to see if it would provide some insight around areas of interest and wow, does it ever. Amazing to see these battles and the way institutions just throw up huge numbers of contracts and grind it out. On a chart it may just look like price ticking up and down a few notches (or not in the case of absorption) but when you can see the actual numbers behind those moves it really adds a lot of depth to understanding what's happening.

I couldn't yet trade solely based on it (and much respect for your ability to do so!) but definitely going to keep it around and keep watching how it reflects in price unfolding on a chart, momentum shifts, etc.