S&P closed down about 20 points to $899. Volume light due to the holiday.
3:11pm
ES 1m: Potential Head and Shoulders pattern, but I favor the upside from here.
2:53pm
Pulling back into the 50MA on lighter volume. Good spot for a longo with a stop below the 50MA. Coincides with the VWAP as well.
2:28pm
ES 10m: Next resistance at 200MA (~920)
2:00pm
ES 10m/1m: Strong volume break above the VWAP into the 50MA. Check out Kenny’s chart on my 1:10pm post. Looks like he nailed it by calling for support at 885.
1:57pm
ES 10m: Rallying into the 50MA on a surge in volume.
1:47pm
ES 1m: Approaching trendline, then VWAP
1:26pm
EUR/USD 60m: If the euro is a guide, which has recently fallen to session lows, this market is heading lower.
1:20pm
ES 10m/1m: Should the market continue to bounce, we have resistance at the declining 50MA (now at 899) and the VWAP (894).
1:10pm
Check out this wave count from Kenny’s public chart list. According to Kenny, my triangle (or pennant) pattern is not valid because of an apparent 5-wave structure in what he has labeled as c. He may be correct. Triangles do not have any 5-wave structures, only 3s. The question is, can Kenny’s wave c be interpreted as a 3-wave structure. I am not sure, but am leaning towards yes. (thanks to Ty for bringing this to our attention)
12:50pm
SPX 60m: Not much standing in the way of a fall towards support.
12:46pm
ES 10m: Buyers are non-existent. Market does not appear to have the energy to break the 20MA from here. Notice how the 20MA has paced this decline since 4am.
12:03pm
ES 10m: Selling looks very sustainable here, being paced by the declining 20MA. Bulls might make an effort to break above the 20MA, but I’m still looking for more downside towards 855/860 before a bounce. May not reach that target today, but soon.
10:25am
ES 10m: Bonds markets and banks are closed today, so the volume will stay light. However, there appears to be a noticeable absence of buyers today. The moving averages are also setting up a very bearish day.
9:48am
SPX 60m: The right shoulder scenario is in trouble. Watch for a move down towards support near 855/860.
9:36am
ES 30m: Breakdown or Fakedown?
9:09am
ES 10m/1m: Market trading below all 3 major moving averages, which are all pointing lower. The VWAP on the 1m should also serve as resistance.
Noteworthy:
- AXP: Receives approval from the Fed to become a bank holding company
- 3-month USD Libor Fixing: 2.18% (lowest since October 2004)
- Ted Spread at 175bps v 195 bps prior
- Reportedly, OPEC may cut output by a further 1M bpd at Dec meeting due to slowing demand
- The bond markets are closed today for the Veteran’s Day holiday. Banks are also closed so expect light volume in the equity markets.
November 11th, 2008 at 9:13 am
Breaking the ~910 line kills the bull in me and I’ve accepted some bearishness, ok, a lot of bearishness ’soon’ but at least I’m rid of ‘wrong’ expectations again (if you have started using me as contrarian indicator, now would be the time to take those calls)
[Reply]
November 11th, 2008 at 9:19 am
Follow the wave counts and believe in the charts. We may put in a near term bottom this week and then you can be a bull till the next top. Craig has been very accurate with his calls.
[Reply]
November 11th, 2008 at 12:31 pm
i also follow the shorts charts..very helpful
http://stockcharts.com/h-sc/ui?s=SDS&p=D&yr=0&mn=6&dy=15&id=p30434288982&a=154761080&listNum=4
[Reply]
November 11th, 2008 at 9:13 am
An extensive interview with Meridith Whitney at Financial Times.
http://www.ft.com/vftm
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November 11th, 2008 at 9:13 am
New trades from Citibank.
Bearish EURGBP
While we have attempted to short EURGBP spot, the choppy market has made this difficult to maintain.
We fully believe in the view that EURGBP will trade considerably lower in the coming weeks and months and therefore adopt a 6-month EURGBP 0.72 One-Touch option (pay at maturity) for 17.00% of payout at a spot reference of 0.8170.
From a long term perspective, the major 76.4% Fibonacci retracement of the fall from the high
in November 1995 comes in at 0.8231. There is also monthly momentum divergence warning
that the long term uptrend is tired and ready to reverse.
As a non technical observation, if we zoom out and take a look at the world’s major central
banks we have seen each one finding itself behind the curve and having to take dramatic
actions to get ahead….all but the ECB. The Fed had this problem earlier in the year, the Bank
of England until now and even the Bank of Japan cut rates. Yes the ECB cut rates, but firstly
they had to reverse their hike from the summer and even still they sound relatively hawkish
and confusing as they continue to disappoint.
Are the ECB next in line to be cornered where the only way out is through making sure
the market is very surprised?
[Reply]
November 11th, 2008 at 9:15 am
Comments from GS.
LONDON MORNING ROUNDUP – Tuesday, November 11, 2008
HIGHLIGHTS
FT: Mexico hedges almost all of its oil exports
Euroland November ZEW Survey (Economic Sentiment) -54.0 - higher than expected
WSJ: Strains Mount on Bailout Plans
Sweden October CPI - Headline Rate 0.2% m/m - higher than expected and 4.0% y/y - as expected
UK October RICS House Price Balance -82% higher than expected
CURRENCIES
EUR/USD 1.2676 - 1.2800 Last: 1.2741
USD/JPY 97.50 - 98.30 Last: 97.83
EUR/JPY 123.80 - 125.55 Last: 124.64
GBP/USD 1.5506 - 1.5703 Last: 1.5541
EUR/GBP 0.81120 - 0.82113 Last: 0.8198
USD/CHF 1.1726 - 1.1838 Last: 1.1765
EUR/CHF 1.4970 - 1.5058 Last: 1.4989
AUD/USD 0.6635 - 0.6756 Last: 0.6660
USD/CAD 1.1896 - 1.1993 Last: 1.1936
NZD/USD 0.5779 - 0.5890 Last: 0.5820
SUMMARY
European equities suffering again this morning with most indices off just over 2% from their opening levels. German ZEW surprised to the upside (-53.5 vs -63) but that made little impression on markets. In FX space EUR$ was initially paid up to a high of 1.2800 (after a low of 1.2675 in Asia) on decent sized short covering at the open but ends the morning pretty much unchanged from Nyk close. We did see some limited selling from levraged accounts adding to shorts but little follow through so far. AUD$ saw good sized selling first thing from leveraged accounts around 0.6660 but again no follow through. EURGBP made new highs to 0.8215 after opening at 0.8125 but again struggled to follow through - traders and techs definitely prefer being short here in the short term. FX Vols well supported all morning. Indicative levels in 1month atm vol are 23% EUR$, 24% $YEN and 35% for AUD$. AUD$ gama looks very cheap vis a vis actual vol. Client flows have been primarily buyers of short dated vol (for bearish risk aversion/directional type plays such as going short EUR$ via long EUR$ put spreads). Our favourite trade at the moment remains to go SHORT EURCHF via EUR PUT spreads, playing on fairly priced vol but expensive skew. EM suffered another bout of fever today as the RUB basket was ‘allowed’ to weaken 1% below its previous band at the open and local banks were aggressively buying EURPLN and USDTRY in very good size throughout the morning.
[Reply]
November 11th, 2008 at 9:16 am
Good morning all,
If we break 900 (which looks likely), where does support lay today before a plunge, is it still 895/885?
Happy trading
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November 11th, 2008 at 9:17 am
Gannfann’s numbers for today:
942-944 2nd resistance
928-930 1st resistance
900-902 1st support
886-888 2nd support
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November 11th, 2008 at 10:47 am
thanks gr
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November 11th, 2008 at 9:17 am
Morning - Craig will you please look to see if an inverse H&S is forming on UNG. I think so. 30m or 1h looks best. Only problem is the gap up left from yesterday’s open. Could set up for a nice 4pt pop. People want something positive to invest in and with the rest of the market tanking it may get a sentiment bounce.
I’m thinking GS has some real issues that have not been announced. I believe when GS falls, the market follows. Sadly GS’s last days as a bellweather leader will be to the bottom.
Kenny’s List - His charts are good. Very similar to Craig’s confirming a near term bottom and wave count.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3095409&cmd=shows142879040&disp=O
[Reply]
November 11th, 2008 at 9:28 am
Geez - amazing effort by Kenny. I did hear today is the last likely sell day for hedge fund for redemptions; they need to mail checks by Friday. This could be the last day prior to a rally through option-x next week where prices need to rise to avoid max pain. May be a good day to go long if we see volume up moves building at some point. Some divergences have formed suggesting 895/900 will hold. We shall see!
[Reply]
November 11th, 2008 at 9:29 am
I see what you are looking at on UNG. It’s a sloppy pattern and the left shoulder doesn’t touch the neckline twice. It’s always tough with commodity ETFs because they trader around the clock, but the ETF only captures the price action during NYSE hours. Unfortunately, TOS doesn’t chart the nat gas futures. I wish they would.
So keep an eye on it. If UNG breaks above $31.20, it should bring in buyers, regardless of what the pattern is.
But I am doubtful UNG can rally in this environment.
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November 11th, 2008 at 10:25 am
im short UNG today and for the week. there is no volume to support a move higher. the selling has to begin soon. target is the lows by month end. sound fair?
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November 11th, 2008 at 9:28 am
Is anyone using the triple short things? What and where are they. I lost my link.
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November 11th, 2008 at 9:38 am
TNA and TZA
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November 11th, 2008 at 9:54 am
TZA?
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November 11th, 2008 at 9:40 am
BGZ is Russel 3x - I believe.
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November 11th, 2008 at 9:49 am
BGU/BGZ LARGE CAP
TNA/TZA SMALL CAP
ERX/ERY ENERGY
FAS/FAZ FINANCIALS
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November 11th, 2008 at 9:35 am
Big spike in the VIX this AM.
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November 11th, 2008 at 9:38 am
Craig - to me it looks like the VIX 1h is trying to spike out of a symetrical triangle to the north. Looks like a possible 9pt pop taking us back to 71 if I calculated correctly. Keep an eye on it.
[Reply]
November 11th, 2008 at 9:36 am
899.46 $SPX…juicy.
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November 11th, 2008 at 9:45 am
Another channel down on the ES 1m similar to patterns that have been easy to identify and follow with great accuracy over the past few weeks. We’re testing the bottom of the channel and 896 at this time. Set one up and follow it in TOS.
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November 11th, 2008 at 10:00 am
Take a look at the simon property group. They basically own most of the malls in the US. They have been getting hit hard lately and I believe its for good reason. The same things with Sears Holding as well. In my eyes there is not much support in play and these two can drop to Citibank levels HAHA.
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November 11th, 2008 at 10:00 am
COF: immediate support, 30.26; A close below 30, will take it to 27, 23 - both are weak supports.
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November 11th, 2008 at 10:07 am
Craig - Big H&S formation on the ES 1h, Scroll the chart down to show just the past three days. Left shoulder yesterday, head formed overnight and right shoulder came in this am. 40 pts head to neckline and we are in the breakout right now. Please confirm or throw it under the buss.
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November 11th, 2008 at 10:15 am
It absolutely is. And the pennant pattern supports this breakdown towards 855/860.
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November 11th, 2008 at 10:13 am
testing the 900 again?
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November 11th, 2008 at 10:19 am
Testing the lower trendline of my channel down on the ES 5m. Looks like it may hold.
Craig - you have been very quiet regarding your trading lately. Sre you short and what vehicles are you using. What % positions? Just the highlighs not all of the details. I’m thinking of adding to shorts here.
[Reply]
November 11th, 2008 at 10:24 am
I have only been trading intraday. No overnights.
Right now, I am aggressively short with a stop just above 900. Playing the good old SDS.
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November 11th, 2008 at 10:26 am
that 900 is the kiss of death….good call.
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November 11th, 2008 at 10:29 am
10:30.. double bottom in OIL?
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November 11th, 2008 at 10:48 am
Not sure. I would doubt it. They will fight a 5 handle. Things seem to be unraveling all over right now. I’m holding off on UNG here.
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November 11th, 2008 at 11:12 am
im short UNG from this morning and will hold out for $6.50 to cover. there has been light volume buying for the whole month. i may hold half the position longer…even to month end. will examine at $6.50. there is no fundamental reason for it to out rally oil and once it breaks we should she a quick move lower. maybe volume buying will return at $6.50
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November 11th, 2008 at 10:49 am
New low on ES. Tried to fight the lower channel trendline and the resistance at 896 and failed.
[Reply]
November 11th, 2008 at 11:01 am
Anyone planning to cover their SDS @ 885-86.
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November 11th, 2008 at 11:08 am
NO, but will take a long on MSFT if still above it’s Oct low of $20.86. If it hasn’t given up the ghost on todays downtrend, it will probably be good for .40 on a bounce from 885.
[Reply]
November 11th, 2008 at 11:12 am
I’m was considering taking some profits, but mood is overwhelingly bearish. Yesterday the turnaround was pretty easy to spot. SDS, EEV and others all hit technical stopping points at the same time. I’m seeing room to run in them today. I’m not feeling any contrarian moves today. I’ll keep an eye on things for sure. Have lowered all stops to 895 levels.
[Reply]
November 11th, 2008 at 11:04 am
XLF finding support at its S1 which should support the SPX here at 888.
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November 11th, 2008 at 11:09 am
Well - that just cracked. XLF should hold 13. Volume is very light and the positive divergences are suggesting a turn.
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November 11th, 2008 at 11:39 am
closing low on xlf is 13.18. Will be interesting to see if closes below that level.
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November 11th, 2008 at 11:04 am
The euro just hit major double bottom support at 1.2525
If this holds, we should see an intraday reversal coming..
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November 11th, 2008 at 11:20 am
good call
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November 11th, 2008 at 11:23 am
Thanks DA,
We’re at 1.2566 and next resistance is at 1.2651
I’m long at that double bottom and will take my gains if or when we hit that resistance on the Eu/USD
[Reply]
November 11th, 2008 at 11:38 am
I’m on the other side of that trade. I’m expecting a break of EUR/USD below the key 1.2500 If it doesn’t happen today, then look for it sometime this week.
I’m currently short EUR/USD and EUR/GBP.
Pete
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November 11th, 2008 at 12:04 pm
WE got a small H&S on the EU/USD chart.. This could mean a retest of that bottom.. if it breaks, then the fall could be BIG! and the market will tank like crazy.. I’ll be watching it..
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November 11th, 2008 at 11:09 am
Last chance for Hedge fund redemptions is on the 15th. Any further weakness could cause sell off.
We hit 884!
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November 11th, 2008 at 11:36 am
Is the H&S pattern void? or did we not break through the neckline yet?
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November 11th, 2008 at 11:11 am
approaching 2nd support line at 886-888
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November 11th, 2008 at 11:16 am
I think the only thing we all should be looking at is the $, more upside to the USD means more pressure on the market..
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November 11th, 2008 at 11:47 am
You might be correct today Ruben. Feels like EUR/USD may catch a bid for the rest of the day.
Pete
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November 11th, 2008 at 12:14 pm
Think this could be a nice W formation.. That single hit of the 20MA on the 5min EUR/USD pushed us back right enough.. if we should rally from the lows again, then this could give a really hard rally at the end of the day..
[Reply]
November 11th, 2008 at 11:19 am
Reversal candles on the 10m.
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November 11th, 2008 at 11:28 am
GS which maintained a gain for most of the day on an upgrade, just rolled over and made new lows.
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November 11th, 2008 at 11:42 am
ES tested bottom of channel trendline perfectly.
MSFT is setting up a decending triangle that’s got to break out in a day or two. BAC testing past lows right now. GS setting new lows. C and GE are just getting crushed.
Got to be a matter of time before shorts cover or panic selling sets in. We’re on a cusp.
[Reply]
November 11th, 2008 at 11:43 am
Oops- Es took out bottom channel trendline. May be in for a little rally.
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November 11th, 2008 at 12:21 pm
Shanks,
Think we might be in for a final rally to 1000 or so, I am seeing some serious accumulation in GS and other financials. I would say my bias is about 60/40 bullish here…
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November 11th, 2008 at 12:25 pm
I am still holding some vix calls, but I think Craig is correct about the sideways move for a while, I will cover all shorts on any break above 900
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November 11th, 2008 at 11:53 am
883, is the 23.6% retracement from the recent low to high on an ES 10min chart.
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November 11th, 2008 at 11:58 am
My flashpoint today os MSFT losing it’s Oct low of $20.86. If it does, DOW 8500 seems certain. Or XLF’s low of $13.17 +-
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November 11th, 2008 at 11:59 am
We had a tiny 1m inverse HS that broke out, but never played out. Would have taken us to 900.
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November 11th, 2008 at 12:30 pm
I just think in order for us to retest the lows or possible break lower it should be today. Today is a holiday and markets are very thin. If it doesn’t happen today, IMO it won’t and S&P will rally over the next few weeks.
I can’t tell you guys how many times as an FX trader the biggest moves in fx usually happen during a holiday. I don’t know why it happens like that, but it does. This is just my opinion.
Pete
[Reply]
November 11th, 2008 at 1:02 pm
Putting E-Wave Aside, We are on the cusp of confirming a breakdown of a bearish pattern..
See below on the hourly chart, if we close and confirm below this dashed line on the hourly, it looks like we have officially broken down from a falling wedge. This in my mind would confirm the notion that we are in five of three. Perhaps this takes us down to the bottom of Craigs Triangle or lower.
I would like to know what you guys think
http://i471.photobucket.com/albums/rr79/kturbin46/email-11865922-2.png
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November 11th, 2008 at 1:04 pm
Craig, according to Kenny’s chart (SPX 30 min.), based on EWI analysis I believe, the lower trend line target was 885. Your thoughts?
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November 11th, 2008 at 1:09 pm
OK, thanks for this.
Kenny has a different wave count than I do. He thinks the larger pattern cannot be a triangle (or pennant) because he sees the a 5 wave structure in his b to c.
Triangles have no 5 wave structures, only 3s.
Very interesting. And he may be right.
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November 11th, 2008 at 1:21 pm
Hey Craig,
For EWT noobs, what is the interpretation of this? It is unlikely to see a market meltdown soon?
Thanks.
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November 11th, 2008 at 1:20 pm
If we break today’s lows look out because it will get nasty. /EMD found support at October 10th lows.
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November 11th, 2008 at 1:31 pm
someone just fired a signal shot on SPY. something big about to happen?
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November 11th, 2008 at 1:33 pm
What is meant by signal shot?
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November 11th, 2008 at 1:36 pm
those sticks with extra long tails.
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November 11th, 2008 at 1:39 pm
I always thought that was bad data. Have you found a pattern of these odd prints being signaling a large move ahead?
I have always dismissed them.
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November 11th, 2008 at 1:41 pm
yes. more often than not, some more decisive moves come after that.
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November 11th, 2008 at 1:58 pm
convinced?
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November 11th, 2008 at 1:37 pm
Craig,
You are right on with the EUR/USD Analysis. If that bearish pennant plays out we are making new lows on the ES
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November 11th, 2008 at 1:38 pm
Craig, when you get a long tail, like the one at 1:29 (periodically others appear and then disappear), do you completely disregard them, or are there greater implications, e.g., the long tail upwards would be a bearish signal that someone connected is dumping at a higher price (especially if it is in conjunction with higher volume [not the case at 1:29]), or, conversely, a long tail downwards would be a bullish signal that someone connected is buying at a lower price? Or, are these simply market orders put in in error that somehow get executed at outlying bids/asks? Or just meaningless system “blips?” TIA.
[Reply]
November 11th, 2008 at 1:42 pm
I have always dismissed them. Pros use limit orders and don’t typically make order entry errors. Unless someone can present evidence that these odd prints have a pattern of showing up before certan moves, I would ignore them. I’ve notice they happen on the SPY, but not the SPX or ES contract.
[Reply]
November 11th, 2008 at 1:42 pm
I’m tempted to go into an intraday long position. Thanks for the analysis.
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November 11th, 2008 at 1:48 pm
I found the direction of the tail does not consistently give the direction of the movement to come. but a bigger fight usually follows and the resulted movement is more decidedly in one direction. these long tail simply means someone is willing to sell/buy way beyond the trading range at the moment.
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November 11th, 2008 at 1:53 pm
earlier today at around 10:24 and 10:25 there were two long tailed sticks on 1min SPY and those marked the turning point. and as I am typing the big move upward is on going.
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November 11th, 2008 at 1:52 pm
WOW, GS just turned positive. That stock is acting like a yo yo today.
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November 11th, 2008 at 1:55 pm
exploding up!
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November 11th, 2008 at 2:00 pm
more likely to be short lived.
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November 11th, 2008 at 1:59 pm
Something is going on. Way to early for that little green worm to show up. I just don’t get the bulls. Why buy this market? It is still a value trap. It’s got to be setting up anyone long for a fall.
ES throwing up some resistance at 896. Thinking of exiting shorts. I took 1/2 off the table at 12:00 earlier. Guess I can always get back in?
[Reply]
November 11th, 2008 at 2:04 pm
Fannie Mae + Freddie to adjust 100,000’s of mortgages.
Sell the news?
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November 11th, 2008 at 2:07 pm
so does this mean there will possibly be a pullback after 50ma?
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November 11th, 2008 at 2:08 pm
This may provide a good entry point for some more shorting. This is the only positive news. Quite a reaction. Makes you want to be ready with a large chunk of SSO when the turn eventually comes down the road.
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November 11th, 2008 at 2:15 pm
Craig - did you get stopped out at 900 or had you lowered your exit point? Just curious.
985 support back in play on the ES.
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November 11th, 2008 at 2:18 pm
Covered near 895 on the VWAP break. Left profit on the table, but that happens when you don’t interpret the charts correctly. At least I made money.
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November 11th, 2008 at 2:20 pm
I took about 8% on my shorts from yesterday. Glad I took 1/2 off earlier. this run up cost me 2% on overall trade. I did not get greedy and took a healthy profit.
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November 11th, 2008 at 2:18 pm
Craig - If kenny nailed it @ 885 like we think does that promote an SSO position here? Looks like it to me. Big upside on a reversal. Tight stop below. What ya thinkin?
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November 11th, 2008 at 6:24 pm
Got long AH SSO and a bit of that new 3x etf for fun
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November 11th, 2008 at 2:20 pm
market seems to keep rallying up…when’s it going to end…
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November 11th, 2008 at 2:22 pm
another signal fired.
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November 11th, 2008 at 2:25 pm
Craig, what confirmations are you looking for at this point that would point toward a move towards your “C,” the target on your pennant/triangle? Would you be considering a long position for that move?
[Reply]
November 11th, 2008 at 2:37 pm
To rephrase, if you are planning on a long position to the top of your upper target, at what point would be feel comfortable taking the position? Given the larger downtrend, would you skip this intermediate possible long position? TIA.
[Reply]
November 11th, 2008 at 2:41 pm
Well, it depends on your market view. Take a look at the scenario Kenny has laid out. If you buy into it, and its looks good to you, pick a level you would get long from (perhaps a pullback towards the vwap or the 50MA) and place a stop below that level.
[Reply]
November 11th, 2008 at 2:51 pm
I haven’t had the balls to take a single long position through all of this zig-zagging of the past few weeks. I was just picking your brain to get a sense of what an educated technician might be looking to do.
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November 11th, 2008 at 2:25 pm
I’m gonna try and jump on the K Train (Kenny’s charts). If he nailed it and that wat the intermediate bottom, I’m gona play it with a relative stop. 1/2 SSO entered.
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November 11th, 2008 at 2:27 pm
SSO has a gap today up to 28.72 that I think may get covered today. I’m in for the quick scalp and watch.
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November 11th, 2008 at 2:32 pm
Hitting LR2 channel on the 1 mins. This should slow the uptrend and possibly a reversal.
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November 11th, 2008 at 2:42 pm
Sweet.
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November 11th, 2008 at 2:43 pm
Bouncing off 38.2 retracement level…break…break…c’mon you can do it.
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November 11th, 2008 at 2:36 pm
I capitulated on my longterm GS, and C shorts. Still made a good coin, but gave up a lot of gains today. My trading style is to not try to time exits and just ride winners until the price action/volume tells you are wrong. This worked magic in both of those stocks.
Both stocks put in huge bottoming candles. Will wait for another entry.
If they reverse back down, oh well.
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November 11th, 2008 at 2:37 pm
Call me a turncoat - RUN BABY RUN. LMAO.
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November 11th, 2008 at 2:39 pm
Does it mean that “d” will be as long as ‘b”?
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November 11th, 2008 at 2:44 pm
Wouldn’t be surprised if this move up was just zag b in an a-b-c down to ES 850.
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November 11th, 2008 at 2:53 pm
You may be right. Damn good point.
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November 11th, 2008 at 2:57 pm
The maket just wants to go down. Let see what happens till close. fake mini rally on the news?
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November 11th, 2008 at 3:01 pm
If the market wants to go down, it will break below the VWAP. Otherwise, I would argue it wants to go higher. Testing the VWAP now.
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November 11th, 2008 at 2:51 pm
SSO perfectly covered the gap. To the penny. Wow. It was like, “Oops, I for got to do something back here. Let me go take care of that.”. Wow, stuff like that is cool to me. It really happens.
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November 11th, 2008 at 2:52 pm
Back to the wild fluctuations again… 885 to 915 in short order, now attacking back down. Hard to take a position in SDS or SSO without being whipsawed out with trailing stops.
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November 11th, 2008 at 2:54 pm
Thanks for the fake rally. Gave me a chance to buy some SRS and FXP dirt cheap.
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November 11th, 2008 at 2:59 pm
A rally is a rally
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November 11th, 2008 at 3:41 pm
Great move. I was contemplating it, but, again, didn’t have the cojones…
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November 11th, 2008 at 2:57 pm
ES 1m May be setting up a MASSIVE H&S formation for reversal south.
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November 11th, 2008 at 3:00 pm
How far along is the formation?
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November 11th, 2008 at 3:08 pm
on the RS, This could be the decisive blow to end this whole “Inverted H&S” on the S&P500..
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November 11th, 2008 at 3:03 pm
that may be what’s needed to break down the 886-888 support line.
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November 11th, 2008 at 3:09 pm
Right shoulder forming. Will exit SSO at top and wait till tomorrow to get back short unless full blown breakdown. I don’t often go in/out. I don’t have the cajones to stick it out.
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November 11th, 2008 at 3:02 pm
Beautiful head and shoulders pattern forming
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November 11th, 2008 at 3:03 pm
Is a there a possibility of