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Not only that, but we've broken below an ascending wedge--not a good sign for the bulls.
Not that the downside will be great--but it's good to see minor corrections once in a while.
ES coming to the apex of a triangle--will it break up, down, or just drift sideways through the point?
Sorry, Lee, I wasn't around to answer your question earlier today--but you are right--there is no volume. It's so bad, and thin, that I'm not even going to trade until after Bernanke gets out of the way.
CME has raised the silver margin to $12,825, effective after April 26.
Short ES at 1308.75, a nice FIBO retracement number.
Can't believe I waited that long to go short again. LOL
Eh, pulled a Kramer, no doubt, covered for a point gain.
I hate not having a pocket ES short, so I just did it--short ES at 1301.
POMO seems to be just allowing for a lot of distribution.
Maybe the fireworks will come later, but a ton of the large-cap stocks are down on the day and the buying seems tepid on the futs.
Out at 1304.25 for two and a half points.
Long ES at 1301.75; stop-loss in place.
Where's my POMO money? LOL
Covered my ES short from 1301.25 at 1298.75 late yesterday.
Then I went long at 1297.50 overnight, just sold that out at 1305.25.
May go long again, if there's a bit of a correction; if not, then I'll look to the 1308 -1310 area to go short.
Shorted ES again at 1301.75.
Covered the ES shorted at 1301.25 at 1300; still have one short from 1299 though.
Nice one, Canny!
Short ES at 1301.25; could easily have another push higher and will probably short another one then.
I'm targeting 1301 on the ES for my next short opportunity--if it comes.
Sold at 1294.25, plus 3.25.
I bought the double bottom idea--long ES at 1291; stop in place.
Nice one, Lee.
I had a stink bid in to cover my ES short, which was easily filled, at a nice profit.
Hit the ES short a couple more times, but now waiting to see if it cracks 1300 again. There is some POMO today, but not much.
I don't think that's what they are complaining about--more likely the fiscal deficits and the planned budgets.
Not to mention our debts. LOL
S&P Puts U.S. on credit watch--market tanks. Duh!
If we close below 1300 on the ES, we will have taken out the uptrend line from the previous low at 1243 on the ES--not a good sign.
ES broke the main uptrend line and has is now back-testing it. Adventurous souls, who have no fear of the POMO Boys, could consider a short here.
Uhh, maybe somebody ought to remind them to leave the buy program on during their two-hour lunch break?
Time to play again?
Shorted ES 1306.50, covered for 3/4ths of a point.
I don't see the ES getting much above 1305-1308, and I wouldn't be surprised if they did not get there either.
Covered ES short at 1299.25, sold it earlier at 1301.25.
Still short one ES--likely to add more.
It's CRUNCH TIME for the BOYZ!
Well, that seems to be a pretty lame response to some poor numbers--nothing like I thought it would be. maybe reality will set in once the market opens.
Unemployment claims up = not what the Fed wants.
Core CPI up = not what the Fed wants.
Futures up = OK, the Fed wants that. LOL
Of course, the 1300 level on the ES is critcal--breaking below that will not look good--so expect the BOYZ to hold that as long as possible.
Thursday morning numbers:
A great time to watch my favorite TV personality--Rick Santelli.
And, to make some coin, too. Usually.
Basically, it is a 50/50 strategy, comprised of a 50-period moving average and the 50 level of the RSI indicator. When price moves above the 50-period moving average and the RSI also moves above 50, then you have a buy signal; obviously reverse those for sell signals.
Applied to yesterday's ES trading, his strategy would have generated a sell signal at 1312, and the ES dropped to 1305 after that, and a buy signal at 1310, with a subsequent high of 1313.75.
Simplistic, but worth watching, imo. Might also prevent some over-trading as someone is wont to do (and I'm not pointing a finger at you).
Morning, Lee.
While reading some charts last night, I came across mention of Dr. Sshaap's 50/50 Trading Strategy, which has been around for a while, but is new to me.
So, I opened up a six-month chart of the ES, plugged in his parameters and Voila!--we are really close to a sell signal on the ES. In fact, so close that I immediately restored my ES short at 1306.75 and put in another order at 1309.75 and went to bed.
When I woke up for my p-break, the ES was down a couple of points from my 1309.75 sale, so I covered one then. And when I got up this morning, I covered the other short at 1303.50. Now flat, but looking to reload.
Are you familiar with Charles Schaap's simple strategy?
Seems that 1300 on the ES chart is calling, "Come to me!"
Whadda ya think, Lee? Possible double bottom in the ES?
EDIT: Guess not--took out the previous low.
Covered ES short from 1314.15 at 1308.75--volume on the downside has been drying up, and I would hate to see a profit disappear.
Now if the POMO BOYZ would just spend a little money, I'd appreciate it.
Shorted ES at 1311.50, covered at 1310.00; still short from 1314.25.
In the world of arcane indicators that I follow, today's POMO submitted to accepted ratio was over 8, usually a sign that the PDs were anxious to unload to the FED, and that means that there may not be such a strong prop from POMO today.
So, I re-instituted my pocket short on ES, at 1314.25 and will wait to see if the indicator works, or not.
Sold ES that I bought at 1312.75 for 1315.50; no doubt another Kramer. Gotta love those Kramers.
Maybe, but I'm a nervous nellie, so I sold one at 1314; holding one for the ride, if it comes.
Long ES at 1312.75; stop loss in place.
I covered my ES short--I think this downdraft has everything to do with options expiration this week. We shall see.
Wicked steep downtrend line on the ES--will wait for a break above that before I go long.