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Thanks, Lee--good observation--I had forgotten to put in some trendlines. Duh!
Good one, Lee.
I've been frozen in the headlights--can't seem to find my inner conviction today. Plus, the volume on the ES is pathetic--on both the upside and downside. I think a lot of people just have no clue what comes next, me included.
But the short pops on low volume seem shortable, so I did take 1/2 on the ES from 1295.50.
Methinks that folks may be looking ahead to next week and the return of the POMO program, as the 1292-1293 area is holding up.
Those retail sales numbers don't look that hot to me, except for the auto sales, but we know all about channel stuffing and discounts, no?
Woke up this morning to see that my short of ES at 1294 was covered at 1287.50, for a nice profit.
When the retail pop hit the ES, I shorted at 1294.25 and covered at 1292.75, another KRAMER. LOL
Still short one ES though.
Looks like another wild day coming up.
And I just couldn't resist--covered ES at 1293. Looking to reload, of course.
OK, I'm back to normal--shorted ES at 1294 and shut off IB. LOL
Now off to the gym.
The last two days have been both enjoyable and rewarding--just hope I'm on the right side of the trades tomorrow.
HEYYYYYYYYYY!!!
Is that a new LOD on the ES. Whodda thunk??
Yeah, tomorrow might be a lot of fun, too.
Covered ES short from 1296.25 for a point gain; still short one ES--will hold overnight, unless the ES crashes right here and now.
Nice job, Lee.
I had to take another stab at it--short ES at 1298; although it looks like the BOYZ want a close over 1300, just to confuse all the chartists. LOL
I think that today's action will cascade through other world markets though.
EDIT: covered that short at 1296.75; still short a couple ES though.
You will be golden if we take out the LODs.
Covered ES short at 1294.50--if they don't support this level, they won't support any level.
And then went short again at 1295.50--got to have a short in play.
I'll carry that overnight, if need be.
EDIT: Wish I could make up my mind. LOL Covered at 1294.50, for a point. Will look to reload.
Where's that POMO money??
Joined you. Lee, but with the ES.
Can anyone tell me why they'd want to be long the futures overnight?
Are we expecting PEACE to break out everywhere?
EDIT: covered ES short from 1297.50 at 1296. I do expect some bounces between now and the finish. Still have ES short though.
Can't believe the ES is up 5 points from the low.
Is this market on crack, or what?
I've shorted on every pop, and made money on each one, too.
Still short--and today's action justs reaffirms my desire to always have at least one ES on the short side. Sad, but the world is so F*cked Up.
Looking to short more, if they run it up to the 1302 level--a nice 76% retrace on the FIBO line.
A credible report:
1:47 PM (GMT-05:00) Eastern Time (US & Canada) Mar 10, 2011
DOW JONES NEWSWIRES
Police in Saudi Arabia fired on protesters at a rally Thursday in the east
of the country, after the government warned it wouldn't tolerate
demonstrations, the Associated Press reported.
The incident took place the day before a planned pro-democracy "day of rage"
in the kingdom.
The AP said a witness in the eastern city of Qatif reported seeing gunfire
and stun grenades directed at several hundred protesters marching in city
streets. The witness said at least one protester was injured.
Full story at
http://hosted.ap.org...NOV&SECTION=HOM
E&TEMPLATE=DEFAULT
-Dow Jones Newswires; 212-416-2900
Traded the ES about three times in five minutes, all on the short side, all profitable.
Got this think that this news is really, really bad for the markets, but I could be wrong.
News headline that Saudi forces shooting at protesters.
Not confirmed yet.
Hit 'em, Lee.
Sold ES 1300.50, bot 1298.25.
Still short.
The 55-day moving average is the pivot point for most of these stocks and indexes--close below that and the bears win--fail to do that and it's back to our range-bound trading.
Covered ES short from 1301 at 1298.75.
Might be quite the day for wild swings.
EDIT: Grabbed .75 point from 1295 too 1295.75.
For some reason, I don't think the bounce will be too convincing, but we shall see.
Short ES again at 1301. Guess I'm not happy unless I have at least one short open.
Covered ES short at 1298.25, 10 point gain.
Charts call for some support here, we shall see.
Seems that we will test the 1300 level real soon.
Right, Lee. 1292 to 1294 is the big Kahuna--break that and the shorts will be grinning ear to ear for a while.
But there are so many calling for a break, correction, whatever, below that level, so I'm wondering if it will happen. We still have the POMO and Treasury monies to support the market.
I'd guess that we stay range-bound for some time between 1300 and 1343, until we hear the definitive word on any further QE program(s).
Hope you are still short.
Looking at the ES charts, it seems that we are pretty close to breaking an uptrend line, opening up the possibility of a test of the 1300 support level next.
On the upside, 1312 - 1315 should provide some resistance.
I'm short the ES from 1308.50, when the unemployment and trade figures came out.
By rollover, you mean that the June contracts start trading today, right?
Still, the March contract, say ES, does not stop trading until March 18th.
Covered ES short at 1318.25 for a gain of 2 and 1/2 points.
Now flat and intending to stay that way overnight.
Maybe I can get a good night's sleep.
Not sure if the charts are quite ready for shorting, but close, so I sold ES at 1320.75.
Shssh, don't tell anyone, but I actually made money going long the ES--from 1318.50 to 1321. And I was nervous the whole time.
Hey, the charts made me do it.
Will wait to see if the POMO money comes in near the close, looking for another short set-up perhaps.
It's still disquieting to see the volume on the downside ahead of any of the upside candles. Seems like distribution is still ongoing.
Covered ES short from 1322.75 at 1319.15.
Hoping for another pop later today to reshort.
Still have one short open.
Thanks, Lee.
Looking to rinse and repeat here.
Would like to see a real big volume pop on the upside to signal some exhaustion on the buying, if at all possible.
EDIT: Oh, heck, good enough--short ES at 1322.75.
Covered ES short from 1321 at 1313.50.
Looking for a bounce to reshort.
We may not have to wait much longer--if you think Bill Gross knows anything:
Exclusive: Bill Gross Dumps All Treasuries, Brings Total "Government Related" Holdings To Zero, Flees To Cash - No QE3?
by Tyler Durden
And many thought Bill Gross was only posturing when he said he is getting the hell out of dodge. Based on still to be publicly reported data by Pimco's flagship Total Return Fund, the world's largest bond fund, in the month of January, has taken its bond holdings to zero (and -14% on a Duration Weighted Exposure basis). The offset, not surprisingly, is cash. After sporting $28.6 billion in "government related" securities, TRF dropped to $0.0, while its cash holdings surged from $11.9 billion to a whopping $54.5 billion (based on total TRF holdings of $236.9 billion as of February 28). This is the most cash the flagship fund has ever held, and the lowest amount in Treasury holdings since January 2009 before it was made clear that the Fed was going to adjust QE1 to include Treasurys in addition to Mortgage Backed Securities. PIMCO's Treasury holdings peaked in June 2010 at $147.4 billion and have declined consistently ever since. And while we expected that the spike in MBS holdings (at times on margin) was indicative of an expectation that QE3 would monetize mortgage backed securities, the ongoing decline in that asset class now leads us to believe that Bill Gross is now convinced there will be no QE3 at all, at least based on his just putting his money where his monthly pen is! And if Bill Gross, the most connected person to the upcoming actions by the Fed, believes there is no more quantitative easing, it is really time to get the hell out of dodge in all security classes - bonds, and most certainly, equities.
Distribution is what I think is happening also.
My 'conspiracy theory' goes something like this: If it is pre-ordained the QEII will actually end in June, and the PDs know that already, then why spend the POMO money in the equities market? Better to invest elsewhere, or to gently short the futures instead. Yesterday's buying when it occurred was rather pathetic--it certainly didn't look like POMO money to me.
This week has three days of fairly large POMO money--$5-8 billion a day, plus the $25 billion from the Treasury. Normally that much money should drive the markets up considerably, if that's what the PDs want. So, yesterday wasn't too hot, and if these next two days are also nothing spectacular to the upside, that might confirm a shift in trend by the Fed and the PDs.
A 50% retrace from today's high would put the ES at 1315, where I'm looking to short the ES. Let the POMO money flow!
Upped the stop, almost to break-even.
Stopped out, small loss.
Tough market to make a buck on the long side.
Looks as though the only buying that can move the ES comes from POMO money.
Uptrend line on ES shows 1307-1308 area as possible support. Long ES at 1308 with stop in place.
Next support area at 1300 level though.
Covered ES shorts from 1317 - 1320 made on Friday afternoon from 1314 t0 1316.50.
Range of concern for the ES is from 1308 to 1330--everything in between is just something to be swing traded.
Now long ES at 1313; trailing stop in place.
Would love to catch a good bounce to short again though.
EDIT: Stopped out at 1313. Probably could have given it a bit more room.
Try here:
http://www.otcbb.com/asp/Info_Center.asp
Not sure if they show bid/ask during the trading day or not, but there's a lot of info on their site. You are asking too much for your stock, of course, and that is why it isn't selling.
Stopped out. Not looking so good now.