Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Tuesday, October 21, 2008
Added
I just bought a second unit of the e-minis at 972.50.
3 comments:
Anonymous
said...
I am also still biased to the long side. My only concern is that we haven't climbed above 1000 already. I thought we'd rally overnight and print an opening gap.
Well, yesterday we did head back up into the gap left open in the a.m. on 10/15/08 (ESZ8). But we did not completely fill it.
As I write, we're sitting ON the line of declining tops launched 10/3 and touched at the open on 10/14. We were up through that line at the close yesterday and have been above it this morning, but not convincingly.
Would not be surprised to see that gap filled to 1K at some point today, if we hold support on the line of declining tops. But the SPX has to clear 1003 (on a closing basis) and 1044 on a print basis to complete a double bottom. 'Til then, we're vulnerable to at least filling the 10/20 a.m. gap down to 933.
3 comments:
I am also still biased to the long side. My only concern is that we haven't climbed above 1000 already. I thought we'd rally overnight and print an opening gap.
Support is around 970.
EDS
Well, yesterday we did head back up into the gap left open in the a.m. on 10/15/08 (ESZ8). But we did not completely fill it.
As I write, we're sitting ON the line of declining tops launched 10/3 and touched at the open on 10/14. We were up through that line at the close yesterday and have been above it this morning, but not convincingly.
Would not be surprised to see that gap filled to 1K at some point today, if we hold support on the line of declining tops. But the SPX has to clear 1003 (on a closing basis) and 1044 on a print basis to complete a double bottom. 'Til then, we're vulnerable to at least filling the 10/20 a.m. gap down to 933.
My $0.02.
This drift lower could accelerate on a break of 970. A break of 960 and we can safely say that we've seen the high for the day.
EDS
Post a Comment