Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Wednesday, January 21, 2009
Short one unit at 805.50
The e-minis have dropped a little below yesterday's close and I see a series of high volume selling episodes on the 1 minute chart. It now looks like the market is headed for 785-90. If so it won't go back above 815.
2 comments:
Anonymous
said...
In my simply way at looking at things, it seems that the market's inability to break 800, let alone 897.50 from late yesterday is important. It certainly had the volume and the momentum but just ran out of steam. I dunno. Maybe we'll see another swoon lower.
The other thing that's curious is that equities topped out this morning just as then yen began to strengthen. Yen then hit it's highs just as Sp was touching 800. Now equities are ticking back up as yen is ticking lower. I'm the co-movements have been tight recently -but this is tighter than....well, let's just say it's a tight relationship this morning.
2 comments:
In my simply way at looking at things, it seems that the market's inability to break 800, let alone 897.50 from late yesterday is important. It certainly had the volume and the momentum but just ran out of steam. I dunno. Maybe we'll see another swoon lower.
The other thing that's curious is that equities topped out this morning just as then yen began to strengthen. Yen then hit it's highs just as Sp was touching 800. Now equities are ticking back up as yen is ticking lower. I'm the co-movements have been tight recently -but this is tighter than....well, let's just say it's a tight relationship this morning.
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