Here is a 30 minute bar chart of the past few e-mini day sessions. I went long near the open this morning because I wanted to bet that the sellers had run out of ammunition. Note how today's open was at about the same level of the last two opens. The market dropped significantly the last two times but today it held its ground. If my guess is a correct one I think the market will hold above the purple dotted line near 786.
Thursday, February 19, 2009
Out of Ammunition ??
Here is a 30 minute bar chart of the past few e-mini day sessions. I went long near the open this morning because I wanted to bet that the sellers had run out of ammunition. Note how today's open was at about the same level of the last two opens. The market dropped significantly the last two times but today it held its ground. If my guess is a correct one I think the market will hold above the purple dotted line near 786.
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4 comments:
I hope you're right. Getting very close to that support level and we desperately need a bounce here. Financials selling off again.
As long as you bulls keep fishing for a bottom, we have not seen it yet.
Please give up all hope so that the market can bottom and actually go up!
Rick B.
Great insight!
Here we are again... 787. Citi & BAC are getting killed and WFC to a lesser degree. If they can't hold I don't see how the s&p will. And now here comes a selloff for JPM into the red. Everyone wants to joing the party as the dow and nyse hit new lows.
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