Here is a five minute chart of today's e-mini trading. I now think the day's high has been seen at 795. My estimate for the day's low is 770 (blue rectangle). The purple dotted line is midpoint support based on a previous reaction from 801 to 761. I expect the e-minis to bounce from there back to midpoint resistance near the dashed red line.Volume so far on this decline has remained relatively low and this is consistent with my view that the drop from 830 is just a reaction in a continuing up trend.
Hi carl
ReplyDeletenice post in regards to stupidity .
i think traders become some religious in there veiws . and no matter where the market goes up or down and they trade for the most part in only the direction that they want the market to go in .
i also notice that these same type of traders tend to only look for people who feel the same way as they do . for the most part it is
just being closed minded . so the crowed of these type of people tends to move ebb and flow . kind of ironic though isnt it that a guy would keep coming back to read what you have to say through out all this time
If you want to make money on short term movements of the market, it takes a lot more than timing the market.
ReplyDeleteIt also takes consistency, discipline, emotional strength and a lot of practice, among other things.
In short, making money on the short-term gyrations of the market is not easy. Only gamblers and fools think that it is so and, before they know it, they are wiped out.
Incidentally, my assertions are based on my own personal experience.
If you want to make money on short term movements of the market, it takes a lot more than timing the market.
ReplyDeleteIt also takes consistency, discipline, emotional strength and a lot of practice, among other things.
In short, making money on the short-term gyrations of the market is not easy. Only gamblers and fools think that it is so.
Incidentally, my assertions are based on my own personal experience.
Carl, please keep up the good work!
Hi Carl,
ReplyDeleteWe're now first entering oversold territory, we could now rally at any time.
Thanks.
Kindest regards,
PM
Again most helpful.
ReplyDeleteThank you Carl.
Ron
Keep in mind that the market is mainly news driven...GM and the Banks today...
ReplyDeleteThis weeks will focus on the G20 meeting in London...It's thrurday...
According to a German newspaper (Der Spiegel) - BTW you could enjoy the Cover, Carl - They will announce a 2.000.000.000.000$ fund to rescue european economy...
Who's gonna pay is the main question as it is now known that the UK is going to borrow more in the next two years than it during the past 400 years...
Here's the cover
http://www.spiegel.de/static/epaper/SP/2009/14/ROSPANZ20090140001-312.jpg
More technicaly, a close above 787 on the Es would be bullish...let's see