Friday, December 11, 2009

sold long unit at 1097.50

12 comments:

Kishore said...

It is nice to see the morning up gap close, for once!

It looks like that despite all the glorious economic data and glorious reports, the fish are not biting.

It is also amazing to see that a stronger dollar and rising bond yields is not affecting the market.

Conter currents seem to be balancing out. But for how long?

Defaults of debts by any of the inumerable major debtors will cause the market to finally move in the right direction and suddenly it will all start making sense to all the 400 lb gorillas who have been shaking the market like a fig tree.

Kishore said...

As the bond market is much larger than the stock market and, therefore, more difficult to manipulate, we should pay more attention to the bonds for making some sense of the stock market.

The T-bill auctions are not going well. The bonds are crashing. It appears that the US government is on its way to exhausting its "credit limit". Finally, they won't be able to borrow even for paying the debt carrying charges.

hbcapital said...

Where are we on the Three Peaks and a Domed House count?

extrader said...

hbcapital,

there is no such thing like that in trading... if there was ever such a thing, Carl would have showed it on his charts!

extrader said...

1101 area is a good long imo... think the market has shock off the eariler selloff and will make a march for the highs

jeff said...

we continue to go nowhere fast and the market is short and intermediate term overbought(per the advance/decline line).

i think we fall down to 1095 (unfilled gap) before attempting to break above 1111. any break below 1085 means this market is doomed.

for now, i'll watch the computer programs do their thing and let me know which way we're going. though this takes patience, i don't believe you should force a trade(up or down) in this current market environment.

pimaCanyon said...

ex and hbcapital,

ex, no such thing in trading?? tsk, tsk...

Here you go:

http://alphahorn.blogspot.com/2009/12/something-for-ta-traders-always.html

Kishore said...

extrader, for ES, the upvolume is very anemic for the rally from 1086 since Wednesday afternoon. It is not keeping up with the rise in price. There is a big divergence. What do you make of it?

Kishore said...

extrader, I meant On Balance Volume, instead of Up Volume in my comment above.

Kishore said...

pimaCanyon, Thanks! It looks like that we already have the three peaks, infact, three plateaus. But to build the Domed House, the marketwill have to climb a lot higher. Do you really think that the market has the energy to climb higher AND build a house, for an already glutted market? Moreover, the patterns are useful only after they have been formed. I don't think that they can be used as a forecasting tool.

extrader said...

Kishore,

Im with u on this run up from 1086... volume has been weak and the USD has been gaining... sometimes its just best to see what happens... i think we need to close at or above 1111 to confirm the bullish auction, and and a close below 1085 to confirm bear auction... with all that said, im still leaning towards the upside... i think the failure of not taking this market lower last week, means a lot!

But then again, im not really good at forecasting the longer term... Carl has been pretty good doing that... i like to daytrade and sleep comfy at night with no overnight exposure!

extrader said...

pima,

based on that blog... we are at the doomed house at number 27 and looks like we are at the end of the road for this bull market... but Carl has said many times on here that the market will nearly test 1500 in 2010...