Tuesday, March 11, 2008

Long the E- minis

I just bought March e-mini futures at 1297. If I am reading the market correctly the 1292 level will be support today and the swing up from yesterday's low should carry into the 1335-40 range before it stalls. I will exit this position on a close below 1293 or if the market shows a preference for trading below 1290 during the day today.


BH_Trade said...

Thank you for posting your trades, takes guts. Good luck.

Anonymous said...

Hi Carl,

Well, we did get that second confirmed sell signal and also the expected rally since the 5 day MA of the advances were way over sold. Thank you for sharing that indicator, I find it very helpful. It afforded me the opportunity yesterday to write Puts against my short contracts.

The first sell signal was confirmed last Thursday with a close below 1309.00 in the March SP’s. If you notice today’s high is 1309.50, which means we have merely rallied back up to the break down point. We could still work higher in this rally, possibly up to 1345ish, but 1309ish was a good place to mark a high for the day or part of the day. But, I suspect after this oversold condition is well worked off and we become over bought again, we’ll see prices move lower again, at least for the time being. Therefore, I will remain short from last Thursday.

When we approach a buy signal, I will post here on your blog with your approval.

Thanks for maintaining your blog; I enjoy reading your comments along with the others who submit their market observations here.

Many thanks.


Anonymous said...

Carl...do you believe this is the last double bottom that we will see?

I think the mkt may be channeling lower by the graphs. Todays rally is great, but do we have confirmation that it is indeed bottomed out?