Here is my best guess about tomorrow's price action. I am expecting a low in the 725-30 range, between the two green lines. If tomorrow's range is as big as today's daytime range the high will be near the midpoint of Friday's rally (purple dotted line), around the 766 level.
6 comments:
Carl I know that you don't have any background on economic whatsoever so I understand if you back off from discussing funnymentals so what do you think about AIG write off today, the first write off of commercial RE to date.
Carl,
This market is so fakakta that anything like "normal rules" may simply not apply.
Not being snarky (really), but there's simply no way (imo) that anybody can call this thing.
Good time for a nap or a warm vacation.
Based on Gann Geomtery lines, i have 746, 736, 733 and 719 in the nearby of ES to the downside.
To the upside, 753, 760, 764, 774, 781 785, 795, 799, 802 etc
Prices vibrating at 746 at the moment.
the break from 797 brought us all the way down to 739.75 ... 57 points ... a brak of 739 shd bring us to 682-ish ... maybe from there we can rally back to 790 or so.
just my 2 pence
Rick B.
Carl,
it's been a great learning experience that market's main purpose is to misguide as many people as possible. Thank you for your insights! Greetings from Germany, Val
@ sysin3: Does a trader really have to "call it," in order to make money? For all of my 20 years investing and trading, I have never been able to correctly predict a market more than a couple of weeks out.
All the times I have been right for anything longer term than a few weeks is due to just luck at guessing. And what makes matters worse is that once you think you have it figured out, that's when you get lax on risk. You tend to risk more than you should.
I feel that traders should spend more time listening and floating with the markets than trying to "outsmart" it. Why go through the headache and heartache of wanting to outsmart the market?
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