Thursday 12-6-2007

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...keep the ideas flowing

President Bush is scheduled to announce the housing market bailout plan today, so if recent market history is any indication the market should be firm leading into his announcement.

...plan for the day: stay flexible and wait for confirmation !

Bush is scheduled to make a statement on the housing industry at 1:40 p.m. in Washington and Paulson speaks at a press conference later today.

[url]http://www.bloomberg.com/apps/news?pid=20601070&sid=aLlGHBiKoK1U&refer=home[/url]

watching that key 95 area as it is now overnight high and in window around the 1500 key number

ideally would like to sell the first push up into overnight....

opening inside value... proceed with caution

2100 level in the NQ might be worth keeping an eye on

ES: 1477-79 support zone, resistance at the 87.50 VAH and the overnight globex high Bruce already mentioned

looks like the market needs to do some work up at these resistance levels we mentioned

note: the 2100 level in the NQ did hold as support

edit: ES swept through the VAH

market has stalled half way between the VAH and the globex High... given the strength of that initial upside impulse through the VAH, Bruce's 95 target looks reasonable from this level

Here's what the action looks like so far on a 5 minute chart. Just RTH data.

Click image for original size

shorted 91.25 with second reversal bar

stop at 91.50 and trying for 87.75

thanks for the chart DT

good luck with the short Bruce

since I have no signal at this level, I have decided to wait for either a test of 95 on the ES, or a break back below the VAH

Page(s):
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Today's action as depicted on a 5 minute chart. The chart also shows the developing value area lines and the developing POC. The 2 white dotted lines show Single Prints that formed on the chart that has not been filled. Because these Single Print are close together they may form a support area especially if this is clustered with other support lines.

Round number theory would state that 1500.00 would be natural support and with the 2 Single Prints directly below it adds some credence to this support area.

Click image for original size

Five minute chart of ES on 6 Dec 2007 with the developing value area and developing POC lines. Also shows 2 Single Prints.

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