Tuesday 12-18-07

I'm not able to watch the market much this week but I have a long working from 1460.25...which is not the best trade location...I'm trying to get 15 points on this but am concerned about the 1467 area...

The real point of this is that they tested the key number above the 1450 at 1455 and they traded it down to S1 on the weekly so far at 1458.....the weekly pivot is up in the 1495 area so that is what I feel will have a Magnetic pull if this thing can get going up...we also have gaps which may help..

It seemed like today was a tricky day to trade and glad I wasn't in the market. Hope all did well

Bruce

just covered at 68.75 as I don't like this zone up here..better trades in day session coming...I think 64.00 retest will come....

picking at the short side from 71 area..first target is 66.50

keeping it fairly tight now that we are down at 69.50 and revising target to 67.50..then the 64's

gheesh..what the hell was that? got the 67.50 and then got stopped out at 68.75....interesting volatile spike in that zone...

I'd like to see a run out of the overnight highs to initiate shorts in day session.... I also want to be buying into sell offs as I anticipate the Monday Tuesday Range ( once we finish trading today) to be broken to upside....to target that 95 -98 area....I won't be buying unless we retrace some of this overnight move and hopefully I'll have shorts working..to capture some of that....that's my plan!! lol

large gap up this morning on massive liquidity injections overnight

GS earnings were a touch above expectations, seems the market was expecting the worst so anything short of declaring bankruptcy would be viewed well.

one of my trading computers fried the motherboard when the power supply went south related to a power surge, so have been distracted with that the last 24 hours. Have put together a shopping list to replace the Motherboard, CPU, Power Supply and Hard Drive... considering upgrading the video card to an 8800 while i am at it... will get with my computer guy today hopefully for his A-OK... and order... at times like these I always say if i have to buy another computer it will be too soon... have spend 10's of thousands on computers over the years... its a little like owning a boat, the expenses just never seem to end with these computers...soon as you get one up and on its feet, another one crashes and burns... computer guy drives a really nice red corvette... lol

Sorry to hear about your hardware problems Bruce. We've all been there and it's not going to be the last time any of us have to go through that. I think that it should be added to the saying: The only things in life that are certain are death and taxes. I think we should add computer upgrades and replacements to that.

I sold 67.50...will add at 71 if needed..targeting 30 minute low

Here's a chart showing where we are now. The blue (cyan) bars are the end of RTH yesterday, the white bars are the overnight action and the yellow bars are what we've done so far today. The chart is a 10,000 V (Volume) chart.

flat at 62.75 on runners

I agree - excellent trading Bruce!