Out of Steam?


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  • CharterJoe
  • 23-Jul-2008 at 9:56 AM
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Out of steam? Thats what I'm counting on, Short from around 1278.75 looking for 1250is levels. I've got some major resistance 1279-1282 plus the market hiting some old tops from 07/09.....
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  • BruceM
  • 23-Jul-2008 at 10:19 AM
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I joined you at 83.50.....problem is that Dow is the only weak index and doesn't usually lead for long...
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  • BruceM
  • 23-Jul-2008 at 10:22 AM
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I was forced to add at the plus 8 number ( filled at 86.25) with the high volume and Tick reading
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  • BruceM
  • 23-Jul-2008 at 10:41 AM
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Big volume at that 85 - 87.50 zone...last add on ( and final !!) is at 90.50..target the 86 number..that kind of volume signals two things in general..a) the high is near for the day or b) we are trending and they will take my money today
Good luck guys.
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  • CharterJoe
  • 23-Jul-2008 at 10:56 AM
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Thanks DT,

lol now that that thrust is out of the way that forced me out, I reversed and caught some of the move back avg short around 1286.5 We've already retraced .38% of the down move from 1440 and at the old tops from 7/02 up 91 points off of the low thats the largest up move without a 20point pull back since Jan 08. Bruce did you get squeezed out?
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  • BruceM
  • 23-Jul-2008 at 11:01 AM
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No, Joe..I tend to average in...small up front and a bit bigger at the end....I rarely exceed 16 contracts....but when I'm wrong it isn't very pretty...I covered the 90.50 and the 86.25 shorts at 86 even.....81.75 is my next target but I usually can't hold on to those for long and get stopped out
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  • CharterJoe
  • 23-Jul-2008 at 11:18 AM
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Well one thing for sure...look at the perrty candle on the 30 min S&P that made that high at the old tops and closed at the low 6 points away now were below that low.
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  • BruceM
  • 23-Jul-2008 at 11:26 AM
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I really don't want to see a 30 minute close above 87 area as that is key upper zone.....Dow still weaker which is a bigger concern of mine
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  • CharterJoe
  • 23-Jul-2008 at 11:52 AM
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Looks like your going to get a close below 87, taking out the lows on the last half hour.....lookin good...
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  • CharterJoe
  • 23-Jul-2008 at 11:56 AM
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Markets @ the 1279is support, this is all its got left.
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  • CharterJoe
  • 11-Aug-2008 at 2:50 PM
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What a great run i love this "bear" market...51.5 ES pts in a day and a 1/2. Markets hit a bumb @ 1313.5 right above the Wpivot and 1315 Is major Sq of nine, and 1307 is a monthly pivot with a very nice doji and weaking MP today, filling in singles from today at the 12:00 bar and 11:30 bar. After going long for so long its tuff to pull the trigger at times and step in front of the bull train, but once again proved worth it.
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