ES 8-25-08

The measured move is surpassed without making a higher high and has fulfilled three descending premium prices from 94. I've a day limit at price short at the open targeting 80 even for 12.25 points, using a 4 point stop.

The false bull was a B wave pullup in a bear controlled double zig-zag ABC whose measured move would come in at 1220.25, breaching the bull's second wave, where bears were satisfied at 1231.50. It's too early to tell if a bounce from 20 will be a bonifide 3rd wave of the bull or a failed attempt leading to new bear market lows. I strongly suspect bull head-fakes all the way down from here to a double bottom at 1200.75 and then a bear exahustion move until it irons out to create a bottom. It's been one hell of a bull run. I'm targeting 1140 when I decide to get longer-term. I want to see what the bull bounce does however.

First thing's first though; bears have to hold 80 even.

stopped and watching ... up 4 handles on the day(lucky considering counter trend trades mostly!)

Thrill-seeker you.

kool,

Can I ask you a question and there is no wrong answer but I just want to know why you only trade one to two contracts. You seem profitable to me is it just that your comfortable with that amount?

SPQR ur actually right. i used to trade 10 lots but a busted marriage later i found that holding down a full time job, and trading small, one to 4 contracts, im very comfortable. losing a few hundred doesnt affect my trading. of course the profits are considerably smaller but thats ok because i am a student of the markets, not much of a trader any more. occasionly i will do a small position trade if cycles and technicals allow.

2 or 1000? SO WHAT!? ;)

http://www.youtube.com/watch?v=4_yTCODyUCE

I was doing 10 lots into the march low since i had been waiting for 1255 since Jan. and made a killing. GOT stung on the break in july tho since i honestly didnt believe we would break it. To this day 1200 does not show up in any of my work . (interestingly, 1170 and 1140 do however.)

Congrats on the divorce BTW. Buy company. That what it all amounts to anyway. In the end you keep yours and have your solitude for study and research. Just one hard-edge's take.

LMAO, Hey SPQR where do we turn here? 1273 or higher?

The honest answer: I don't know. I'm flat. I suspect after a 78% move we're heading back down but the covering sparked sheep interest long. I see after lunch sellers stepped in with some authority again. Imawait.

I shorted 70. Sort of wing it here. Well totally winging it. I don't have any numbers to target. The bounce is weakening though. 2 point stop trying to get 4 handles I guess. WTH.

Thanks Joe