ES 12-17-08

whats happening with the ES mini this morning foks??

got 899.50.....only two left...for the lows.....I hope.

902.50 will stop runners if we don't go for the lows

that damn volume bar is in my way...

now YM on lows but not ES so they may try to pop it up from here...

Sorry for the delay in responding Bruce. I started to ss too soon and had to work out of it.

While I am confident big money did a lot of buying yesterday what I can't tell from the BAV is whether it was short covering, going long, or a combination. If it was short covering they would blow off the Globex drop. This is quad witching week so a lot of crazy things will probably happen. I have also noticed that the big players don't tend to trade Globex except when there is a major global geo or eco / political event or big eco numbers like the unemployment report released pre-market. They also tend to have a fairly large pain tolerance in that they will let the market move against them quite a bit without stopping out. Yesterday, for example, they let the market come in 6-10 points against them and then popped their buying again driving breakouts. this am they sold into the open about 7k net contracts and let the small players run the market back up 8 handles. During that time they modestly continued their sells into the 906 area and then accelerated selling to net -15k now.

I guess that's an overdrawn way of saying I don't know but I am sure trying to figure it out. I just have found that it is better to trade with the big money BAV trends than against it. Bigs are -17k now.

flat at 99.75......

Thanks so much and I realize you are trading so no apology is needed...I appreciate the explaination

quote:

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Originally posted by prestwickdrive

Sorry for the delay in responding Bruce. I started to ss too soon and had to work out of it.

While I am confident big money did a lot of buying yesterday what I can't tell from the BAV is whether it was short covering, going long, or a combination. If it was short covering they would blow off the Globex drop. This is quad witching week so a lot of crazy things will probably happen. I have also noticed that the big players don't tend to trade Globex except when there is a major global geo or eco / political event or big eco numbers like the unemployment report released pre-market. They also tend to have a fairly large pain tolerance in that they will let the market move against them quite a bit without stopping out. Yesterday, for example, they let the market come in 6-10 points against them and then popped their buying again driving breakouts. this am they sold into the open about 7k net contracts and let the small players run the market back up 8 handles. During that time they modestly continued their sells into the 906 area and then accelerated selling to net -15k now.

I guess that's an overdrawn way of saying I don't know but I am sure trying to figure it out. I just have found that it is better to trade with the big money BAV trends than against it. Bigs are -17k now.

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ym leading out down...we need to find longs down here

agreed bruce...for prolly different reasons, but agreed looking to buy

I gotta trade as if they are goingto run outthose stops above 900.50...so longs are my preference..95 area seems good.....we have the 91.25 below

Thanks to all the great traders in this forum.
I hope you all have a great '09
God bless......Bye