ES 12-23-09

Well gang ,its been quite a year! Now here we are at new highs , just as i promised last week! though i think higher (1133 or even 1170) may be in the cards early next year, i think now is actually a time to be very cautious. Just simple tech. analysis (and 20 yrs of experience!) but i still worry about a break to new highs which we are getting , and then a real decline! (a whole lot more than 10 or 20 handles!) . Its just that we had such massive neg divergencies on daily and weekly charts! I know they can last quite a while , but most of them have already! To show by example how nervous i am, i just went to 50% cash in my i.r.a... still holding calls (Jan 112's on the spy) from near that last good low at 1088.50. for today which i thought might be down (still might) i wonder if we go to that 1123.25-1123.75 area? .. Any way , also wanted to wish everyone and their families a happy holiday!

OBVIOUSLY ,being short, i tend to think we might see 1008 first,tho and higher numbers(1023.25-75) or Vo's 1029-1030.50, or even my 1033 over the holiday! All this little push backj up to 1116.50 did was cause more neg divergence on my tech indicators. Tell you what tho. i really smell a wicked reversal coming in the next few days or week!...time will tell! since i have to leave till just after 3:00 pm , im putting a stop in at 1117.25 and an order to take profit at 1113.75...see ya soon!

GRRRRR...stopped at 1117.25 loss of 1.25 on 2 es.. down 2.50 on the day...

Back and it doesnt look like i missed a thing! Going to start my holiday! Best wishes for the season to all!

Happy Holiday Kool, VO et al. Best wishes for a healthy New Year!

Originally posted by koolblue

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1112.25 was on the money, too bad i didn't take the trade.
Will follow more closely for next week, thanks blue !