ES 6-10-2011


  • 2
  • Big Mike
  • 10-Jun-2011 at 10:39 AM
  • Rep: 8,097
  • Posts: 696
Nice pitbull bounce off 1273.50 (yesterday's low). Not so good going back long @ 1275.00

Too chicken to take the 1269.00 (NPOC 1268.75)Uncertain if that NPOC is valid here???

Good luck to all.
  • 1
  • Ross
  • 10-Jun-2011 at 11:33 AM
  • Rep: 128
  • Posts: 24
First time poster, long time lurker - feel compelled to pipe-up here today since EVERYONE appears to have taken the day off. I miss the banter - and education.
  • 0
  • grednfer
  • 10-Jun-2011 at 11:37 AM
  • Rep: 925
  • Posts: 139
The weekly ES 1270 (/EW2M1p1270) put is about $100 right now....8:37pst
Expires today.....good R/R, good volume on it.
  • 2
  • Ross
  • 10-Jun-2011 at 11:37 AM
  • Rep: 128
  • Posts: 24
Thanks to all the contributors particularly to Bruce for his insights, Lorn for his charts, Kool for being cool, and the rest of you regulars for your thoughts.

This is a very helpful and insightful Forum - and I know I speak for many.
  • 1
  • Ross
  • 10-Jun-2011 at 11:47 AM
  • Rep: 128
  • Posts: 24
Yesterday's rollover has me a bit handcuffed. Would the 1263 Year Open reference area apply to BOTH the June AND September contracts?
  • 3
  • PAUL9
  • 10-Jun-2011 at 12:10 PM
  • Rep: 14.9k
  • Posts: 1,170
Ross,
great question. I don't know.

When it comes to levels like that, a friend looks at the cash to see what it's doing relative to those kinds of levels.

His logic is simple: the futures are a derivative of the cash, it's not the other way around.

so where was the cash open and where is the cash now, that way you don't have fool around with fair values and which contract was it etc.
  • 0
  • Ross
  • 10-Jun-2011 at 12:43 PM
  • Rep: 128
  • Posts: 24
Paul,

Thanks for the direction.
I agree with paul's friend. Always look at the underlying when doing longer time frames.
  • 0
  • DavidS
  • 10-Jun-2011 at 1:21 PM
  • Rep: 3,181
  • Posts: 557
Just a thought but since losing 1279.50 and 1276.75 the hour chart has a low at 1274.75, 19.25 points from 1294. 19.25 is half of 38(the number used to calculate the 1294 correction level. 1294 - 38.5= 1255.50. On the charts it has served as down and up S/R of this correction so far. It's a Friday in a down market. Just fwiw, no figures should be used as advice or recommendations to trade as that has inherednt risks that could result in substantial losses.
All numbers refer to the June contract still. I never crashed my NT platform before until last night. Have a great weekend all.
  • 0
  • Ross
  • 10-Jun-2011 at 1:31 PM
  • Rep: 128
  • Posts: 24
Day Trading,

And to you, of course, a special thank you for ALL your work.

Great weekend to all!
  • 0
  • TradeQueen
  • 10-Jun-2011 at 1:38 PM
  • Rep: 879
  • Posts: 204
just noticed triples on 1274 at about 1pm eastern. I'm on a demo account for the time being. I'M STILL A NOOB (NOO-B)!

Long on my demo account @ 1270.75

Yep... Seems fairly dry today, but not so for a friday. Been out for over a week at my other job. uhhh.. Today may be a good training day for me anyway. Less reading more doing!

As I type I see, my long may be a wrong direction... yikes Really hope I can be good at this some day.



Best wishes.
  • 0
  • TradeQueen
  • 10-Jun-2011 at 4:22 PM
  • Rep: 879
  • Posts: 204
aaah very interesting. I think I now understand what someone was trying to explain a few weeks ago. This is most helpful. Many thanks!

Originally posted by DavidS

yours is June contract, his is Sept. Rollover to Sept contract
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