1035 EST Looking back at yesterday's 1230 EST change in trend, i.e. an upside down "U" shaped day, I must admit that was a move that I didn't expect when I signed off for the day. I was fast asleep by then. Just mentioning it to keep perspective on my posts that give scenarios for the day AND I can't be around to post an update.
115 160 is a powerful number, but I don't think we'll get there prior to a run for 115 275. 115 275 is what my latest calculations are telling me we will achieve IF we can break through 115 220 decisively. We might revisit 115 160 later in the day, but that is just an off the cuff comment on my part.
If we fail here at 115 220 (1041 EST), you might get 115 180. Maybe split up your entry? Also, I'm not liking this hesitation here at 115 220. I really thought we would be kissing 115 240 by now.
1053 EST OK, I'm going to focusing on trading for about an hour. I just wanted to leave you with my current assessment. If we can stay above 115 200, I'm happy and will stick with playing longs. If we move below, stay below, and show weakness below 115 200, then I get scared and won't play longs anymore.
So here it is at 115 16ish but I still have not received my brass balls. Will monitor and see how this goes. If it hangs here with good volume I will take a long. If it breaks a short will be in order but I am not sure I will take it.
that 27 area was rejected pretty hard - was in the vicinity of the PP and yesterdays VAH... pretty interesting. your right about 16 and balls of steel - looks like it was a great entry point. but you gotta be a cool cucumber in the eye of the storm to go long with all that selling...
0629 EST Pre-market analysis for Friday 07 August 2009 I'm biased to the long side today. Hitting the low as we did yesterday, and shooting right back up to the 115 200's followed by the attempt for 116 000 (which failed) followed by flirting with 115 190 again today, and now heading back up to 115 275, I'm inclined to play all longs today. I'll go out on a limb and say that buying 115 240 or better will be a solid long trade. The above is an intuitive feel assessment not my usual cold, hard numbers. Here is the usual post: I will only look to sell on a first approach only: 116 160. The above is not reflective of my bias. It is just the standard post I've been making. In the meantime, I will be just looking for ideal entries to buy. I'm even tempted to nibble now but will try to hold off until at least 0700 or 0820 EST.