Steel...I disagree somewhat...not sure if we are crashing though... http://www.elitetrader.com/vb/showthread.php?s=&postid=418696#post418696
What's the scenario when everyone is long calls and equities and just hedged with index puts? '87 redux possible?
Attached is a chart I sent out to some of my guys last night. We broke through 2 levels of support on the daily QQQ today. Please remember that the NQ, QQQ, ES, YM, OEX, etc. will almost always follow each other. Further, highs/lows of the day or of various swings that occur intra-day will happen within one or two 1 minute bars as well.
Another down day tomorrow will set up for some great long swing trades going into first week of February. Nice to finally see a little pullback.
Guys, I think alot of people here (including myself) have not experienced a true "crash" live. I just look at october 87 historical charts in sheer horror. I think we are seeing alot of similarities between 87 and now, but there are quite a few differences also. It's very tough to call a crash ahead of time, and even if you're right on entry... where do you get out? Goodluck,
See comment here about critical value of 10703 coincident with 10707 of bigger scale http://www.elitetrader.com/vb/showthread.php?s=&threadid=24706&perpage=6&pagenumber=9 <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=419506>