I hope so. I was selling into strength and shorting. Hope we open lower in the morning. Futures/Extended Trading(Roll over for charts) Last Chg Settle DJ Industrials 13441 -15 13456 S&P 500 1488.10 -1.50 1489.60 nothing too crazy yet.....
From P&L 2007 Thread: <i>"Lost $255 today. Up nicely this morning and then started fighting the trend."</i> Same Guy: <i>'Did you get hurt bad short I sure hope you lost big money gloating like a bitch.'</i> Bit sensitive there, aren't ya? BTW... who got hurt shorting the blatant upward trend?
<i>"F$%K YOU austinp. Go blow an account or two."</i> No need for the unprovoked hostility. The OP asked a question, there was no gloating involved whatsoever that I can see. You pounced on him for whatever reason. Is that accurate, or have I missed something? BTW... I should be more p*ssed than you. Missed a few long signal entries by couple of ticks each today, all ran for at least +4pt gains. Was at -2pts ES going into the close, figured it'd be a losing day when should have profited big. Caught the breakdown short into close for +6pts, or +4pts net in a wide-range, trend day. Dismal, but that's trading. For your sake I hope you change your current attitude tonight before the opening bell rings tomorrow. Lescor had a much tougher day than many of us combined... he handled himself in here like a professional, as usual.
Market had a violent sell off last 20 minutes. Friday also Market sold off in final minutes. We'll see tommorow, if it was just longs closing their positions (day traders) vs. trend reversal. Fed Lacker's comments may have caused the sell off. Have to watch tommorow.
nice catch missed this earlier: Fed's Lacker case for rate cut not yet won RICHMOND (USA) - RICHMOND Federal Reserve Bank President Jeffrey Lacker said on Tuesday he would back an interest rate cut if the evidence pointed to slowing US economic growth and diminished inflation, but warned that it was still too early to be sure such a move was warranted. 'If evidence arrives that we need a policy move, of course I will consider it and I will take that evidence seriously ... That evidence would be of the nature of information that alters the outlook for real spending and inflation,' he said. 'I would not like people to believe that our sense of concern about inflation is diminished because of this episode,' said Mr Lacker, referring to the sub-prime mortgage mess that has hit credit markets. He is deemed one of the most hawkish members of the Fed's policy-setting committee. Mr Lacker cemented a reputation as an inflation hawk last year when he dissented four consecutive times from the majority decision to keep interest rates steady, arguing they should have been raised to bring inflation under control. He is not a voter on the panel this year. Concern that problems in the US subprime mortgage market will have a lasting impact on the availability of credit has roiled global financial markets and the Fed has said it will do what is needed to keep the payments system working. This has contributed to a strong belief that the US central bank will cut the overnight federal funds rate target by at least a quarter-percentage point to 5 per cent at its next scheduled policy meeting on Sept 18. 'The extent to which this (turmoil) has implications for real interest rates will depend on the extent to which it has implications for the path of real spending. If it lowers growth and real spending, that is going to warrant a lower path for real interest rates,' Mr Lacker said. Uncertain impact 'I think it is very unclear whether the effect on the path of real spending is going to be significant or not,' he added. Mr Lacker also stressed that although recent inflation numbers have been good, he still wanted inflation expectations to be better-anchored, and he challenged the notion that the recent market woes definitely meant inflation pressures would ease. 'I do not think it is automatic that the change in the outlook for real spending we have seen in the last month ought to make us that much more optimistic about inflation,' he said. The government said on Friday that core inflation, as measured by the Fed's favourite gauge, held steady at a year-on-year reading of 1.9 per cent in July, just inside the 1 per cent to 2 per cent 'comfort zone' of many Fed officials. 'We have had a couple of good inflation numbers recently. The overall inflation number has come down,' he said. -- REUTERS
A mere artifact of nervousness: lots of folks don't want to hold overnight, apparently. Check a two day chart of the SPX: notice that dip at the end on Friday, and then the mirror image bounce this morning; looks like the same bunch re-establishing their positions. The EOD dip today looks like another instance of the same thing.