market was really crazy today i went short at 1314.50 it came to 1312 but i waited too long the next thing it never looked back wow tok a 525 blow up my ass what the hell oil prices high gold is high iran and nuclear bull shit i cant understand how did it manage to still go up.
I put a limit order to short at 1318.50 which is a tick under yesterday's open and was support at each spike higher. It got filled right at the end of the day so I am going to let it go short overnight since I think we are meeting stiff resistance now. So short right now at 1318.50
Lack of volume almost always favors bulls. Covered for scratch today. Can live with that. 1317.50 entry and cover. Fomc May 10 so there should be action before and after that.
Lost 0.5 point on a short, gained 1.25 on reversal. Tomorrow will trade all crossovers on 5 min chart between 9.30-12, if tomorrow is to be a strong directional day, probably will end up with ~2x2 point losses and a nice gain on the 3rd. Trial and error, having a look @ YM I do understand what George was saying before, that these Xovers work better on YM due to more range on offer bar to bar.
don`t try to trade with this...even if you are right with your sight it`s useless...I remember a ~ 70 year old statement from an economist: ~~"markets can be longer irrational than you can be solvent". yesterday the equities were lead by oilsector + ~2.5%, so equities can climb just cause oil is high, and there is always an inverted logic, if there is still a high demand for oil i.e. leading to high prices, then economy is still booming etc. you never know the actual logic in the heads of the other players. And there are other players like large fonds they dont`t look on charts too much or at all, they have to invest the money, this simple. And in a bullisch environment, you have a high prob for a positive tuesday(turnaround tuesday...) after a negative monday, this simple, just moneyflow, some moneyflow is not chart or news dependent, it`s just putting in the money at some time of week and month.
play it like t his.........erase every bit of news that you know and all news that you think might happen.......don't listen to or watch news..........trade a good system or don't trade until u have a good system...real money anyway..........
I would add, if you are Long the ES and crude futures start climbing breaking R levels and probably more importantly making new highs, I start looking to lock in profits at that time (if any). ES can be very edgy when this happens. Same applies (vice versa) when you are selling the market. As Michael said yesterday's advance in ES could have something to do with oil stocks, though he could be wrong, how do we ever know for sure?
from yesterday @ 15.13.... Oil and energysector leading the pack... Second up was DJ utility index... Investopia writes: "The utility average tends to decline when investors expect rising interest rates. Utilities tend to borrow a lot of money and, consequently, are more sensitive to changes in interest rates." So investors are probably thinking about falling interest rates, what is good for equities.... Oil is just one single factor, there are much more having influence on the market...
DJ Utility average broke out to upside with large volume, it`s up to your interpretation what that means....
Great to have you post here and you are welcome to, but please refrain from foul language. We are interested in constructive discussion--that can be accomplished without foul language, Thanks