Evening gents. Just got back and noticing some upward movement in the indexes. Looked for some news and found this snippet - my guess is it is what is contributing to the AH up move given the time corresponding with price action. Good trading. CNBC reporter says that a Fed source who asked not to be named said that the Fed still has under active consideration a set of tools to addess the liquidity issue CNBC commentator reports that a fed source who asked not to be named said that the Fed still has under active consideration a set of tools to address the liquidity issue. The source would not say what those tools are, but the CNBC reporter suggested that these actions would occur in the very near term rather than later... CNBC reporter says other potential ideas based on historical discussions with the Fed include lowering the spread between the discount window and the funds rate or long term repo action that would put cash into market for a longer period of time. CNBC commentator also says that it is clear, based on the conversion, that other potential ideas are under discussion. CNBC commentator said the source did not say this but it's reasonable to assume.
heres a mirror effect of price action. The overlay is a vertical flip of the upward move from below 1410... and the price action today in the outlined box.// enjoy.
waitin for reversal bar 15min all the markets are all at resistance so correlation is good.... really want 1487-88 though...
What do you think about the chance that ES will break through resistance and go to 93-94, which would be 38.2% fib retracement of the FOMC dive?, I've been long in AH since 78, bailed out at 85, watching with everyone else to see if we get a turn here. Took a bath today in RTH trying to call the bottom (dumb, dumb, dumb), and fortunately made it all back and just a tad more in this AH runup. Now if I can catch the downdraft, all will be right with the world.
I think there were a LOT of us who tagged 1527. As I said here on November 28, "Upside gap is at 1525; high of day (11/6) was 1526.00. All-time high: December contract: 1586.75 Recent low: 1406.75 2/3 retracement: HIGH - LOW = (180/3) X 2 = 120 120 + 1406.75 = 1526.75 RESISTANCE #2: 1526.75 (or is it 1526?)? Same diff." If I got it, then a lot of others had to get it as well. The market is one big game, and the goal is to f$%# as many people as possible out of their money. The main reason it has been a very good year for me--good enough that I am on vacation now in New Orleans--is that I finally figured this s#*% out.
you know as much as I do where the market is going If I could answer that I would be a billionare. All I know is things are stacking up here at 1488 with the most confluence... however it is AH and they could move it way above 1494 if they wanted.. you have to tread lightly when volume is thin. My methodology works best when there is lots of participants and big boys at play. Keep position size smaller AH.. just no point in betting the farm in low volume. But I have to agree my last resistance is at 1493... after that I have no clue.