Mandelbrot, you see Wed (9-10) chart action on the chart you posted? why can't that happen again today?
The ES did decline about 7 points to within a point of its lows in about 15-min after I posted that. I'm not sure what you meant about a reasonable trade? Have you ever had a position on when a major surprise announcement was made in the middle of the night? I have not, but I'd imagine that my stop of ~2 points would end up getting me around 6 points or so, skewing the R/R of the trade. I'm not speaking from experience though, just a guess.
me too, this is going to be a position trade held for years. a major Bottom is being put in as we speak
http://www.elitetrader.com/vb/showthread.php?s=&postid=2051552#post2051552 Keep calling for it - I'm sure one of these days you'll get it right.
This isn't the bottom. What has kept this alive until now, is the bailouts by the government and now they cut Wall Street off. I just hope there is no rate cut. This could get really interesting to see this pan out. 1183 isnt out of the question today...given the government doesn't step in.
on a quarterly chart, 1937 high of 18,1965 high of 92,1987 high of 318,spx cash,connect the dots,, support at 1130-35 area
Why always choose to "do something" in the weekends? The situation is very odd ... 1. MER got bought out at 2x closing price by BAC (part of Dow) 2. LEH go under 3. AIG (it is part of Dow) still seeking capital Most people sell over the weekend thinking of #2. Those who are buying probably because of #1. To me, #3 is the real cause of the indices dropping like a stone. LEH going under or not is not important, just media B.S. Many counter parties refused to trade with them for months. Many more refused to lend $ to them already. No big impact except the massive layoff of their workers ... trickle down to the service sectors in the area around their offices. I can tell that something very interesting may happen ... AIG will likely be saved by Fed, again, just like Bear. Let go of LEH could be for other reasons as LEH was never part of the "gang". JSS and Spec may get their limit down day afterall.