ES Journal Archive (2006 - 2008)

They had to put the brakes on before 848 before the close in order to play the Intel earnings after the close. Who needs enemies with friends like that? Always looking out for you , they are.

 

Googie about to finish it's boogie on down and Apple has gone sour.

 

INTC lowering guidance and Walmart reporting before market opens tomorrow - high probability of an IT low in GLOBEX or before noon tomorrow. Looking for ES 820 or lower.
This low may hold until January 2009.



INTC Intel's lowers Q4 revs guidance below consensus (13.52 -0.41) -Update-

Co lowers Q4 revs to $8.7-9.3 bln vs $10.4 bln First Call consensus, down from $10.1-10.9 bln. Co says, "Revenue is being affected by significantly weaker than expected demand in all geographies and market segments. In addition, the PC supply chain is aggressively reducing component inventories. The co's expectation for Q4 gross margin is now 55% plus or minus a couple of points, lower than the previous expectation of 59 % plus or minus a couple of points, primarily due to lower revenue and other charges associated with the weaker-than-expected demand environment. Spending (R&D plus MG&A) is expected to be ~$2.8 bln in Q4, lower than the previous expectation of ~$2.9 bln, primarily due to lower revenue- and profit-related spending. For the full year, spending is expected to be ~$11.4 bln , lower than the previous expectation of ~$11.5 bln.

 

This bottom should be held to 975. Once 975 is taken out I will look to short and hold to 625. I told you that if 1200-1150 did not hold, we were in for a doozie. Folks, it ain't over until the fat lady sings and that honey ain't even whispering yet.

Save your bennies for better days.

 

So much for the ihs as the daily h&s was too strong.


WATCHDEMBOYSWORK

 

Remember this chart?

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2174184" height="600" width="800">
Click to enlarge

 

Is there really a basis for "reason and rhyme" in this market? You be the judge.

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2174216" height="600" width="800">
Click to enlarge

 

Wacky day! Didn't expect this to be an SDD, but was suspecting that from the opening behaviour.

I'm definitely long biased (as opposed to bias) at these levels, as my mind admittingly can't wrap around the concept that this can still fall all the way to the 500'ish level that Saliva posted.

Sat on my hands all day and damn glad I did that.

My wish is a limit-down and shake the fear with a nice rally up to say "it's done, Jim", but I doubt we'll do that.

That being said, when everyone's bearish...

 

wed,thur , then mon,tue,wed,all day down days,we are due for a major rally into next fri exp

 

edit, i.e. all day down,flat line all day of up volume (uvol) and , parabolic rising in dvol trend