Dec contract low = 739 Open gap near 1000 = 1002.50 1002.50 - 739 = 263.50 263.5 / 2 = 131.75 739 + 131.75 = 870.75 870.75 = today's 9:30-4:15 high
What does this suggest? One option: 1002 area might well be in play. Longs should be taken 805-810 area, and held until right before the magic 1000 area. 805-810 will look scary, come Monday, perhaps, but it looks like a buy zone, for an intermediate term position. In hindsight, a bear trap. In the 1960's, 70's, and early 80's, DOW 1000 was major resistance. In the coming years, S&P 1000 may serve that same role.
Wait, are you saying to buy @ 805-810 are or that we should have bought 805-810 area? Overall what worries me about the long move is that open gap from Monday that is still unclosed, although a rally to 1000 only to slam it down again to 745-800 does seem like a viable scenario. In this bear market though up-gaps are closed 10 times faster than down gaps, so this up-gap is nagging me like hell. Today was the first time (that I recall) since my "October massacre" that I had a good day. My stops are too narrow still but at least I'm getting a nice chunk of the move and not getting reamed in the rear...
....limit where you been man ? .... haven't see you since wiesman drove everyone out of the chat room....
40-44 area was taken out last night ... Next level for the retracement will be the 18-25 area Seldom we see such weak Black Friday week rally
Historically if i recall the weds before is weak for the market with a positive bias on friday. I used to have a link to the stats but can no longer find it.
sh 44, offer 46,47,48, yesterdays nip 47-49, stop...i'll be worried if we reach 65, filled , add 49, add 50.25