ES Journal Archive (2006 - 2008)

Well, that would be the right thing to do in principle. I have no problem with many small losses as long as they're underwritten by at least one huge gain.

 

I hate it when I saw it took only 5K contracts to push it up from 59 to 63

 

If it looked good at 63 to short! Its gotta look good at 71!

 

That move just strengthened a case for 888. Don't forget end of month, quarter, year window dressing takes it up as well. Everyone I know has already booked capital losses so I don't see those sellers coming into play.

 

spx momthly

 

From that monthly chart 888 is still plausible, leading to a drop or pop-n-drop in Jan.

 

daily

 

anher dailyot

 

Nice runup:
ES 878 +7.50
NQ 1188.50 +13.00
YM 8550 +62

Wondering if I should fade now or fade later...

 

Looking at the daily it looks like the shorter term MAs are converging and getting ready to cross. Since we didn't break below 855 hard enough yesterday I'm thinking the 830s aren't going to happen at least anytime soon especially if we get back into that upwards channel we were in 2 weeks ago.