ES Journal Archive (2009 - 2010)

Not so fast guys. The damn up channel is holding up.

 

If the bears really wanted to pounce this market down, they should have done that yesterday. Now that we're trading above 918, I ain't so sure anymore that we'll get another crack for a while.

 

Short double size NQ 1280.50, stop ~1282-1283... big targets

also short ES 933.50, stop 34.50

stopped @ 83 on NQ... not happy... might re-enter

 

934 has too hold for the short.

 

Good point.

But, now that they have broken above 920, several times, one would have expected the bulls to race ahead rather than dithering....

The bulls are scared to go higher, they know the bears are waiting patiently to ambush them ...happened several times at these levels. They could hang around 915 to 960 for a day or two but the die is cast - this rally is running on fumes and hope and will be over by Thursday morning, latest.

 

yesterdays high, opening range, and the pivot overhead. Good looking short here.

 

IMHO, stops to tight for NQ. I would give it at least 7 to 10 points (equivalent to 2.5 to 4 ES points)

 

Another example of enjoy what you do rather than
how much money you have....

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Billionaire commits suicide in Germany

Der Spiegel says the financial crisis may have led a billionaire to lay down in front of a train yesterday near his home in southern Germany.

Reuters reports that Adolf Merckle, 74, died last night. Family members say he was "broken" by the recent economic downturn, according to BBC News.

The Times of London quotes from the statement from his children:

“Adolf Merckle lived and worked for his family and his firms.”

“The distress to his firms caused by the financial crisis and the related uncertainties of recent weeks, along with the helplessness of no longer being able to act, broke the passionate family businessman, and he ended his life.”
Bloomberg News says Merckle's holding company owed about $6.7 billion. “His empire was falling apart,” Stefan Mueller, managing partner at Proprietary Partners AG, tells the Bloomberg News. “This was his last desperate act.”

Financial Times describes Merckle as one of the richest men in Germany. Forbes ranked him 94th on its latest list of the world's richest people. Here's a list of his investments.

 

shorting 34-35.75, stops over 36.75, target 26.50-

 

Merckle had his account loaded with VW puts while Porsche was still buying and cornered the market.