True. Little bit too fast for one day drop, guess we may go sideway into Friday then. 880 is the level to watch if sell off again tomorrow.
NQ has a very nasty daily island formation. I guess all out effort will be there to pop NQ up so that the gap can be taken care of. If that fail, I see 860 close tomorrow.
Considering that this market COMPLETELY IGNORED all bad news and rallied this far, today's drop is merely a drop in the bucket.
Remember what Pek mentioned in the morning? Cash is likely to hold the SMA at 905. Let's see if that is the case.
I sure hope so because I'll be pissed if the LOD is where I got stopped out (898.75). We're getting close. Crap, now it's bolting higher!
Plus down move is usually faster than upmove. Maybe I just get used to the holiday mode! Ps: but don't under estimate those bulls!
http://www.elitetrader.com/vb/showthread.php?s=&postid=2248781#post2248781 thats 4 for 4.and they werent daytrades either.......... covering everything here nice 1 day gain
Of course it is! (would I lie to you guys?) SPX closed at 906.65. Bounced back slightly from the SMA. I think we stay green tomorrow.... P.S.: Sorry for not answering your question yesterday but I didn't have an answer so I kept quiet.
For any fans of 50% fibo retracements I'm sure you'll be buying between here and 890. Below 880 is death. Same holds true for oil. Is the correlation between the CL and ES always this strong... and will it continue? This is a rhetorical question I'm just just bored trying to make conversation. Ever have one of those days where ya make some nice coin but are still pissed because you cover short oil position @ 46.20, and the internet is down at work and you blackberry can't hold its connection.