Finally! It seemed to me that we should have had this move by late December 2006. I suppose, with the help of Paulson's buddies at GS who fiddled with the gasoline weighting in the GSCI, the election delayed the inevitable by about two months. It got mighty tiresome watching the zero risk boys gloat everyday while I was sitting on idle lumps of cash in my investment accounts, waiting, waiting, and waiting some more. Now finally we get the move lower that is by my calculations two months late. There is some support for the S&P in the 1370 area. Expect we will move there next. That could be a stopping point, but bringing the S&P fully in line with the economy should move it closer to the 1350 area. One thing is rather obvious, any moves up now have multiple points of overhead resistance to pause the market.
Oh man, this market is on fire again today. This is trading heaven. Moves like these haven't been seen for close to 8 years. 80 Point moves in YM measured in minutes... Enjoy! nitro
I got clipped on CL on that one. Never had a buy and stop elected so fast...but I'm sure glad the stop was as the sucker dived another buck right after.
YM has been well over performing ES on these big drops. There has to be a "stat arb" in there somewhere... If you recently went long ES when the market was green and hedged with short YM, and always shorted ES when the market was red and hedged YM, you would make a shit load... nitro