10/15/03 The SPX hit 1053.79 on the 09:30 candle (5 minute). As the S&P pushed higher and broke the 1050 price level on the 15th of October, I noticed during that day a possible triple divergence SHORT signal forming on the SPX daily chart. I use the MACD settings of 12,26,9 and this signal was quite clear. I have been in heavy ES SHORT positions from this area on down to where we are now (still holding 50 ES overnight). I see at this time that the ES overnight futures are trading in the 1024.50 area so there might be more drop in the S&P for Thursday. We shall see! Romeo calling for 1050 on the 17th of September was a good price level to pick and the fact that we broke the 1050 level to 1053.79 for the SPX shows that we came very close to his choice. Chris
Where do we go from here.....remember we still have to keep making the big $$$'s. Today we confirmed a retracement has started on the S&P from a high of over 1053 on the 15th of October. After analyzing the charts tonight, I would say that a return to the 1005 area looks more plausible for a retracement bottom than the 990 price level return that I have predicted for this retracement cycle. I will stick with my 990 price level prediction though as we see how things play out. This is fun...Thanx Romeo for a great interactive thread! Chris
you are white hot these days. Good for you mate and I see that you have increased your size substantially. Looks like you will be throwing around 100 lots sooner than you thought.
good hold on the short position. i have to learn to hold my positions much longer, or at least part of it. decided to book my profits today. it's been a tiring month. could have made more money if i just held on. always happens. when it's time to hold i cover, and when it's time to cover i hold. argh. just my luck. been holding 4x my equity short for most of this month. it's been a learning experience.
Thanx my friend...things have been very good for me (today was a HUGE day for me). I am just trying to take advantage of the situation in the markets as best I can. TTYL! Chris BTW, my style of trading has at times caused people to talk of "prescription anti-acids" or "Maalox" because they think I am crazy as I "ADD" SHORT positions while the ES was making new highs (15th of October). I am now hitting nice profits as the S&P pulls back because "risk needs to pay" in my book. When I do things like this it makes me think of something General Patton once said, "if everyone is thinking alike, someone isn't thinking". Have a great night!
S&P slide continues in overnight action. Thursdays trading should be very interesting as it looks like we are getting some volatility back. Looks like another gap down day at the open for the S&P on Thursday (ES trading at the 1020 area overnight as I type this). We should have the VIX in the 18's today and pushing if the selloff continues. Chris
Mr. President will be in trouble, in case that we´ll see a serious meltdown in the stockmarkets. Needs to pull some fake "Initial Jobless Claims" out of his drawer today. Maybe that will help to keep markets calm.
quote. I keep a word doc full of memorable quotes that I come accross and ET haas been a bonanza for them. Took profits on 1/3 of my NQ position for +42 points. Took profit on another 1/3 for +39 Kicking myself for missing the Euro trade 2 days ago. Still holding IBM puts, 25 NQ(short), long gold,and long the TY. Bought Dec ES puts.
Above quote is the first post on this thread. "1050 or thereabouts" I voted. And people are asking "why are the futures selling off?" Because the S&P topped at 1050 already! And Romeo's work is complete. No more predictions on ET because I can never beat the pinpoint accuracy I've shown here. I'm also author of the thread, "Dow looks good to 9000", showing that when it comes to market timing, Romeo is the best. Bye all.